Tag: OPEC

FILE - This June 27, 2017, file photo shows an oil rig at sunset in Midland, Texas. President Donald Trump relentlessly congratulates himself for the healthy state of the U.S. economy, with its steady growth, low unemployment, busier factories and confident consumers. But in the year since Trump’s inauguration, most economists tend to agree on this: The economy has essentially been the same sturdy one that he inherited from Barack Obama. (Steve Gonzales/Houston Chronicle via AP, File)

Saudis Planning $10B Investment in Texas

Saudi oil executives inked multi-billion dollar deals with companies to explore building petrochemical facilities along the Texas Gulf Coast. Essentially, they hope to capitalize on the U.S. oil and gas boom, largely fueled by shale drilling in the Permian Basin.

OPEC countries are complying with a landmark deal to reduce a worldwide glut in oil, the International Energy Agency says

Blackwell: Energy Security Means Putting America First

Every year, the United States spends $67.5 billion to ensure the worldwide free flow of oil. Often produced in unstable parts of the world and shipped through insecure chokepoints, the U.S. military works to make sure crude oil from other countries makes it safely onto the global market. Yet while this global oil market benefits some nations, its volatility threatens the American economy and undermines U.S. national security.

US oil rose above $50 a barrel in New York last week for the first time since June

OPEC Agrees to Production Decrease, Prices Increase

At the end of September, the Organization of Petroleum Exporting Countries (OPEC) surprised the markets by agreeing to a production cut. As soon as the 14-nation deal was announced, oil prices jumped more than five percent to some of the highest levels since the crash two years ago.

Oil prices rose after energy giants Saudi Arabia and Russia agreed to freeze crude output at January levels

Saudi Arabia Going Broke as Oil Crashes

The Kingdom is struggling with weak GDP growth, higher fees and taxes, and an economy that is unable to pay the dues to its workers, leaving thousands of workers from South Asia with an uncertain future.

Republicans in Cleveland: Land Rights and ‘Drill Baby, Drill!’

CLEVELAND, Ohio—Republican delegates in Cleveland drew a sharp contrast to Hillary Clinton and the Democrats on Monday, pushing sharp restrictions on federal power over land and aggressive domestic energy production as vital to both the economy and national security during the Platform Committee debates ahead of the full party gathering next week to nominate the GOP’s standard bearer.

Oil derricks are silhouetted against the rising sun at an oilfield in the Baku October 16, 2005. Saudi Oil Minister Ali al-Naimi said on Sunday that the rise in oil prices to a record high had been determined by market forces. REUTERS/DAVID MDZINARISHVILI

Saudi Arabia Wages Oil Price War on Iran

Talk of a production cap to stabilize oil prices seems like a distant memory now, as Iran continues ramping up post-sanctions production and Saudi Arabia cuts oil prices to Europe to compete.

OPEC Oil Chief

OPEC Chief: Oil is Now Too Cheap

Leading up to a crucial meeting for the global cartel next week, OPEC leadership has made plain that the price of oil is far too low to encourage investment and supply the global market in the longer term. The comments follow a variety of indicators beginning to signal a larger recovery.

Oil jumpjack (Hasan Jamali / Associated Press)

Saudi Arabia Abandons Deal to Cut Oil Production

Saudi Arabia has scuttled talk of a deal with other big oil nations to cut production and “warned high-cost operators such as U.S. shale drillers to trim costs or go bust, in a stark message that triggered fresh pressure on crude prices,” as the Financial Times put it.

Texans Respond Passionately to Obama’s $10 Oil Tax

President Barack Obama called for a $10 tax on every barrel of crude oil. The response from Texans and their friends, not unsurprisingly, has been swift and impassioned. The President has proposed an oil tax he says, to help fund new

Frank May/picture-alliance/dpa/AP Images

Venezuela Runs Out of Birth Control

Venezuela’s socialist government has run the OPEC nation’s economy to the group, prompting shortages of goods as varied as toilet paper, coffin materials, beer, and water. The shortage has now hit pharmacies, with most pharmacies having completely run out of most forms of contraceptives, particularly birth control pills.

US Sets 44-year Oil Production High as Economy Looks Bright

The U.S. Energy Information Agency (EIA) reported that domestic crude oil productionfor the week ending May 22 surged by 304,000 barrels per day (bpd) to a 44-year high of almost 9.566 million bpd. The latest production numbers come on the heels of Breitbart News’ report that the Organization of Petroleum Exporting Countries (OPEC) had effectively conceded defeat in its battle against U.S. shale oil competition.

California Pumpjack (Joel Pollak / Breitbart News)

OPEC Concedes Defeat In Anti-Shale Oil War with U.S.

OPEC’s attempt to over-produce crude oil for export to crush prices and bankrupt the American shale-fracking oil boom has failed, according to a draft OPEC long-term strategy report seen by Reuters ahead of the cartel’s policy meeting in Vienna on June 1st.

Fracking Protest 2014 (Brooke Anderson / Flickr)

Low Oil Prices Ahead as Fracking Breaks Even at $25/Barrel

The U.S. Energy Information Administraiton (EIA) has released a Drilling Productivity Report (DPR) that shows the U.S. drilling rig count in the four major “tight-oil” regions of the Permian, Eagle Ford, Bakken, and Niobrara fields fell 32%, from their October peak of 1160 to 780 rigs. However, despite a 65 percent crude oil price decline and the rig count at the lowest level in almost four years, the EIA predicts that production from these four regions is 500,000 barrels per day higher than in October. That translates to a $25 per barrel break-even price, meaning U.S. crude oil prices will remain low.

There Is No Peak Oil–But We Are Approaching Peak Low-Cost Oil

We will finally learn, after more than 40 years of not knowing, what the free market supply/demand price of crude truly is. This knowledge will make it harder for secretive governments and corporations to manipulate prices in the future, while strengthening domestic production to weather supply shocks in the future.

Joshua Lott/Getty Images/AFP

U.S. Oil Prices Fall Below 50 Dollars a Barrel

For the first time since 2009, the price of United States oil fell below $50 a barrel, and Brent crude (West Texas Intermediate crude) fell to a five-and-a-half year low of $51.12 per barrel. That statistic is in great part due to fracking and a global excess in oil supply, combined with OPEC’s refusal to slow its production.

John Moore/AP

Iran: Saudi Arabia Must Act to Stop Oil Plunge

(Reuters) – Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world’s biggest crude exporter, takes action to reverse the slump, Iran’s deputy foreign minister told Reuters.