OPEC

OPEC

OPEC Market Report Crushes Hopes for a Production Freeze

In its Monthly Oil Market Report for August, released Monday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket rose by ...
Read Full Story »
falling oil prices

Saudis, Russians Agree to Do Not Much; Production Freeze ‘Not Necessary’

On the sidelines of the G20 summit meeting in Hangzhou, the Russian and Saudi Arabian oil ministers met and agreed to create a producers' group that would meet regularly to ...
Read Full Story »
Venezuela flag

Will Venezuela’s Gold Sales Be Enough to Offset Lower Oil Production?

It is no secret that the low price of oil has created some serious problems for many of the world's oil producing nations. The consumer benefit just cannot offset the ...
Read Full Story »
oil field sunset

Venezuela: Country Hardest Hit by Low Crude Oil Prices

The plunge in oil prices that began at about this time in 2014 has cut the price of crude in half and put severe strains on countries that depend heavily ...
Read Full Story »
fracking

Rig Count Steady, Hedge Funds Dump Short Contracts on 63 Million Barrels

In the week ended August 26, the number of rigs drilling for oil in the United States totaled 406, unchanged compared with the prior week, and down from a total ...
Read Full Story »
fracking

Rig Count Rises by 10, Huge Short Covering in Crude Market

In the week ended August 19, the number of rigs drilling for oil in the United States totaled 406, up by 10 compared with the prior week but down from a ...
Read Full Story »
oil tanker

Despite Mixed OPEC Outlook, Saudi Arabia Oil Output Hits Record High

The Organization of the Petroleum Exporting Countries (OPEC) has released its monthly oil market report for August. Despite the price of oil being low, there are several key surprises in this ...
Read Full Story »
OPEC

OPEC Statement Lifts Crude Prices

While the Organization of the Petroleum Exporting Countries (OPEC) no longer wields the same power over global oil markets it had 40 years ago, it can still make some noise ...
Read Full Story »
OPEC

OPEC Forecasts Higher Crude Oil Demand in 2017

In its Monthly Oil Market Report for July, released Tuesday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket rose by ...
Read Full Story »
OPEC

OPEC June Output Surges to 8-Year High

The Organization of the Petroleum Exporting Countries (OPEC) is scheduled to release its Monthly Oil Market report on Tuesday, July 12. Analysts at Platts provided a preview on Monday, reporting ...
Read Full Story »
OPEC

OPEC Sees Continued Declines in Non-OPEC Crude Supply

In its Monthly Oil Market Report for June, released Monday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket rose by ...
Read Full Story »
OPEC

OPEC Crude Price Up 40% in 2016

In its Monthly Oil Market Report for May, released Friday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket rose by ...
Read Full Story »
OPEC

OPEC Forecasts Slightly Larger Production Drop

In its Monthly Oil Market Report for April, released Wednesday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket rose by ...
Read Full Story »
Gas Pump Nozzle

Summer Gas Prices Forecast at $2.04 a Gallon

U.S. drivers can expect to gasoline prices this summer to average about 22% less than last year. The U.S. Energy Information Administration (EIA) on Tuesday said it expects the average ...
Read Full Story »
oil tanker

OPEC Lowers 2016 Oil Demand Estimate, but Production Still Growing

In its Monthly Oil Market Report for March, released Monday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket rose by ...
Read Full Story »