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👤Arthur Greene
🕔November 20, 2016
Iranian Oil Minister Bijan Namdar Zanganeh said he’s optimistic that OPEC members will agree to proposed production cuts at a meeting in Vienna later this month.
The group—which controls over a third of global oil production—agreed in September to reduce output to help draw down a glut of supplies weighing down on prices.…
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👤Arthur Greene
🕔November 19, 2016
The U.S oil rig count jumped by 19 to 471 this week, according to oilfield-services giant Baker Hughes. The increase marks the 22nd weekly rise out of the last 24 weeks. It was also the largest jump since the week of July 24, 2015 when the count rose by 21.…
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👤Lisa Harris
🕔November 6, 2016
Squabbling between Saudi Arabia and Iran has sent the oil price down, as tension between the near neighbours threatened to derail talks aimed at cutting production by the OPEC group of oil-producing countries.
Following last week’s meeting, where Iran refused to cap output at below 4mbpd, OPEC sources told Reuters that the Saudi’s have threatened to steeply raise their output.…
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👤Arthur Greene
🕔October 31, 2016
Weekend negotiations between major oil producers around an output cut ended in a stalemate Saturday, threatening last month’s historic deal that vowed to drain the global supply glut of crude. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers met in Vienna last weekend to pave the way for a detailed plan to lower oil output and support prices.…
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👤Nurudeen Amedu
🕔October 19, 2016
Oil prices edged higher on Tuesday as the market anticipated an output cut from the Organization of Petroleum Exporting Countries (OPEC), and further extended its gains in post-settlement trade as the American Petroleum Institute’s (API) data last week revealed a surprising dip in the US crude inventories.…
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👤Nurudeen Amedu
🕔October 13, 2016
The most recent data release from the American Petroleum Institute (API) reported a build of 2.7 million barrels in crude inventory in spite of the expectation for a smaller build in the latest data. This was on the trail of the previous 7.6 million barrel slump recorded in the previous week.…
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👤Lisa Harris
🕔October 12, 2016
The International Energy Agency in its last data release outlined the scale of the challenge currently being faced by OPEC in their quest to raise oil prices, after the organization’s production reached a record high level in the month of September and demand growth for oil remained weak.…
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EIA Release Shows Decline in Crude Inventories
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👤Arthur Greene
🕔September 14, 2016
The EIA released data showing that US Crude inventories fell by 600,000 barrels last week to stand at 510.8 million barrels, the Energy Information Administration further added that the crude inventories in spite of the decline is still at an unconventionally high level.…
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👤Nurudeen Amedu
🕔September 14, 2016
The most recent release coming from the American Petroleum Institute (API) weekly inventory data reported a rise of 1.4 million barrels for last week. On the trail of a huge 12.1 million barrel draw in the week before, market analysts had forecasted a larger rise of over 4 million barrels.…
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👤Arthur Greene
🕔September 7, 2016
Crude oil prices started climbing toward $50 a barrel earlier this week, after the announcement that Saudi Arabia and Russia had agreed to work together to stabilize the oil market. But without the revelation of a specific plan to curb output, futures prices have struggled for direction.…
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