The cartel’s agreement hammered out in Vienna may put a floor under the price of crude, but Saudi Arabia has failed to destroy the US fracking industry Two years of wrangling were needed before Saudi Arabia and the rest of the Opec oil cartel could agree a cut in production at its meeting in Vienna last week. Show More Summary
We have a new oil price prediction now that OPEC has agreed to slash production. The post Our Newest Oil Price Prediction After the OPEC Meeting was originally published at The Wall Street Examiner. Follow the money!
Submitted by Nick Cunningham via OilPrice.com, If anyone is cheering the news of an OPEC deal it is U.S. shale producers. The OPEC agreement sent oil prices shooting up this week, with WTI and Brent quickly surging above $50 per barrel. Saudi...Show More Summary
From the 316 rig trough in May, American oil drillers have added 161 to 477 - the highest since January 2016. The rising rig count continues to track lagged oil prices higher and US crude production is following that trend to its highest...Show More Summary
American Airlines, along with all other airlines, has benefited hugely from the low oil prices. The low cost environment has enabled the carrier to refurbish, upgauge, and add more capacity to its fleet. While refurbishing has helped the company provide its clients a more convenient and comfortable flying experience, fleet replacement has reduced its expenditure […]
U.S. stocks are mixed as a rally in oil prices and bank stocks fades. Before trading opened Friday, the government reported that U.S. employers added 178,000 jobs in November, about what investors expected. Read more: U.S. economy creates 178,000 jobs; unemployment rate drops to 4.6% » Charles...
THEY’LL GET CLEAN AFTER JUST ONE LAST FIX: Saudis Wager On Higher Oil Prices to Drive Economic Diversification. In its thrust toward diversification, the Organization of the Petroleum Exporting Countries’ de-facto leader needs to monetize massive reserves of crude oil. Show More Summary
Asian stocks turned negative Friday and oil prices retreated along with the dollar as investors took a step back from a recent rally, while caution set in ahead of a crunch referendum in Italy at the weekend. World markets have beenShow More Summary
I'm not talking about oil prices here. I mean I am, but it's not what I'm referring to in the title. I'm talking about OPEC itself. Despite yesterday's signs to the contrary, OPEC is dead. Consider yesterday to be the final death throes before rigor mortis sets in. Here's the background: Hydraulic [...]
OPEC member nations agreed to cut oil output at a meeting in Vienna, which could mean lower supplies and higher prices.
By Nayla Razzouk, Angelina Rascouet and Golnar Motevalli (Bloomberg) — OPEC confounded its doubters and sent crude oil prices soaring by agreeing to its first production cuts in eight years. The deal, designed to drain record globalShow More Summary
OIL WARS: Here’s Why the OPEC Oil Rally Is Likely to Be Short-Lived. The oil price rally sparked by an OPEC-Russia deal to cut output is likely to be short-lived, say traders in Asia, because the agreement may only draw more supplies from storage tanks and more crude shipments from the United States. And even […]
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.
Energy stocks are leading U.S. indexes mostly higher as the price of crude oil continues to climb. Benchmark U.S. crude was up 3% to $50 a barrel in early trading in New York on Thursday, about where it was in mid-October. Among energy companies, Southwestern Energy climbed 3.6% and Range Resources...
It's a victory for international agreement, but not for consumers: OPEC nations and Russia have managed to overcome their differences because of their common desire to drive up oil prices, Reuters reports. They have agreed on their first joint output cut since 2001, a move that sent the price of...
Good morning! Here's what you need to know. Oil rocketed. The price of oil surged after reports that the oil producers' cartel OPEC has agreed a deal to cut output. It's up again about 1.5% to around $50 a barrel. A Goldman Sachs exec is in the frame for a top job. Show More Summary
Submitted by Tsvetana Paraskova via OilPrice.com, The market should not be overly enthusiastic over today’s oil price surge on reports that OPEC has managed to reach some kind of a deal to reduce supply, David Hunt, chief executive at...Show More Summary
OPEC confounded its doubters and sent crude oil prices soaring by agreeing to its first production cuts in eight years. The deal, designed to drain record global oil inventories, overcame disagreements between the group's three largest producers -- Saudi Arabia, Iran and Iraq -- and ended a flirtation with free markets that started in 2014. Show More Summary
Following one of its most intensely negotiated ministers meeting, the Organization of Petroleum Exporting Countries (OPEC) has delivered a plan to cut crude production in a bid to support the oil price. In fact, on paper the cartel’s proposed cut – published at the conclusion of its 171st Ministers’ meeting in [...]
Over the past year we’ve talked a lot about the oil price bust and the threat it represented to the global economy. And in past months, we’ve talked about the approaching OPEC meeting, where they had telegraphed a production cut--the first in eight years. Still, not many were buying it. Remember, [...]