The Organization of the Petroleum Exporting Countries and its allies are closing an agreement to increase their mass oil production by a modest 500,000 barrels a day starting next month, people familiar with the matter said. The deal will mark a compromise between some of the world’s largest manufacturers as …
Read More »
LONDON (Reuters) – In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the 60-year-old cartel and Washington Washington are more likely to bid. File photo: Crown Prince Mohammed bin Salman of Saudi Arabia shakes hands with US President Donald Trump …
Read More »
It has been disappointing for the bulls that oil prices have failed to erupt in recent weeks, despite a flurry of positive news, including declining inventories and reports that OPEC + producers have mostly sticking to their promise cuts. And now the pendulum has swum to the opposite end and …
Read More »
The world’s top oil importer, Saudi Arabia, saw its crude oil exports drop to a record low of just under 5 million barrels per day (bpd) in June, as the de facto leader of OPEC’s efforts led the OPEC + group to maintain a record amount of raw material from …
Read More »
It is exactly four months since the historic oil price crash that sent crude prices into negative territory for the first time ever. Since then, WTI and Brent prices have made a nice recovery journey to trading at five-month highs. Optimism is slowly returning to the oil markets thanks to …
Read More »