Succumbing to market pressure, crude producers' group OPEC and its 10 non-OPEC allies intervened to deepen their ongoing output cuts of 1.2 million barrels per day (bpd) by another 500,000 bpd on Friday (December 6) following the conclusion of their meeting of ministers in Vienna, Austria. In a surprise for the market, OPEC revealed that bulk of the burden will largely fall on Saudi Arabia's shoulders, with the kingdom announcing it would cut "voluntarily" ...
The long-term trend in oil is down and it has been since the pre-recession peak up near 150 in early 2008. Since then, it's been unable to move higher than that top. The direction of the line connecting that 2008 peak with the lower 2013/2014 peaks is unmistakably downward. The uptrend line connecting the low in 2016 to the 2017 low has been broken. Oil has closed below that trend line for 2 weeks in a row now -- and it's back inside the ...
Americans should prepare for higher gasoline prices this summer, and higher oil prices are largely to blame. There are two major decisions in the next few months that will likely set the tone for oil markets for the rest of 2018 and into 2019. The first is President Trump’s May 12 decision about recertifying the Iran nuclear deal. The President may, at that point, decide to re-impose sanctions on Iran. There are some indications that he ...
The Kingdom of Saudi Arabia (KSA) wants oil prices to head back to $100. And there are a couple of ways of achieving this ambitious goal. more...
As energy investors consider the market for 2017, they should not forget to keep track of how even small moves by OPEC, shale oil, energy service providers and renewable energy policy can impact the market. West Texas Intermediate Crude Oil: more...
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