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 a 7-month downward trend.
Read & Share sourced from: Reuters
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 that includes Russia to curb production. Speculation on oil futures responded quickly to
Read & Share sourced from: Reuters
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.
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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 & Share sourced from: Wall Street Journal
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 strategy.
Read & Share sourced from: Quartz