OPEC using the last arrows in its quiver to try to move oil prices: words Prior to November 2014, OPEC acted as the swing producer, raising or lowering production in order to send prices one way or another. Since making the decision to focus on market share instead of oil prices, the group has lost its control over prices for
After failure to reach production freeze producers are ready to increase exports Had a production freeze agreement been reached among OPEC and non-OPEC producers last Sunday, it would have marked the first time in 15 years that Russia cooperated with the oil producing group. While oil prices have continued to hold above $40 per barrel despite the lack of an
Freeze agreement falls apart without Iran Discussion between key OPEC and non-OPEC producers about freezing production at January levels has pushed oil prices up from below $30 per barrel to more than $40 ahead of yesterday’s fruitless meeting in Doha, Qatar. Back in January, U.S. crude oil benchmark WTI fell to a 2016 low of $26.55 per barrel while international
U.S. crude inventory build was big, but oil prices remain above $40 per barrel Crude oil inventories grew by 6.6 million barrels, far surpassing economist estimates which averaged just 733 thousand barrels for the week ended April 8, 2016. The build brought total U.S. inventories to 536.5 MMBO after a surprise weather-related draw last week. Oil prices fell on the
Increased production in Iran and Iraq continue pushing OPEC production higher In OPEC’s April Monthly Oil Market Report, secondary sources showed production for the group rose from February to March. Total OPEC production was up 14.9 MBOPD due to increased production from Iran and Iraq. Crude oil production for the group as a whole reached 32.23 MMBOPD. The combined OPEC
Saudi Arabia says it will only agree to freeze production if joined by Iran Oil prices slid last Friday and continued to trend downward today following news that Saudi Arabia will only freeze its production if fellow OPEC member and regional rival Iran agrees to do the same. The news diminished hopes that a deal would be reached later this
Words pushed prices higher, but for how long Oil prices have staged a recovery over the last few weeks as members of OPEC and other large producers like Russia discuss the possibility of a production freeze. News that the world’s largest producers would stop adding new production to the market was warmly welcomed as oil prices climbed above $40 per
Countries agreeing to freeze have little capacity to add Oil prices have recovered over the past weeks as news about a coordinated production freeze between OPEC and non-OPEC members has given the commodity a more stable footing in the market. Both U.S. and international crude benchmarks WTI and Brent are up over $40 per barrel as markets hope that cooperation
15-country group represents 73% of global production Fifteen countries confirmed that they will participate in a meeting April 17, set to be held in Doha, Qatar, in order to discuss a production freeze. The group, made up of both OPEC and non-OPEC countries, will likely freeze production at January 2016 levels, according to Russian Energy Minister Alexander Novak, who has
Iran will not freeze production below 4 MMBOP – Iranian Oil Minister Crude oil prices took a steep fall this morning as hopes that OPEC might curb production in order to reach a $50 per barrel price floor were diminished by news that Iran plans to continue increasing production. U.S. benchmark WTI fell as low as $36.73 today, while international
Nigeria’s oil minister sees OPEC production freeze as likely, says Saudis are pushing for it A wider production freeze inside of OPEC could be close at hand, Nigerian Oil Minister Emmanuel Ibe Kachikwu said during an interview with CNBC. Earlier this month, four OPEC producers and Russia agreed to maintain production at January levels, welcome news in a global market
Members may offer Iran special terms The world’s two largest crude oil producers, Russia and Saudi Arabia, announced that they would freeze their production at January levels along with several other OPEC members in an attempt to stabilize crude oil prices. While the news seems like a positive step toward lifting the price for crude oil, Iran remains a key
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