Oil prices start the day down as Kuwaiti workers end strike Oil workers in Kuwait ended a three-day strike today that lent support to oil prices earlier this week following the failure of a mixed group of OPEC and non-OPEC producers to come to an agreement on a production freeze Sunday. The strike saw production in OPEC’s fourth-largest producer fall
Concerns over a government payroll overhaul prompt oil workers to strike in Kuwait Concerns over pay and benefits have led oil and gas unions in Kuwait to call for a strike starting the same Sunday as the production freeze talks are set to be help between OPEC and non-OPEC members in Doha, Qatar. Thousands of workers in state-owned oil and
The spread on OPEC members’ crude widens as competition increases Members of OPEC are beginning to cut their own prices relative to one another as the competition over share of global markets, particular Asia, continues to intensify. Traditionally, members of OPEC move prices together, but data today shows Kuwait is undercutting Saudi Arabia by the most on record and Iraq
OPEC gulf producers look to stay the course for now A global over-supply of crude oil has sent the price for the commodity down to historic lows since June of 2014, when the prices for Brent and WTI crude were above $115 and $107 per barrel, respectively. Much of the decline in the prices came following the decision from OPEC
