OPEC

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 »
oil train

What Is Driving the Oil Recovery?

Since bottoming on February 11 at $26.05, West Texas Intermediate crude oil has rallied close to 50%, reaching a high of $38.96. Normally a 50% rally would mean something fundamental ...
Read Full Story »
crude oil terminal

Oil Production Freeze Is Much Less Than Meets the Eye

Benchmark West Texas Intermediate (WTI) crude oil for March delivery traded as high as $31.53 a barrel Tuesday morning, up 7% from Friday's closing price of $29.44. About an hour ...
Read Full Story »
ThinkstockPhotos-479358058

Crude Oil Rises on Wishful Thinking

It looks like the crude oil market is getting set to once again tempt investors and traders with higher prices, only to pull the football away at the last instant. ...
Read Full Story »
OPEC

If OPEC Blinks and Cuts Production, Buy These Top Oil Stocks at Once

It finally hit the tape Tuesday. There was some chatter that the OPEC oil cartel finally has started to let it be known that it would reduce production if other ...
Read Full Story »
OPEC

OPEC Raises 2016 Oil Demand Estimate, Forecasts More Balanced Market

In its Monthly Oil Market Report for December, released Monday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket fell 17% ...
Read Full Story »
ThinkstockPhotos-479358058

OPEC Expects $95 Oil in 2040

The last time the price of a barrel of OPEC crude stood at $95 was in the summer of 2014. The next time the price will reach that level is ...
Read Full Story »
crude oil terminal

‘Freewheeling’ OPEC Policy Is Working: IEA

The International Energy Agency (IEA) issued its monthly Oil Market Report on Friday morning. In the December report the IEA said that November's global crude oil supply rose by 50,000 ...
Read Full Story »
OPEC

OPEC Does Nothing — Again

The Organization of the Petroleum Exporting Countries (OPEC) concluded its semi-annual meeting Friday in Vienna with a press release congratulating Nigeria's new minister of state for oil and announcing the ...
Read Full Story »
crude oil terminal

OPEC Oil Production Declined in October

Production drops in Saudi Arabia and Iraq were the primary reasons for a decline of 120,000 barrels a day in crude oil production among the 12 members of the Organization ...
Read Full Story »
Flag of OPEC

OPEC Lowers US Production Totals Again

The Organization of the Petroleum Exporting Countries (OPEC) released its October Oil Market Report Monday morning, and the cartel raised its forecast of 2015 global demand growth by another 40,000 ...
Read Full Story »
186723229

OPEC Predicts Oil Price Rebound Soon

The massive drop in crude oil prices over the past year is about to end, according to the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) Abdalla Salem el-Badri. ...
Read Full Story »
Flag of OPEC

OPEC Forecasts Lower US Production

The Organization of Petroleum Exporting Countries (OPEC) released its September Oil Market Report Monday morning, and the cartel raised its forecast of 2015 global demand growth by another 84,000 barrels ...
Read Full Story »