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Keyword: opec

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  • 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...
  • Dr. Daniel Fine is a nice addition

    07/10/2017 5:50:48 PM PDT · by brownwill6767 · 6 replies
    Roswell Daily Record ^ | 7/8/17 | John A. Yates Jr.
    The recent article by Dr. Daniel Fine in the guest column of your Wednesday edition concerning the impacts of Saudi Arabian-led dismantlement of our lively domestic energy business via flooding the market with underpriced foreign crude from numerous Middle Eastern national oil companies along with other foreign producers like bad actor Venezuelan and Russian puppet oil regime cronies are making for difficulty in our New Mexican oil patch.
  • Texas Panhandle group calls on Trump to change oil trade practices

    05/27/2017 10:33:57 PM PDT · by brownwill6767 · 4 replies
    The Amarillo Globe-News ^ | 5/21/17 | LISA LAMB
    The Panhandle Import Reduction Initiative group recently sent a letter to the White House calling on President Donald Trump and his administration to recognize and correct what it says are unfair trade policies impacting the U.S. oil and gas industry.
  • OPEC, non-OPEC extend oil output cut by nine months to fight glut

    05/25/2017 7:26:44 PM PDT · by Lorianne · 7 replies
    Reuters ^ | 25 May 2017 | Alex Lawler, Rania El Gamal and Ernest Scheyder
    OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. Oil prices dropped more than 4 percent as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018. [O/R] OPEC's cuts have helped to push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy...
  • 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...
  • OPEC Struggling To Hold On To Asian Market Share

    03/01/2017 7:49:51 AM PST · by bananaman22 · 5 replies
    Oilprice.com ^ | 01-03-2017 | Rocky
    Two years ago, OPEC took steps to increase its market share. It continued with this same policy for two years by pumping oil in an oversupplied market. The result: oil prices tanked and OPEC increased their market share by a small margin. Today, low oil prices are crippling the finances of OPEC members, forcing them to agree to cut production to support oil prices. But just over a month of production cuts and data shows that OPEC has lost around 5 percent market share in Asia since October. The U.S., Brazil, Britain and Libya have increased their supply to Asia...
  • Despite Trump’s Rhetoric: U.S. Needs OPEC Oil

    01/25/2017 7:19:49 AM PST · by bananaman22 · 22 replies
    Oilprice.com ^ | 25-01-2017 | Tsvetana
    President Donald Trump is taking his ‘America First’ energy plan from the campaign trail to the White House website, vowing to achieve energy independence from OPEC and any nations hostile to U.S. interests. Trump is not the first U.S. President to have promised energy independence. At the height of the 1973 Arab oil embargo, Richard Nixon suggested a project to ensure that by the end of the 1970s, “Americans will not have to rely on any source of energy beyond our own”. More than 40 years later, America continues to rely on foreign oil imports, and is a large importer...
  • 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...
  • 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...
  • US Already Ready to Take Advantage of OPEC Cut

    12/05/2016 5:23:47 PM PST · by 198ml · 22 replies
    The American Interest ^ | 12/5/16 | TAI
    Don’t look now, but an American shale rebound is already underway. Operators have been steadily putting more oil rigs into operation for months now, and we’ve been seeing signs that the industry has been ready to stop a slide in output and start ramping up total U.S. production for months now. This week, as Reuters reports, the U.S. saw its rig count rise yet again.
  • 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...
  • Ayatollah Khamenei Accuses OPEC Members Of Waving The Oil Weapon

    10/24/2016 2:14:47 PM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 24-10-2016 | The Ayatollah and his mom
    Ayatollah Ali Khamenei, Iran’s Supreme Leader, accused unnamed OPEC members of using oil as a weapon to the benefit of the U.S. The accusations were leveled via Twitter, following Khamenei’s meeting with Venezuela’s President Nicolas Maduro over the weekend. In a series of tweets, Khamenei started by saying that the “drop in oil prices is a coercive measure against countries independent of the US,” then went on to remind his audience of the 1973 oil embargo from several Middle Eastern states that led to accusations from the West about “the political use of oil”, adding that “Today, same countries along...
  • oil leaders: opec threatening u.s. economy and new mexico’s lifeblood; nation has lost 400,000

    10/18/2016 7:54:30 PM PDT · by panhandle67 · 33 replies
    Roswell Daily Record ^ | 10/8/16 | Levi Hill
    CARLSBAD — Oil experts say America is under attack by Saudi Arabia and OPEC, but instead of bombs, the OPEC oil cartel is dropping millions of barrels of oil on the U.S. economy in a clear effort to undermine the nation’s oil producers and kill any chance of American energy independence. The first to feel the flood of foreign oil into the U.S. are the independent oil producers, whose stripper wells in Texas alone account for 20 percent of the nation’s oil and gas production, said Judy Stark, executive vice president of the The Panhandle Producers & Royalty Owners Association.
  • Oil Spikes After OPEC Reaches Deal On Output Cap

    09/28/2016 12:01:24 PM PDT · by bananaman22 · 15 replies
    Oilprice.com ^ | 28-09-2016 | Juli
    According to a Reuters source, The Organization of the Petroleum Exporting Countries has in fact reached a deal that will “limit” oil production, and oil prices are in for a wild ride yet again as a result. What was reported as mere rumor this morning, is apparently now a certainty. Reuters had reported this morning that OPEC may announce an output freeze deal later today, as part of the informal talks on the matter on the sidelines of the International Energy Forum, but details of the deal would be withheld until November.
  • Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started

    09/23/2016 10:10:35 AM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 23-09-2016 | Matt
    Crude prices are selling off, aided by Saudi comments that a decision will not be forthcoming from next week's OPEC meeting in Algiers. Add to this news that the Federal Reserve is looking to restrict bank involvement in physical commodities...and dollar strength as the cherry on top...and oil is heading lower into the weekend.
  • Oil! Massive shale discovery in Texas

    09/08/2016 10:08:00 AM PDT · by PAR35 · 65 replies
    CNN ^ | September 8, 2016 | Matt Egan
    An overlooked corner of West Texas is believed to contain billions of barrels of newly-discovered shale oil. Apache (APA) revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing. ... Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas.
  • Southwest oil independents schedule rally Sept. 27 (against OPEC oil imports)

    09/05/2016 5:30:41 PM PDT · by panhandle67 · 27 replies
    Artesia Daily Press ^ | 9/4/2016 | Staff
    New Mexico and Texas oil companies and communities say they will warn Saudi Arabia and Organization of the Petroleum Exporting Countries (OPEC) to stop overproduction of oil and lowering prices as a strategy to slow or shut them down, or face import quotas. Independent oil companies with the Panhandle Initiative to Reduce Imports (PIRI) will hold an industry and public rally from 11:30 a.m. – 2 p.m. Tuesday, Sept. 27, at the Pecos River Village Convention Center, 711 Muscatel Ave., Carlsbad. Lunch and admission are free. Southwest and Rocky Mountain oil producers say they feel they are under OPEC and...