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Keyword: oilprices

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  • Iran Accuses U.S. Of Pushing Up Oil Prices

    05/11/2018 9:40:26 AM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 05-11-2018 | Irina
    U.S. President Trump has made a deal with some OPEC producers to keep prices high as they support the U.S. economy and boost federal taxes. This is what Iran’s Energy Minister Bijan Zanganeh said on state TV this week as quoted by Bloomberg, adding that Trump was engaging in “shenanigans” on the oil market. It’s not too hard to guess which the OPEC producers Zanganeh mentioned are. Saudi Arabia has been a strong opponent of the Iran nuclear deal and was now quick to offer to fill any gap that new U.S. sanctions would leave on international oil markets by...
  • Iranian Officials Speak Out Against Too-High Oil Prices

    05/07/2018 10:18:13 AM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 05-07-2018 | Irina
    Two senior Iranian government officials have said oil prices shouldn’t be too high, with the comments indicating the divide between Riyadh and Tehran on oil pries is deepening. First, Oil Minister Bijan Zanganeh said over the weekend that Iran was all for a “reasonable” oil price, suggesting the current price level is unreasonable and the result of “manufactured tensions.” A reasonable oil price, on the other hand, would be positive for producers, encouraging them to continue pumping while at the same time reducing the risk of excessive market volatility, state news agency Shana reported. Then, Zanganeh’s deputy for international and...
  • Is An Oil Price Correction Overdue?

    01/08/2018 9:18:49 AM PST · by bananaman22 · 11 replies
    Oilprice.com ^ | 01-08-2018 | Para
    Oil prices rallied in the first week of 2018, supported by increased geopolitical risk and severely cold weather in the eastern U.S., but the ‘perfect storm’ that pushed oil prices higher also raises the risk of a correction and of heightened herd mentality in trade, analysts reckon. Protests in Iran, possible new U.S. sanctions against Tehran, and Venezuela’s economic collapse could be the main geopolitical risks that could drive oil prices up early this year. Oil prices made their strongest start to a year in four years, with both Brent and WTI started trading in 2018 above $60 a barrel...
  • The Oil Information Cartel Is (Finally) Broken

    11/30/2017 10:18:05 AM PST · by bananaman22 · 6 replies
    Oilprice.com ^ | 30-11-2017 | Keith
    Most investors look at WTI and Brent prices at Bloomberg or CME Futures, and figure the oil price is in the public domain. You would be about 2 percent correct, because there are hundreds of different grades of oil, and hubs where it is bought and sold. And they all have different prices. Since the age of oil began until a few months ago, most real time oil prices were jealously guarded by marketers, who used it to their advantage in the daily multi-billion dollar physical oil trade. But I’m going to tell you the story of how Stafford and...
  • Mass EV Adoption Could Lead To $10 Oil

    10/13/2017 3:30:37 PM PDT · by bananaman22 · 145 replies
    Oilprice.com ^ | 13-10-2017 | Paraskova
    The adoption of electric vehicles (EVs) could lead to global peak oil demand as soon as 2023, which will result in oil prices crashing to $10, Chris Watling, CEO & chief market strategist at Longview Economics, told CNBC on Friday. Watling said he didn’t see oil crashing “in the next few weeks or months, or maybe even quarters, but I think the long-term outlook for oil—because of what’s happening in terms of electric vehicles” with 70 percent of oil used for transportation, is oil plummeting to $10 somewhere around 2023-2025. “We used to talk about peak oil in terms of...
  • Daily OPEC Oil Prices Now Public For The First Time Ever

    07/21/2017 1:07:26 PM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 21-07-2017 | Josh
    Despite the oil industry being arguably the most vital and influential sector in the world, the average member of the public knows relatively little about its inner workings. Oil prices are possibly the most obvious example of this, with constant discussions over whether they will drop below $40 or if they are set to rise. What many investors are unaware of, however, is that there are over a thousand types of crude oil. This means that Western Canadian Select, currently trading at 37.27, is already below that much-hyped $40 mark, and while Brent oil prices fell nearly 50 cents on...
  • Is History Repeating Itself In The Oil Markets?

    06/01/2017 10:32:15 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 01-06-2017 | David
    It wasn’t that long ago, 19 years to be precise, when the average oil price was $11.91 per barrel (WTI). Are world conditions such that we could see that price again? Everyone said that oil prices would never fall into the $20 range, but 14 months ago oil prices hit a 14-year low of $26.21 per barrel on February 11, 2016. Are we, or better yet, can we really be looking at the same world conditions that drove those 1998 oil prices down to record lows that almost equaled the 158-year average annual oil price of $11.22 per barrel (WTI)?...
  • Saudi Finance Minister: “I Wouldn't Care If The Oil Price Is Zero"

    05/24/2017 8:40:19 AM PDT · by bananaman22 · 20 replies
    Oilprice.com ^ | 24-05-2017 | Haley
    While Saudi Arabia’s economy is currently suffering from an 18-month decline in oil prices and soaring unemployment rates, they are planning for a future in which they won’t have to worry about the price of oil at all. Speaking of the plans outlined in Vision 2030, Saudi finance minister Mohammed Al Jadaan told CNN, "We will not really care much whether the price is 40, 45, 50, 55 at that time because we have gone significantly out of our way to be independent of the oil price...We are planning to totally [end] that dependency that we have been living for...
  • Production Cuts vs Innovation – Why OPEC Has Lost The Oil Price War

    05/10/2017 8:38:29 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 09-05-2017 | Peter
    OPEC and its cartel of friends must be sweating condensates in advance of their May 25th meeting. The oil price war, triggered almost three years ago, is far from over. Calling a truce with production cuts has been an ineffective strategy. In fact, it’s been a feeble strategy and nobody in the business should rely on its extension to be effective. Price wars are often triggered by the arrival of a new entrant into an entrenched market clique. American light tight oil began flowing into petroleum supply chains in 2010. By 2014, output from plays like the Bakken, Eagle Ford...
  • Oil Prices Crash To Pre-OPEC Deal Levels

    05/04/2017 9:09:00 AM PDT · by bananaman22 · 31 replies
    Oilprice.com ^ | 04-05-2017 | Para
    Oil prices dropped on Thursday to their lowest level since last November, with Brent breaking below $50, amid concerns of rising global supply and still high inventories. At 11:22am EDT, WTI Crude was trading down 2.82 percent at $46.47, while Brent was down 2.62 percent at $49.46 -- with both WTI and Brent having effectively wiped out all the price gains since OPEC announced on 30 November 2016 the output cut deal aimed at reducing oversupply and propping up prices. On Wednesday, a day after the American Petroleum Institute (API) injected a bit of optimism among traders by reporting a...
  • 2020s To Be A Decade of Disorder For Oil

    04/17/2017 8:08:09 AM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 17-04-2017 | Nicholas
    The 2020s could be a “decade of disorder” for the oil markets as the lack of drilling today leads to a shortfall of supply. Demand will continue to grow, year after year, and shale will not be able to keep up. It may be hard to envision today, with an oil market suffering from low prices and a glut of supply. Falling breakeven prices have drillers still churning out huge volumes of shale oil, with production in the U.S. already rebounding and rising on a weekly basis. The tidal wave of shale, however, is the direct result of extreme market...
  • Venezuela To Propose New Deal ‘To Fix’ The Oil Markets

    01/16/2017 3:48:43 PM PST · by bananaman22 · 21 replies
    Oilprice.com ^ | 16-01-2016 | Para
    Recession-struck Venezuela will send a new proposal to OPEC and non-OPEC producers to try to stabilize crude oil prices, Venezuelan President Nicolas Maduro said on Sunday. “Venezuela, as of next week, will circulate a letter with a new proposal, a new formula for the stability of real and just prices so that it can be studied and debated by all the governments that have signed this deal,” the president said in a speech, without providing details, as quoted by Reuters. Venezuela was one of the most vehement supporters and promoters of OPEC’s supply-cut deal, in which OPEC and 11 non-cartel...
  • Oil prices rally on threat to Nigeria supply, Iran ($64.93/bbl)

    01/17/2006 1:51:42 AM PST · by RWR8189 · 5 replies · 537+ views
    Reuters ^ | January 17, 2006 | Neil Chatterjee
    SINGAPORE (Reuters) - Oil climbed further on Tuesday as a militant threat to Nigerian oil exports and Iran's standoff with the West over its nuclear ambitions kept the market worried about supply disruptions. London Brent crude for March was up 27 cents to $63.45 a barrel by 0329 GMT, after rising 58 cents on Monday. U.S. light crude for February jumped 86 cents to $64.78 in catch-up gains after being closed for a national holiday on Monday. U.S. crude earlier touched $64.95 a barrel, its highest since October 4. Crude flows from Nigeria, the world's eighth-largest oil exporter, are being...
  • What You Don’t Know About the Niger Delta Avengers

    07/04/2016 9:35:59 AM PDT · by AdmSmith · 21 replies
    Nigerian Television Authority ^ | 2JUN2016 | Edino Justice
    A militant group has however since February 2016 been making headlines through their capacity to destroy oil infrastructure. Their attacks have driven Nigeria’s oil output to near a 22-year low. Contrary to popular opinion, the group, Niger Delta Avengers, NDA for short, according to them is not just made up of Niger Deltans but has support from other parts of Nigeria, namely Northern, Western and Eastern part of the Country with the sole purpose of crippling the Nigerian Economy until their demands are met. According to reports, Diplomats and security experts say the group has shown a level of sophistication...
  • Obama Keeps Bragging About Low Gas Prices But He Didn’t Want Them

    12/16/2016 1:14:23 PM PST · by rhett october · 6 replies
    Resistance Feed ^ | 12-16-2016 | Rhett October
    Speaking at a campaign rally for Hillary Clinton in September, President Obama touted his economic record with these lines: “More Americans are working. More have health insurance. Incomes are rising. Poverty is falling. And gas is $2 a gallon.” First of all, the economic numbers he's bragging about are absolute smoke and mirrors. In November, Bernie Sanders told a crowd that Obama might be touting an unemployment rate of 5% or less, but that he could only claim that number when part-time jobs were counted the same as full-time jobs. According to Sanders, the real unemployment rate is over 9%....
  • OPEC: Has The Cheating Already Begun?

    12/13/2016 9:40:14 AM PST · by bananaman22 · 9 replies
    Oilprice.com ^ | 13-12-2016 | Ozzie
    With the deal now done, we seem to be witnessing history in the making. But remember: history always repeats itself. When two agreements were signed in the early 2000s, both collapsed due to the inability of OPEC members to adhere to their commitments. Hence, the chance of the deal dying an early death is all too real. One of the factors that will bridle prices in the near future is the rate at which global stockpiles will deplete. My previous article explored the different factors that may spur U.S. Shale production. On the 10th of December, OPEC successfully convinced the...
  • The OPEC Deal: Here Are The Details

    11/30/2016 3:07:44 PM PST · by bananaman22 · 23 replies
    Oilprice.com ^ | 30-11-2016 | Your garden gnome
    Oil prices surged more than 8 percent on Wednesday as OPEC shocked the world and reached an agreement to cut production. If OPEC members succeed in implementing the deal, set to take effect in January, it could erase the global surplus in an instant. “The sentiment generally is optimistic and positive," Saudi Arabia’s Oil Minister Khalid al-Falih said before the final meeting on Wednesday. “Any production-restraint agreement has to be distributed in an equitable way. We are getting close.” Oil prices skyrocketed on his comments and on the news that a deal was within reach. Still, there was a lot...
  • Oil Prices Spike As OPEC Reaches Deal On Production Cut

    11/30/2016 6:59:28 AM PST · by bananaman22 · 10 replies
    Oilprice.com ^ | 30-11-2016 | Tsvetana
    Defying all odds, OPEC provisionally reached the much-hyped agreement to cut output in a bid to boost oil prices. According to an OPEC delegate quoted by Bloomberg News, the ministerial meeting in Vienna has just reached a deal to cut output by 1.2 million barrels per day to 32.5 million barrels per day. But there’s a catch. According to a ZeroHedge tweet, it looks like the OPEC deal would be conditional on a subsequent deal with non-OPEC producers in December to agree on a 600,000-bpd cut. If this is indeed the case, the oil production cut saga and drama will...
  • OPEC Ready To Force Members To Join Cut

    11/17/2016 9:23:54 AM PST · by bananaman22 · 9 replies
    Oilprice.com ^ | 17-11-2016 | Irina
    Some OPEC members are saying OPEC will do whatever it takes to make all members join the production cut agreement that’s been chewed over since late September—willing or unwilling. According to a statement by Venezuela’s President Nicolas Maduro, “There is sufficient will among OPEC countries to take the step we need to take in the month of November, (to reach) a forceful agreement to reduce production and construct new mechanisms to stabilize the market.” Maduro was speaking in a televised broadcast, following his meeting with OPEC secretary-general Mohammed Barkindo in Venezuela. Barkindo, for his part, was quoted by media as...
  • The Billion Barrel Oil Swindle: 80% Of U.S. Oil Reserves Are Unaccounted-For

    10/10/2016 8:44:07 AM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 10-10-2016 | Art
    U.S. crude oil storage is filling up with unaccounted-for oil. There is a lot more oil in storage than the amount that can be accounted for by domestic production and imports. That’s a big problem since oil prices move up or down based on the U.S. crude oil storage report. Oil stocks in inventory represent surplus supply. Increasing or decreasing inventory levels generally push prices lower or higher because they indicate trends toward longer term over-supply or under-supply.