OPEC

OPEC Cuts 2019 Supply, Demand Forecasts

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components rise by 4.6% in September to $62.36 a barrel, following an ...
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10 Unbelievable Oil and Gas Movers After Saudi Drone Attack

Crude oil prices spiked by around 20% over the weekend following the drone attack on Saudi Arabia's Abqaiq crude processing plant. It could have been worse. High global crude oil ...
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OPEC Had a Very Bad August

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components drop by 7.9% in August to $59.62 a barrel, more than ...
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Why Saudi Arabia Is Changing Its Top Oil Industry Executives

The initial public offering (IPO) of a rumored 5% stake in Saudi Arabia's national oil company, Saudi Aramco, heated up last month, and more fuel was added over the weekend ...
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Who Cares About OPEC’s Monthly Oil Market Report Anymore?

There was a time when any pronouncement on the oil market from Vienna, home of the Organization of the Petroleum Exporting Countries (OPEC), was parsed with nearly the same care ...
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OPEC Cuts Will Fail to Raise Demand for Oil: IEA

The world's supply of oil is returning — slowly — to balance. In the first half of 2019, supply exceeded demand by 900,000 barrels a day, but the second-quarter excess ...
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Why Does OPEC Even Hold Meetings?

The Organization of the Petroleum Exporting Countries (OPEC) has officially agreed to extend its production cuts for an additional nine months. And the sun rose in the east. The agreement ...
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The Russian Tail Wags the OPEC Dog

This past Saturday at the G-20 meeting in Osaka, Russian President Vladimir Putin announced that Russia and Saudi Arabia had struck a deal to maintain their current output cuts at ...
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Can OPEC and Russia Combined Stop Falling Oil Prices?

Monitoring the price of oil in a macroeconomic situation with volatile financial markets can get a bit tricky. Now that oil officially has entered into a bear market by falling ...
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OPEC Crude Production Slipped in February on Saudi, Venezuelan Reductions

In its Monthly Oil Market Report for March, released Thursday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's month-over-month average price for its reference basket ...
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Grumbling From Russian Oil Giant Rosneft Over Production Cuts: Reuters

The chief executive officer of one of Russia's largest oil companies, Rosneft, reportedly has complained in a letter to President Vladimir Putin that going along with production cuts proposed by ...
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US Senate Takes Aim at OPEC, but Will It Follow Through?

On Thursday, a bipartisan group of four U.S. Senators introduced legislation titled the No Oil Producing and Exporting Cartels Act (NOPEC) that would give the U.S. Department of Justice authority ...
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Outlook for 2019 Oil Market ‘Not Very Cheerful’: IEA

In its monthly Oil Market Report for January released Friday morning, the International Energy Agency (IEA) said that global crude supplies dropped by 950,000 barrels a day to total 100.6 ...
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IEA Wobbles on Impact of OPEC Cuts, Citing Growing US Production

In its monthly Oil Market Report for December released Thursday morning, the International Energy Agency (IEA) said that global crude supplies dropped by 360,000 barrels a day to total 101.1 ...
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Crude Oil Price Pared Gain Following Modest Inventory Drop

The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning showing that U.S. commercial crude inventories decreased by 1.2 million barrels last week, maintaining a total ...
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