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👤Arthur Greene
🕔December 10, 2016
OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries.
With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to play ball, the market’s focus will now switch to compliance with the agreement.…
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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 15, 2016
Reflecting a substantial increase in fuel prices, the Labor Department released a report today showing a slightly bigger than expected increase in U.S import prices in the month of October.
The import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 0.5% from a month earlier, the Labor Department said earlier today, while economists surveyed expected prices to rise 0.3%.…
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