Oil producers are keeping a steady hand on the tiller. Members of the OPEC+ alliance agreed to another modest increase—137,000 barrels a day in November—matching last month’s bump. The move signals confidence in a stable global economy and “healthy market fundamentals,” though[...]
Tag: OPEC
News |
EIA revises crude oil price forecast amid uncertainty and volatility but still expects prices will decrease
Oil prices may still fluctuate, but the broader trend is clear: the U.S. Energy Information Administration expects them to drop. Even after a slight upward revision tied to unrest in the Middle East, the forecast puts Brent crude at under $70 a[...]
News |
Oil prices rise as OPEC+ increases production
Oil prices are ticking upward again as OPEC+ announced another planned production hike—this time by 548,000 barrels per day in August. The move reflects confidence in global economic stability and builds on earlier increases aimed at reclaiming market share after years of[...]
News |
OPEC+ extends oil output surge despite Russian pushback
OPEC+ is changing course. For the third month in a row, the oil alliance is raising production—this time by 411,000 barrels a day in July—breaking from its usual playbook of limiting supply to prop up prices. The shift has pushed oil to[...]
News |
Oil climbs on weaker dollar, but rise in U.S. drilling drags
The number of active drilling rigs in the U.S. has been growing in recent months and so has the oil output. Both have combined to put downward pressure on the price of oil which has recently risen above the lows produced by[...]
Subscribe!
It's free and it helps us grow and provide better information ForMinot!
News |
Oil up sharply as OPEC finalizes first output cut since 2008
The glut in world oil supply, which in turn led to the price of oil plummeting since mid-2014, may be behind us. OPEC, a cartel of loosely organized countries with a direct interest in maintaining higher oil prices has a tentative agreement[...]
News |
North Dakota Refuses to Flinch as OPEC Keeps Output High
Last week OPEC decided to stick with the status quo and let producers keep producing. Meanwhile, local producers say the downturn in prices is forcing producers to get efficient and will ultimately lead to stronger, healthier oil production industry. [...]Read More...[...]
News |
OPEC Lets the Market Determine the Price of Oil
The Organization of the Petroleum Exporting Countries’ meeting on Friday was a mix of tradition and modern chaos, as the cartel decided to stick to production levels. Here’s video from the Wall Street Journal. [...]Read More... from OPEC Lets the Market Determine[...]
Commentary |
OPEC Expects to Run US Shale Out of the Market by the End of the Year
News: There’s been little doubt as to where market pressures that caused the drop in oil prices are coming from — OPEC. Commentary: We’re guessing the intangible quality that is American ingenuity was left out of Saudi’s calculations when they planned their[...]