The 9-month extension to the OPEC deal has had a surprisingly negative impact on oil prices, which headed downward once again at the start of the week due to the ending of Qatar’s diplomatic ties with fellow GCC members. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) • OPEC production cuts have been working–at least as far as OPEC revenues are concerned. • IEA estimates the cartel has been earning an extra $75 million per day compared to the previous year despite cutting production from 33.3 million barrels per day to 31.9 million barrels per day currently. • The cuts have, however, done little to trim global inventories which remain well above normal levels. Market Movers • ExxonMobil (NYSE:XOM) has signed a production sharing contract with the state of Equatorial Guinea for a deepwater block that the energy minister has labeled the crown jewel of […]