Is Saudi’s Market Share War Over, Is It On-Hold, or Is It Still Coming? OPEC surprised the markets yesterday when word came out that for the first time in eight years the cartel planned to put oil production limits in place at its upcoming November meeting. Rumors have been zinging around media for a little while, but yesterday’s announcement from
Crude oil stocks fall 6.2 million barrels Oil prices shot up more than 3% today as U.S. crude stockpiles record the third straight inventory draw for the week ended September 16, 2016. WTI was trading above $45.50 in the afternoon, after opening at $44.50. U.S. stockpiles fell by 6.2 million barrels to 504.6 MMBO, the lowest level since February 12,
Libya and Nigeria hope to restart exports that could add substantially to the global glut Both the IEA and OPEC pushed out their forecasts for market balance this week as supply continues to prove resistant to the drop in crude oil prices. Even more crude oil could come back to the market from Libya and Nigeria in coming days, however,
EnerCom Analytics’ September Industry Trends Report Examines Oil Prices The current price of oil may feel low given the fading memories of $100 per barrel oil back in 2014. But in a longer term historical context, we are on the high end of the curve at today’s prices. EnerCom Analytics looked at historical monthly crude oil prices between 1974 and August 2016.
Low oil prices and economic reform put one-third of Saudi Arabia’s transportation, housing and healthcare projects on hold Low oil prices continue to impact producers around the world, including Saudi Arabia, which spearhead the decision in late-2014 for OPEC to defend market share over price. The kingdom is now considering cutting more than $20 billion of projects, and reducing ministry
OPEC says a price near $60 will avoid added shale production Recently renewed talks of a production freeze among OPEC and some non-OPEC producers including Russia have helped to bolster the price of oil in recent weeks, but the organization may not try to raise oil prices beyond $60 per barrel for fear of a renewed glut. On Monday, Russian
From Bloomberg Saudi Arabia pumped at record level in July, OPEC data show Venezuelan president discussed oil prices with Saudi king Video Interview Saudi Arabia and Iran are giving no ground in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices. Oil’s return to a bear market last week prompted
Rig counts continue to climb while oil prices retreat After yesterday’s bottom fell out for oil and prices hover near the $45 per barrel mark, the U.S. rig count continues to increase. The total number of rigs actively drilling this week increased by nine to 440, according to information released from Baker Hughes Industries (ticker: BHI). Despite increases over the
The U.S. rig count is up 10 to 431 The number of active rigs in the United States increased this week, according to information released by Baker Hughes Industries (ticker: BHI). The total number of rigs reached 431 this week, up ten from last week when the rig count fell slightly. WTI posted gains today despite the increased drilling activity,
Markets see the largest single-day selloff in history following the Brexit, currencies react The surprise decision by the United Kingdom to leave the European Union triggered the largest single-day selloff in history, according to Standard & Poor’s Dow Jones Indices. The Brexit vote was proceeded by a $2.08 trillion selloff, a sharper decline than even the one that followed the
Total U.S. rig count falls by three to 421 as oil prices struggle to stay above $50 per barrel After three weeks of slowly increasing, the U.S. rig count posted a loss for the week ended June 24, 2016. The total number of active rigs operating in the country fell by three to 421 this week, according to information released
“Supply and demand are almost equal”- Khalid al-Falih Global oil markets are improving as supply and demand come back to parity said Saudi Arabian Oil Minister Khalid al-Falih. The global glut that sent oil prices tumbling at the end of 2014 is over now, according to Falih. “We are out of it,” he said in his first newspaper interview since
