Posts filtered on Tag
Last month, the price of oil fell below $30 a barrel, causing the ruble to plunge to record lows.
The oil-market crash cost BP more last year than the Deepwater Horizon disaster cost it in 2010.
It is aptly ‘National Puzzle Day‘ today, and the crude complex is responding accordingly and puzzlingly rallying like a mad thing, despite the weak fundamental backdrop and a super-strong dollar. This upside also comes despite the seeming repudiation of a production cut meeting next month; Russia’s energy minister Alexander Novak said they had been approached […]
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.
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.
Khalid al-Falih said the potential listing of the world’s largest oil producer “is not for cash” but a “sign of the times.”
Nigeria’s oil minister, speaking on a panel at the World Economic Forum in the Swiss resort, said the Organization of Petroleum Exporting Countries needs to meet soon as crashing prices force the group to reconsider its current laissez-faire policy.
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.
One hundred and thirty-one years after the first rollercoaster was patented by L.A. Thompson, and the crude complex is aboard the big dipper once more. As global equity markets look set to enter bear market territory, and fears persist that the oil market could ‘drown in oversupply’, crude continues to tumble lower and lower. And […]