Tag: OPEC

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  • Iran and oil production

    Iran won’t slow production to help raise oil prices

    Iran on Wednesday said it would not restrain oil output as part of a global pact to freeze production and help prop up oil prices. The country’s officials are focused on recapturing the market share that was lost after years of US sanctions. Non-OPEC Russia and OPEC leader Saudi Arabia, have been in talks to […]

  • Oil prices gain and then fall on OPEC talks

    Oil gives up gains as hopes for a production cut fizzle

    Oil prices gained 5% on Tuesday but then gave back all that ground as talks between Saudi Arabia and Russia failed to reduce production. Oil ministers from the two countries met on Tuesday and agreed to freeze production at current rates — a small step that will do almost nothing to reduce the massive supply […]

  • Oil Industry and OPEC production cuts

    Oil creeps above $33 a barrel on talk that OPEC might take action

    Oil prices managed to hold onto last week’s gains on speculation that OPEC may finally agree to cut production, helping to ease over-supply in the market. Brent crude futures LCOc1, the global benchmark, were unchanged at $33.36 a barrel at 1718 GMT. US futures CLc1 traded at $29.67 a barrel, up 23 cents on Friday’s close. “Some […]

  • OPEC predictions for 2016 and oil rebalancing

    OPEC believes the oil market will begin to rebalance in 2016

    Oil prices remain below $30 a barrel on Monday but the Organization of the Petroleum Exporting Countries (OPEC) believes prices will eventually stabilize in 2016. “After seven straight years of phenomenal non-OPEC supply growth, often greater than 2 million barrels a day, 2016 is set to see output decline as the effects of deep capex cuts […]

  • Oil Prices

    OPEC is considering emergency action to correct oil prices

    Oil prices have collapsed by more than 65% to a 12-year low and now that collapse might be too much for OPEC to handle. Nigeria’s top oil official and OPEC President Emmanuel Kachikwu said the cartel is considering an emergency meeting. At issue is whether OPEC would agree to cut production, a move that could […]

  • Oil Prices To Continue Dropping

    Oil prices will continue falling in early 2016

    Oil prices will likely continue a downward plunge in early 2016, before eventually picking up steam and increasing as the year moves forward. Over the last 18 months oil has dipped by 68% due to a massive supply glut. Oil on Friday fell to a seven-year low of $34.50. The collapse in oil pricing has […]

  • Oil Drilling and 7 Year Low Oil Prices

    Oil Prices Tumble To A 7-Year Low

    The price per barrel of oil is at its lowest level since the start of the 2008 recession. Oil tumbled by 6% on Monday to just $37.50 a barrel. Oil peaked at $108 per barrel in June 2014 before starting its massive slide in value. The Dow dropped by 117 points on Monday as companies such as Exxon […]

  • Oil Price OPEC

    Oil Falls Below $39 A Barrel, Near 2015 Low

    The price of oil fell Monday to less than $39 a barrel, near its 2015 low set in August. U.S. crude dropped to $38.97, just over a dollar more than the $37.75 it reached in August. The dip came after the Organization of the Petroleum Exporting Countries (OPEC) failed to lower its production quotas at […]