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Iran: Oil To Fall To $40 If OPEC Fails To Reach Deal
Iran: Oil To Fall To $40 If OPEC Fails To Reach Deal A fractured OPEC is meeting later this week to discuss a deal to cut oil production—yet again—to rebalance the market and lift oil prices that have recently slipped to below most of the cartel members’ budget-balance points. OPEC needs a unanimous vote to […]
Alberta Intervenes To Halt Canada’s Oil Crisis
Alberta Intervenes To Halt Canada’s Oil Crisis Oil prices rose on Monday, buoyed by coordinated production cuts – cuts that did not come from Vienna (although that too could occur later this week). Instead, the mandatory reductions were handed down by the provincial government of Alberta. “Perhaps OPEC should therefore consider inviting Canada to its […]
Alberta Orders “Unprecedented” Oil Output Cut To Combat Crashing Prices
Alberta Orders “Unprecedented” Oil Output Cut To Combat Crashing Prices While just a few hundred miles south, WTI is flirting with the one year low price of $50/barrel, Canada’s oil-producing hub, Alberta, would be ecstatic to have its oil trade at anything even remotely close to this level. As we reported recently, Canadian oil producers […]
In Historic Decision, Qatar Unexpectedly Says Will Leave OPEC Jan. 1
In Historic Decision, Qatar Unexpectedly Says Will Leave OPEC Jan. 1 Just days before the cartel (along with its outside accomplices) is due to meet in Vienna for what could be another historic meeting, OPEC is dissolving right before our very eyes, as the perceived “US influence” over Saudi Arabia has strained ties within the […]
Putin Confirms No New Oil Production Cuts; Hopes For US, UK Detente
Putin Confirms No New Oil Production Cuts; Hopes For US, UK Detente Russian President Vladimir Putin praised Trump, pummeled Poroshenko, and poured cold water on oil market bulls’ hopes in a statement following the G-20 meetings. Putin began by confirming what White House Press Secretary Sanders noted earlier – he and Trump had spoken broefly […]
Oil Prices Set To Book Worst Month In A Decade
Oil Prices Set To Book Worst Month In A Decade Oil prices dropped early on Friday, on course to finish their worst month since 2008, as fears of oversupply and slowing demand growth dragged oil down into a bear market in November with prices off by some 30 percent from four-year highs in early October. […]
Oil Falls On Crude Inventory Build
Oil Falls On Crude Inventory Build Crude oil prices slipped further down today after the Energy Information Administration reported crude oil inventories for the week to November 23 had added 3.6 million barrels. That’s compared with a build of 4.9 million barrels a week earlier. The EIA figures came after yesterday the American Petroleum Institute reported an estimated inventory […]
Trump And OPEC Face Off Over Production Cuts
Trump And OPEC Face Off Over Production Cuts “Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!” President Trump tweeted a few days ago. Trump is a bit confused on the specific figures – perhaps […]
Does The U.S. Really Need Saudi Oil?
Does The U.S. Really Need Saudi Oil? “Saudi Arabia — if we broke with them, I think your oil prices would go through the roof. I’ve kept them down,” President Trump told reporters on Tuesday. “They’ve helped me keep them down. Right now we have low oil prices, or relatively. I’d like to see it […]
IEA Chief Urges Oil Producers Not To Cut Output
IEA Chief Urges Oil Producers Not To Cut Output While OPEC is considering cutting oil production again, the executive director of the International Energy Agency (IEA), Fatih Birol, called on Monday for ‘common sense’ because fresh cuts could have negative effects on the oil market. “Currently markets are very well supplied but we should not […]
Trump Claims Victory As Oil Prices Plummet
Trump Claims Victory As Oil Prices Plummet Oil prices are now down over 20 percent from recent highs, and President Trump knows exactly where the credit for that belongs. “If you look at oil prices they’ve come down very substantially over the last couple of months,” President Trump said in a news conference last week. […]
Saudis Cut Oil Exports To U.S. To Boost Crude Prices
Saudis Cut Oil Exports To U.S. To Boost Crude Prices Saudi Arabia has been slashing oil exports to the United States over the past two months, in what looks like a move to force a reduction in the world’s most transparently reported inventories that could put the Saudis on a collision course with U.S. President […]
Oil Rallies On Report OPEC+ Will Do “Whatever It Takes”, May Cut By 1.4MM Barrels
Oil Rallies On Report OPEC+ Will Do “Whatever It Takes”, May Cut By 1.4MM Barrels One day after Saudi Arabia revealed that it had not complied with its production quota in October for the first time since OPEC’s November 2016 meeting in Vienna, Reuters sent oil prices into the green with a report that OPEC […]
Saudis Scramble To Stop Oil Price Slide
Saudis Scramble To Stop Oil Price Slide Saudi Arabia is moving quickly to halt the slide in oil prices, telegraphing a production cut intended to erase some of the re-emerging supply surplus. Saudi oil minister Khalid al-Falih said on Monday that the kingdom would slash oil exports by 500,000 bpd in December, a move that […]
