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OPEC says the decline in oil production outside the cartel will accelerate after the recent slide in crude prices to around $30 a barrel, which has prompted U.S. oil companies to announce deeper capital spending cuts and sharper declines in drilling activity in U.S. shale plays and Canada.
Global oil inventories could keep rising in 2016 and 2017 faster than oil production outside of OPEC can drop.
One hundred and twenty-one years after W.G. Morgan invented volleyball, and from a rally that started with a spike overnight, we are now seeing some digging instead. For once, the IEA has managed to land the first punch, putting out its monthly oil market report before the EIA report (the short term energy outlook is […]
A recovery in oil prices depends on when supply and demand can get close to equilibrium. It could be a rocky ride.
Last month, the price of oil fell below $30 a barrel, causing the ruble to plunge to record lows.
Oil has pared its decline this year to about 9 percent after plunging to a 12-year low.
The discussions over production cuts are likely happening now because of the severe economic pain that Russia, one of the most resource-rich nations on the planet, has felt as oil prices have crashed.
The price of oil rose 6 percent Thursday as the Russian government continued talks with Saudi Arabia and OPEC about cutting production.
Eighty-nine years after Jean Goldkette and his Orchestra recorded ‘I’m Looking Over a Four-Leaf Clover’, and the crude complex is once again crossing its fingers and hoping for some good fortune to lift prices. Today the market is putting its faith in a coordinated cut to oil production from key producers including OPEC and Russia. […]
The head of the Organization of Petroleum Exporting Countries said he wants oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone.