Tag: OPEC

Iranian clerics standing in front of the "Jamran", Iran's first domestically built warship, during naval maneuvers in the Gulf on February 21, 2009. Iran's navy on February 19 launched in the Gulf its first domestically made destroyer in a ceremony attend by the supreme leader and the commander-in-chief Ayatollah Ali …

Iran Threatens to Block Key Gulf Passage over Trump Sanctions

Iran has threatened to block the Strait of Hormuz – a key Gulf passage for shipments of commodities – over Washington threatening to sanction any country that fails to stop importing oil from the Islamic Republic by November 4.

Donald Trump, Melania Trump

Winning! OPEC Bows to Trump’s Demand for Cheaper Oil

On June 13, Trump tweeted, “Oil prices are too high, OPEC is at it again. Not good!” Nine days later, OPEC agreed to produce hundreds of thousands of additional barrels of oil per day.

OPEC

Marcus: Trump’s Courage Could Free U.S. from OPEC

Bernie Marcus writes that President Trump’s National Security Strategy tells us that we must “embrace energy dominance” by “unleashing our abundant energy resources,” including natural gas. If we follow that course, we could break free of the stranglehold of 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 …

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.

Salman, Mohammed bin Salman

Saudi King to Meet Putin on Historic Russia Visit

Saudi Arabia’s King Salman, on the first official trip to Russia by a ruler of the oil-rich Sunni powerhouse, was set to meet President Vladimir Putin to discuss energy contracts despite discord over the Syrian conflict.

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.

BAGHDAD, IRAQ - APRIL 24: Fire burns from an oil distillation tower at the Al-Doura Oil Refinery April 24, 2003 in Baghdad, Iraq. The refinery, built in 1952, is the largest in Baghdad and would typically produce 110,000 barrels of oil a day. However, due to the problems associated with …

Oil Prices Under Pressure as Iraq Resists Joining Output Cut

Oil prices came under pressure on Monday as Iraq said it wanted to be exempt from an OPEC deal to cut production, though losses were capped by Iran saying it would encourage other members to join an output freeze.

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.

Oregon Cowboy Fed. Land Policy AP

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.

Iran's oil exports have surpassed two million barrels per day following the lifting of sanctions under its nuclear deal with world powers

Oil Prices Slide as Iran Refuses to Freeze Production

Iran has once again refused to freeze oil production – in fact, the Islamic Republic insists it will continue to increase output. Along with a pause in oil rig reductions, this caused oil prices to slide again on Monday.

Rescue workers work to pull out survivors trapped in a collapsed building after a huge earthquake struck, in the city of Manta early on April 17, 2016. At least 41 people were killed when a powerful 7.8-magnitude earthquake struck Ecuador, destroying buildings and sending terrified residents dashing from their homes, …

At least 77 dead, hundreds injured in powerful Ecuador earthquake

QUITO, Ecuador (AP) — The strongest earthquake to hit Ecuador in decades flattened buildings and buckled highways along its Pacific coast, sending the Andean nation into a state of emergency. As rescue workers rushed in, officials said Sunday at least

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.

gulf-war-AP

AP: Echoes of 1991 Gulf War Linger on in Mideast

The 1991 Gulf War saw only 100 hours of ground fighting as U.S. forces entered Kuwait to end the Iraqi occupation, but echoes of that conflict have lingered for decades in the Middle East.

Obama

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