OPEC

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OPEC Forecasts Crude Oil Demand Growth for 2015 and 2016

The Organization of Petroleum Exporting Countries (OPEC) released its July Oil Market Report Monday morning, and the cartel raised its forecast of 2015 global demand growth by 100,000 barrels a ...
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Oil Tanker

IEA Expects Global Demand Drop

The International Energy Agency (IEA) expects a perfect storm will push down oil prices. Global demand will fall, just as OPEC production rises. Oil prices, now below $60, could make ...
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OPEC Revenues Tumble Below $1 Trillion in 2014

The value of the oil exported by the 12 member nations of the Organization of the Petroleum Exporting Countries (OPEC) fell from $1.112 trillion in 2013 to $993.3 billion last ...
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Oil drilling rig

Hedge Funds Add to Short Positions as Drilling Rig Count Dips Again

In the week ended June 12, the number of rigs drilling for oil in the United States totaled 635, compared with 642 in the prior week and 1,542 a year ...
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Oil Tanker

IEA Reports Crude Supply Still Outstrips Demand

The International Energy Agency (IEA) issued its monthly Oil Market Report on Thursday morning. In the June report, the IEA said that May’s global crude oil supplies fell by 155,000 ...
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OPEC Market Strategy Boosting Crude Oil Price

The Organization of Petroleum Exporting Countries (OPEC) released its June Oil Market Report Wednesday morning and the cartel left unchanged its forecast that demand will rise by 1.18 million barrels ...
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Oil tanker

OPEC Crude Price Tops $60 a Barrel for First Time in 6 Months

The price of the Organization of the Petroleum Exporting Countries (OPEC) reference basket of crude oils rose to $62.15 a barrel in May, the first time the basket’s monthly price ...
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IEA Says OPEC Has Not Won the Oil Price War

The International Energy Agency (IEA) issued its monthly Oil Market Report on Wednesday morning. In the May report the IEA said that April’s global crude oil supplies were flat with ...
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OPEC Raises Crude Oil Demand Estimate

The Organization of Petroleum Exporting Countries (OPEC) released its May Oil Market Report Tuesday morning, and the cartel said that demand will rise by 1.18 million barrels a day in ...
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OPEC Production Jumps 210,000 Barrels a Day in April

The strategy that the Organization of Petroleum Exporting Countries (OPEC) outlined last November has taken hold with a vengeance. In an effort to limit the impact of U.S. production from ...
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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 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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