Paul Jansen: Oil Trends Flat Despite Big Numbers – U.S. News
Paul Jansen was featured in U.S. News‘s article titled “Oil Trends Flat Despite Big Numbers.”
“[First-quarter] earnings were strong for the majors and crude oil inventory continues to decrease, although this is partially due to seasonality effects,” says Paul Jansen, managing director at Conway MacKenzie in Houston.
That said, the macro-economic environment remains challenging and Saudi Aramco’s planned IPO might put pressure on its production, thereby potentially increasing crude oil supply from OPEC and non-OPEC countries, Jansen says. “There is a number of production reducing initiatives and commitments that have created a delicate balance supporting the current $50 crude oil price levels. It might not take much to disrupt this balance and undo those production cuts.”