OPEC

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Who Are the 12 OPEC Members?

The Organization of Petroleum Exporting Countries (OPEC) was formed in September of 1960 with five founding members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Since then its membership has risen ...
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Oil drilling rig

US May Become a Net Exporter of Energy by the End of the Decade

In its Annual Energy Outlook 2015 published on Tuesday, the U.S. Energy Information Administration (EIA) projected the country’s energy demand and supply out to 2040. Perhaps the key projection is ...
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OPEC Attacks Oil Industry for Loss of 100,000 Jobs

The Organization of the Petroleum Exporting Countries (OPEC) says that unbridled competition within the oil industry has cost 100,000 jobs. However, that figure is not one OPEC has cited based ...
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oil-jack-pumps

Oil Today Is Cheaper Than in 1970

In 1970 a barrel of crude oil averaged about $13 a barrel. Adjusted for inflation, that same barrel of oil should cost about $78 today. Instead, West Texas Intermediate (WTI) ...
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OPEC Forecasts Higher Crude Demand as Prices Stay Low

The Organization of Petroleum Exporting Countries (OPEC) released its February Oil Market Report Monday morning, and the cartel said that demand will rise by 1.17 million barrels a day in ...
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OPEC Blamed for Low Crude Oil Prices

The Bank for International Settlements (BIS), the global clearinghouse for sovereign banks, released on Saturday an update to its report on global liquidity conditions. As part of this update, BIS ...
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crude oil prices

The Case for $200 Oil

The secretary-general of the Organization of Petroleum-Exporting Countries (OPEC) said Monday that if producers fail to invest in developing new supplies, crude oil prices could rise as high as $200 ...
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Arab oil

Saudi Arabia Exports 20% of the World’s Oil

On any given day in 2013, nearly 40 million barrels of crude oil were being exported from a producing country to a consuming country. That represented about 44% of the ...
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World Demand for OPEC Crude to Fall in 2015

The Organization of Petroleum Exporting Countries (OPEC) released its December Oil Market Report Wednesday morning, and the cartel said that demand will fall and supply will rise in 2015. No ...
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Oil pumpjack

Crude Oil Drops Below $66

West Texas Intermediate (WTI) crude oil for January delivery tumbled below $66 a barrel on Friday and closed at $66.15, down 10.5%, the lowest settlement in five years. Brent crude ...
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Arab oil

Crude Oil Sinks Below $72

For some reason, analysts and traders seemed to think that Saudi Arabia did not mean what it said when it announced in October that the country didn’t care if the ...
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Chevron

4 Stocks to Buy That Could Benefit From an OPEC Production Cut

Unless you have been out of the country, then the chances are good you are seeing the lowest prices for gasoline in the past two years. In fact, in many ...
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Arab oil

Low Oil Prices Are No Problem for the Saudis

With the price of Brent Crude down to around $90 a barrel, the question on everyone’s mind is, “When will oil find a floor?” Well, almost everyone. Saudi Arabia doesn’t ...
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What OPEC Is Really Telling The IMF

The Secretary General for the Organization of the Petroleum Exporting Countries (OPEC), H.E. Abdalla Salem El-Badri, issued a statement to the International Monetary Fund (IMF) on Thursday. He touched on a ...
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Gasoline pump

Crude Oil Price Crashes, Gasoline at 4-Year Low

Shortly after 9:00 a.m. ET Tuesday morning, the price of West Texas Intermediate (WTI) crude oil started dropping from an intra-day high of $94.93 to reach a low point of ...
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