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OPEC chief says no target price, but oil slide beyond fundamentals | Reuters
OPEC chief says no target price, but oil slide beyond fundamentals | Reuters. (Reuters) – The head of OPEC said on Sunday the group had no target price for oil, signaling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets. Speaking […]
Oil Wars: Why OPEC Will Win
Oil Wars: Why OPEC Will Win. In the green corner we have the US shale producers. In the red corner we have the oil exporting countries of OPEC. Assuming the fight is fought to a conclusion, who wins? OPEC wins. The US shale producers will shut down first. The reasons are: • The US shale […]
Jordanian King Warns Of Impending World War III
Jordanian King Warns Of Impending World War III. When OPEC, the Organization of Petroleum Exporting Countries, imposed an oil embargo on the West for its support of Israel in the October 1973 Arab-Israeli war, the French came out with a series of public service announcements on how to save oil. The 30-second ads gave consumers […]
Bank of America sees $50 oil as Opec dies – Telegraph
Bank of America sees $50 oil as Opec dies – Telegraph. The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned. Revolutionary changes sweeping the world’s energy industry […]
Any OPEC Solidarity Break Seen by Iran Sending Oil Lower – Bloomberg
Any OPEC Solidarity Break Seen by Iran Sending Oil Lower – Bloomberg. Any break in OPEC solidarity or a price war will drive crude to below $50 or even $40 a barrel,Iran’s oil ministry head of petroleum market analysis said. Middle East crude producers Saudi Arabia and Iraq this month increased the discounts used to set the […]
Oil Slumps to Five-Year Low as OPEC Decision Spurs Forecast Cuts – Bloomberg
Oil Slumps to Five-Year Low as OPEC Decision Spurs Forecast Cuts – Bloomberg. Brent crude slumped to a new five-year low as OPEC’s decision last month to maintain output at a time of oversupply prompted a growing number of banks to cut price forecasts. West Texas Intermediate also slumped. Futures dropped as much as 2.5 percent in London […]
Resource Insights: How the U.S. could fight OPEC and win (and why it won’t)
Resource Insights: How the U.S. could fight OPEC and win (and why it won’t). OPEC has declared war on American oil production with the intention of making the country more dependent on imported oil and on oil in general. By refusing to cut production in the face of weakening world demand, the cartel has allowed oil […]
Saudis Cut Oil Prices Again In Bid To Maintain Market Share
Saudis Cut Oil Prices Again In Bid To Maintain Market Share. Saudi Arabia may have led the move to keep OPEC’s crude production high and thereby keep prices low, but that doesn’t mean it isn’t concerned about keeping its share of the global oil market. Riyadh evidently demonstrated that on Dec. 4 when it dramatically cut […]
We Forget All Too Fast Just How Quickly It Can Hit The Fan | Zero Hedge
We Forget All Too Fast Just How Quickly It Can Hit The Fan | Zero Hedge. Via Mark St.Cyr, Currently there is probably no other great divide in opinions than the current state of oil and all it entails. (well maybe gold but that’s for another column) I believe there’s not only two sides to […]
The downside of oil independence | Jeff Rubin
The downside of oil independence | Jeff Rubin. What a difference a couple decades can make. OPEC’s decision to maintain production has rocked the TSX, sending energy companies as well as governments scrambling to figure out what to do in a new world order where oil prices might continue to slide. Rewind to the energy […]
Brent falls close to $69 after Saudi price cut | Reuters
Brent falls close to $69 after Saudi price cut | Reuters. (Reuters) – Brent crude fell close to $69 a barrel on Friday, putting it on track for a second weekly decline, as cuts to official selling prices from Saudi Arabia reverberated across the market. Some analysts said the Saudi cuts to monthly prices for crude it sells to […]
US crude imports from Non-OPEC countries peaked 10 years before tight oil boom
US crude imports from Non-OPEC countries peaked 10 years before tight oil boom. In part 3 of this series on the impact of US tight oil, we look at US crude oil imports from Non-OPEC countries. Excluding Canada – which is a special case due to its integration into the North American oil market – […]
There Are 300,000 Iraqi Barrels Signaling Oil Glut Will Deepen – Bloomberg
There Are 300,000 Iraqi Barrels Signaling Oil Glut Will Deepen – Bloomberg. Not only is OPEC refraining from cutting oil output to stem the five-month plunge in prices, it’s adding to the supply glut. Just five days after the Organization of Petroleum Exporting Countries decided to maintain production levels, Iraq, the group’s second-biggest member, inked […]
Crude Slides After Saudis Suggest Oil Stabilizes Around $60 | Zero Hedge
Crude Slides After Saudis Suggest Oil Stabilizes Around $60 | Zero Hedge. Just when industry experts were eying zee stabilittee in oil prices in the last 12 hours, this happens… *SAUDI ARABIA SAID TO SEE OIL AROUND $60/BARREL: WSJ And crude oil prices begin to dip once again. As The Wall Street Journal reports, Oil […]
BBC News – Why is Saudi Arabia using oil as a weapon?
BBC News – Why is Saudi Arabia using oil as a weapon?. A recent meeting in Vienna, between the member states of Opec finally uncovered what the world had expected for months. Saudi Arabia is playing politics with oil, forcing Opec to maintain its current production levels at 30m barrels per day, to force down the […]
