OPEC’s July output could be a record Oil prices have fallen below the $40 per barrel mark as markets continue to worry about global oversupply of crude oil. Oil prices flirted with the $40 mark earlier this week, but finally took the plunge back into the 30s ahead of tomorrow’s crude oil inventory report. Oil traders and investors expect the
Iran tapped spare capacity and increased production more than 800 MBOPD July 14 marks the one-year anniversary of the implementation of the Joint Comprehensive Plan of Action (JCPOA) negotiated by Iran and the P5+1, which included the U.N. Security Council and Germany. The JCPOA marked a historic deal between Iran and the political West, with the former agreeing to give
No cuts, no ceilings, but new secretary general is elected – OPEC The biannual OPEC meeting in Vienna today has come and gone, but OPEC’s policy of defending market share remains. Reports indicated earlier in the week that the group might reinstate a production ceiling, a feature of OPEC that the cartel did away with in December 2015, but it
Saudi Arabia may use a production cap to mend bridges with other OPEC members Oil prices rebounded off of intraday lows today on news that OPEC may pursue a production cap in its meeting Thursday. OPEC did away with its official production ceiling in December of last year, a move many saw as the final nail in the cartel’s coffin.
Iran made a statement when the country issued official selling prices for June contracts of heavy crude oil sold to Asia. The most recent pricing information unveiled by Iran is the largest discount to Saudi and Iraqi oil since 2007. The Iranian announcement was just a few days after Saudi Arabia announced a price increase for their June contracts to
Wildfires burning out of control in Fort McMurray Fort McMurray, the heart of much of Canada’s heavy oil sands production, has been evacuated due to a wildfire burning out of control in and around the city. The evacuations have forced the oil sands operations in the surrounding area to lower production as works and their families flee to safety. Operators
While funds do not appear to be going to terrorist now, Kerry “think[s] some of it will” Secretary of State John Kerry acknowledged that some of the money Iran received as part of sanctions relief could go to groups considered terrorists, reports CNN. “I think that some of it will end up in the hands of the IRGC or other
Barriers remain, but oil above $50 in Q4 2016 likely: RBC Crude oil prices are up today despite news over the weekend that no deal regarding the crude oil production freeze between OPEC and non-OPEC producers could be reached. Talk surrounding the deal bolstered crude oil prices in the months leading up to the Doha meeting, and many market observers
Freeze agreement falls apart without Iran Discussion between key OPEC and non-OPEC producers about freezing production at January levels has pushed oil prices up from below $30 per barrel to more than $40 ahead of yesterday’s fruitless meeting in Doha, Qatar. Back in January, U.S. crude oil benchmark WTI fell to a 2016 low of $26.55 per barrel while international
Iran selling Forozan Blend to Asia at a $2.43 discount Iran is increasing pressure on fellow OPEC members as its attempts to retake lost market share in major markets like Asia. The Islamic Republic is now undercutting the price of Saudi crude oil in Asia after holding its own crude at a premium to Saudi Arabia’s light crude for almost
Countries agreeing to freeze have little capacity to add Oil prices have recovered over the past weeks as news about a coordinated production freeze between OPEC and non-OPEC members has given the commodity a more stable footing in the market. Both U.S. and international crude benchmarks WTI and Brent are up over $40 per barrel as markets hope that cooperation
Iran will not freeze production below 4 MMBOP – Iranian Oil Minister Crude oil prices took a steep fall this morning as hopes that OPEC might curb production in order to reach a $50 per barrel price floor were diminished by news that Iran plans to continue increasing production. U.S. benchmark WTI fell as low as $36.73 today, while international
