Posts filtered on Tag
The conflict with Islamic State, which swept through swaths of northern Iraq in the summer of 2014, has destroyed economic infrastructure, disrupted trade and discouraged investment.
Brent oil in London has dropped more than 60 percent since November 2014, when OPEC decided to refrain from cutting output in the face of a global oversupply in an effort to defend market share.
Iran’s biggest competitors won’t likely sit by while the Islamic Republic carves out a piece of Asian and European markets.
On Thursday, NASA released photos of the burning oil tanks captured by its Aqua satellite, showing the extent of the smoke plumes.
BAAAHH! Bahp-Bahp Bahp-Bahp Bahp – BAAAAAHHH! (this morning’s fanfare is not only for the first Nonfarm Friday of the year, but also in honor of David Bowie’s 69th birthday). And sure enough ch-ch-changes are underway in the market, as we approach the end of a most tumultuous week. A sense of serenity returned to financial […]
The records released by the U.S. government also show that despite a stepped-up air-strike campaign against ISIS oil infrastructure throughout 2014, the group was still able to keep the crude flowing.
The group’s strategy since late last year has been to keep its taps open while higher-cost producers in the United States, Canada and elsewhere outside the cartel give up market share as crude prices stay low.
Brent crude fell 2.1 percent to $39.88 a barrel at 1:45 p.m. London time Tuesday, the lowest since Feb. 20, 2009.
Blindsided by a brutal downturn, oil companies have scuttled plans for scores of costly energy projects.
Iraq’s oil production has surged by roughly 1 million barrels per day in 2015, surprising analysts and adding to a global glut of crude that has driven down international oil prices.