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Oil’s $133 Billion Black Market
Oil’s $133 Billion Black Market Oil is still the world’s leading energy source, with growing demand, a fluctuating pricing system, and much of its production in volatile regions. The oil market’s value is larger than the world’s valuable raw metal markets combined, with an annual production valued at US$1.7 trillion. A flourishing black market is […]
Stock Market Chaos Sparks Oil Selloff
Stock Market Chaos Sparks Oil Selloff The plunge in global equities on Wednesday and Thursday dragged down crude oil, with even concerns about falling Iranian supply not enough to keep crude from a steep selloff. Brent fell more than 1.2 percent on Wednesday and was down another 1.5 percent in early trading on Thursday, falling […]
US Demands For More Oil Could Backfire
US Demands For More Oil Could Backfire This week the State Department accused OPEC of hiding spare capacity exceeding 1.4 million barrels daily. It urged the cartel to use it to stop the oil price rally that has continued uncomfortably close to midterm elections. The request—or demand, depending on your interpretation—is unprecedented and it might […]
IEA Asks Majors Oil Producers To Boost Production
IEA Asks Majors Oil Producers To Boost Production Rising oil prices are hurting consumers, Fatih Birol, the Executive Director of the International Energy Agency (IEA), says, calling on major all producers to do the best they can to further boost production and ease persistent supply concerns that pushed Brent Crude to above $86 a barrel […]
How Will The Surge In Oil Prices Impact US GDP: One Bank Answers
How Will The Surge In Oil Prices Impact US GDP: One Bank Answers Back in late 2014, when oil prices tumbled after the OPEC “thanksgiving massacre“, the conventional narrative was that dropping oil prices were a boon for the economy as they resulted in lower gas prices and thus greater discretionary income. The stark reality […]
Putin: Trump Is To Blame For Higher Oil Prices
Putin: Trump Is To Blame For Higher Oil Prices Just hours after President Trump implicitly threatened Saudi Arabia with a withdrawal of military protection (a threat that was possibly inspired by OPEC+ ignoring Trump’s demands to raise production at its Algiers meeting last month) Russian President Vladimir Putin said out loud what many oil traders […]
How Much Spare Capacity Does Saudi Arabia Really Have?
How Much Spare Capacity Does Saudi Arabia Really Have? Saudi Arabia has pledged to cover any supply gap that may emerge as Iranian oil goes offline, but how much spare capacity does it really have? The massive reserve of spare capacity located in the Saudi desert is the stuff of legend, taken as gospel in […]
$100 Oil Is A Distinct Possibility
$100 Oil Is A Distinct Possibility An oil price spike is starting to look increasingly possible, with a rerun of 2008 not entirely out of the question, according to a new report. The outages from Iran are worse than most analysts expected, and bottlenecks in the U.S. shale patch could prevent non-OPEC supply from plugging […]
Global Stocks Slide As Trade War Enters New Phase; Oil Surges
Global Stocks Slide As Trade War Enters New Phase; Oil Surges U.S. stock futures followed European and Asian shares lower in thin volume after China called off planned trade talks with the U.S. and the Trump administration imposed another $200 billion in “Phase II” China tariffs just after midnight; oil jumped 2.4% as OPEC+ members […]
OPEC, Russia Defy Trump Demand To Boost Oil Production
OPEC, Russia Defy Trump Demand To Boost Oil Production Less than three months after Trump’s latest tweet slamming OPEC, in which he warned the petroleum cartel that it must “REDUCE PRICING NOW!”, Trump was at it again and on Thursday morning, with Brent hitting $80 per barrel and higher gasoline prices creating another headache for […]
Russian Oil Production Hits Post-Soviet Record
Russian Oil Production Hits Post-Soviet Record While there has been no love-loss between the U.S. and Russia in recent years, news coming out of Moscow yesterday was sure to cheer the most ardent Russian naysayers in both Washington and especially the U.S. energy patch. A Russian government official, according to a Bloomberg report, asking to […]
Trump: “The OPEC Monopoly Must Get Prices Down Now!”
Trump: “The OPEC Monopoly Must Get Prices Down Now!” Less than three months after Trump’s latest tweet slamming OPEC, in which he warned the petroleum cartel that “the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!”… … Trump was at it again […]
The U.S. Calls On Russia To Cap Soaring Oil Prices
The U.S. Calls On Russia To Cap Soaring Oil Prices As crucial mid-term congressional elections in November draw near, the Trump administration is feeling the heat over higher oil prices. London-traded global oil benchmark Brent breached the $80 per barrel price point on Wednesday, its highest level since May 2. NYMEX-traded U.S. oil benchmark West […]
