This article was published by the US Energy Information Administration on May 22, 2023. By Matthew French We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term [Read more]
This article was published by the US Energy Information Administration on May 9, 2023. By Sean Hill, Owen Comstock The Organization of the Petroleum Exporting Countries, also known as OPEC, was formed in 1960 by Iraq, Iran, [Read more]
This article was published by the US Energy Information Administration on May 5, 2021. By Jozef Lieskovsky, Matt French, Richard Yan Voluntary OPEC production cuts have been contributing to reduced US crude oil imports from OPEC [Read more]
This article was published by the Canada Energy Regulator on June 24, 2020. To slow the spread of the COVID-19, countries around the world have imposed travel restrictions and stay-at-home orders. This has significantly reduced [Read more]
By Jesse Barnett, Jeff Barron This article was published by the US Energy Information Administration on March 27, 2020. Crude oil prices have fallen significantly since the beginning of 2020, largely driven by the economic [Read more]
This article was published by the Canada Energy Regulator on March 25, 2020. As of Friday 20 March 2020, the spot price for West Texas Intermediate (WTI) crude oil decreased by 65 per cent from [Read more]
This article was published by the International Energy Agency on Sept. 12, 2019. The oil market focus recently has been on demand as growth weakens amidst uncertainty around the global economy, and particularly trade. In [Read more]
Oil prices slipped on Wednesday after data from the US Energy Information Administration showed a significant increase in US crude stocks, but a third draw down in gasoline inventories helped underpin crude prices. Anadarko photo. [Read more]
NOPEC bills were introduced into the House of Representatives (HR 948) and the Senate (S 370) early last month, where they were referred to the respective judiciary committees for detailed consideration. Bloomberg photo. NOPEC bills [Read more]
Saudi Arabai has demonstrated, once again, that it can always tighten the physical market, boost prices and push the calendar spread into backwardation – if it is prepared to cut its own production enough. Reuters [Read more]
According to a survey by Reuters, OPEC production saw its largest monthly decline in two years this month. The decline is due to the cartel’s most recent supply cut agreement. Reuters photo. OPEC production down [Read more]
Iraq oil production averaged 4.5 million b/d through Aug. 2018, up from 4.4 million b/d in 2017. Iraq’s oil production has nearly doubled in the past decade. Reuters photo. Iraq oil production, consumption on the [Read more] [Read more]
Overall OPEC production fell in December according to a survey by Reuters, mostly due to a 400,000 barrel per day cut made by Saudi Arabia. Iran and Libya posted involuntary production declines. Reuters file photo [Read more] [Read more]
OPEC and some non-OPEC oil ministers met in Vienna last week and agreed to curb their output by 1.2 million b/d in order to address growing surpluses and dropping oil prices in the market. OPEC [Read more] [Read more]
Oil prices climbed on Thursday after industry sources reported that Russia has agreed for the need for crude output cuts for 2019. Equinor photo. Oil prices up over 2 per cent US oil prices jumped [Read more] [Read more]
NOPEC, or No Oil Producing and Exporting Cartels Act has been dormant for years as past presidents have signalled they would veto any move to pass the legislation. Anadarko photo. NOPEC could open OPEC up [Read more]
Following the oil shocks of the 70s, OPEC members never resorted to the oil weapon – not out of goodwill to consumers but because it did not work and did long-term harm to their own economies. [Read more]
OPEC’s Secretary General Mohammad Barkindo said on Thursday that the cartel sees the oil market well supplied and in concerned that an increase in production could cause another supply glut. Reuters photo by Heinz-Peter Bader. [Read more]
Oil prices have already risen to a level that has contributed to a slowdown in economic growth and oil consumption in the past. Equinor photo. Oil prices drop Thursday, but sit at over $84/barrel By [Read more]
According to a report by Reuters, Saudi Arabia is set to quietly add extra crude to the market in the coming months, however, the kingdom is worried that rising US production will lead to an [Read more]
@2020 Energi Media Ltd., | Covering Energy’s Tommorrow
