Tyler Durden, OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal. The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.
The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States. When OPEC in November joined with several non-OPEC producers to agree to a
Ken Blackwell, For decades, conventional wisdom held that the United States would remain reliant on imported oil as domestic reserves were either too limited or too expensive to be accessible. Yet in the early years of this new century, a small group of American innovators tackled the shale formations in our nation’s heartland with new technology.
Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th straight week. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.84 per barrel at 0535 GMT (00.35 a.m.
Jazz Shaw, The President Elect is doing a lot of pushing and shoving to bring jobs back to the United States (a long overdue move if you ask me) but there’s one sector of growth which is surging right now and it has little to do with his proposals. Ever since OPEC ran up the
Dan Celia, Since the OPEC agreement last week to curb production, we’ve seen gas prices climb every day. This, obviously, has many people concerned about how the deal will impact consumers, particularly as we head into a peak shopping season. But before we get too concerned about higher gas prices or climbing oil stocks, let’s
OPEC has agreed its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting “a big hit” on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels. Brent crude futures jumped 8 percent to more than $50 a barrel after Riyadh signaled it had
Dan Celia, I’ve found it laughable that over the past 13 months the Organization of Petroleum Exporting Countries (OPEC) has consistently talked about reducing production. Talk is basically all OPEC has done for more than a year in its feeble attempts to manipulate the markets and drive oil prices higher. We must remember that Saudi
In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by OPEC giants Iran and Iraq. Until a few years ago it was unprofitable to produce oil from shale in the United States. The steep slide in costs
John Hayward, CNN Money made no bones about crediting the incredible post-election surge in the stock market to a “Trump rally,” as Wall Street hit the rare “superfecta”: all four major indexes closing at record highs on the same day. Many predicted stocks would plunge, or even crash, should Trump upset Hillary Clinton. Initially that did