Russia’s Novak suggests Russia has more room for deeper cuts Crude oil prices fell more than 5% Thursday after OPEC extended a production cut deal which had originally help to buoy oil prices above $50 per barrel. The extension will see the group continue to leave 1.2 MMBOPD of production in the ground for an additional 9 months, a decision
OPEC will keep cuts for nine more months The Organization of Petroleum Exporting Countries announced Thursday that it will extend production cuts for nine more months, through the end of Q1, 2018. Oil prices dropped more than 5% on Thursday following the prior few days’ news that the deal would continue. That bit of positive news in the past couple
OPEC could extend cuts to 2018, but in the long run U.S. shale “won’t make a dent” As oil prices struggle to stay above $50 per barrel, OPEC appears to be ready to extend production cuts through the second half of 2017 in an attempt to rebalance markets. Both WTI and Brent crude oil prices were up slightly today, but
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Oil prices up over 1.5% as the end of the year approaches Both international and U.S. crude benchmarks were up over 1.5% Tuesday as oil prices continue to rally and 2016 draws to a close. U.S. crude oil prices have surged more than 25% since mid-November following the announcement that OPEC plans to cut production by roughly 1.2 MMBOPD starting
Crude oil inventory draw beats expectations at 2.7 MMBO Crude oil inventories shrank for the fourth week in a row, according to information released from the Energy Information Administration. The total amount of crude in storage declined 2.6 MMBO, 1.2 MMBO more than economist expected, but WTI prices still fell over $1 per barrel as market watchers point out that
Skepticism remains about OPEC deal as group’s production chalks up another record high Both U.S. and international crude oil benchmarks WTI and Brent were down over $1 per barrel today following a rally in prices brought on by last week’s OPEC production agreement. Oil prices shot over the $50 per barrel mark after OPEC announced it would cut 1.2 MMBOPD
News that Iraq is willing to join OPEC cuts sends prices higher Oil prices turned positive Wednesday as Iraq said it was willing to join an OPEC cut in production. Iraq and Iran have both been holding out on joining the rest of OPEC in production cuts as the former looks for ways to fund its war against ISIS, and
In 2016 there’s about a week separating Thanksgiving dinner and OPEC’s November meeting. Plenty of time for turkey, dressing, mashed potatoes and football scores to be digested before oil producers head toward the big jug of Tums in anticipation of anything coming out of OPEC. Goldman Sachs echoed the market’s more upbeat sentiment on a potential OPEC production-cutting deal, saying it
OPEC’s annual report sees its oil reference point at $60 per barrel in 2020 The Organization for Petroleum Exporting Countries released its annual World Oil Outlook Tuesday, lowering its working assumption for oil prices moving through the end of the decade. OPEC sees its reference basket (ORB) price averaging $40 per barrel in 2016, and increasing $5 per year through
The EIA reported a 14.4 MMBO build to U.S. inventories in the week ended October 28 Just when the industry was feeling a little better about its prospects for the balance of 2016, the U.S. Energy Information Administration (EIA) reported the largest build in crude oil inventories ever recorded this week after surprise draws in eight of the last nine
WTI under $50 Oil prices slipped Monday morning over concerns of global oversupply despite promises from OPEC leader Saudi Arabia that the group would work to limit production at its next meeting in November. Both U.S. and international crude benchmarks were down more than $0.50 per barrel in trading Monday morning after breaking above $50 in October. The number of
