Daily News


OPEC Leaves Market Guessing on Exit Strategy After Historic Pact

OPEC may be celebrating an historic deal to extend supply cuts, but after the party, the organization will face a trio of questions it left unanswered. Will the lucrative yet delicate relationship between Saudi Arabia and Russia survive the life of the agreement? Will surging U.S. shale output prove too much temptation for OPEC countries […]

Wood Mac: Don’t expect an OPEC-fueled rally in crude oil prices

An extension of a managed production decline agreement led by OPEC won’t have much of a long-term impact on crude oil prices, Wood Mackenzie found. Parties to a measure coordinated by the Organization of Petroleum Exporting Countries are meeting in Vienna to review an agreement to sideline about 1.8 million barrels per day from the […]

Oil price falls further on OPEC production news

The price of oil is down further after OPEC and other nations said they had agreed to extend their production cuts for another nine months. The U.S. benchmark for crude was down $1.67 a barrel, or 3.3 percent, at $49.69 on Thursday. Some investors seem to have expected a longer extension. There is also some […]

OPEC Nations Won’t Slash Oil Production Any Further To Stave Off Glutted Market

OPEC extended Thursday dramatic cuts in crude production over the next nine months to prevent further hemorrhaging of the world’s oil prices. The Organization of the Petroleum Exporting Countries (OPEC)’s decision to extend the cuts from January comes as the world market saw oil increase to $50 a barrel in 2017, which gave fossil fuel producers a reprieve […]

OPEC’s Supply Cut Extension Could Impact Natural Gas Prices

Currently, the natural gas rig count is 88.8% below its record level of 1,606 in 2008. From August 2008 to date, although the natural gas rig count is lower, natural gas production rose during the same period. Oil rigs are the key to rising natural gas production. In the past ten years, natural gas production […]

Recent Fall in the US Dollar: Crucial for Natural Gas?

In the trailing week, the correlation between natural gas and the US dollar was -78.5%. They moved in opposite directions in three out of five trading sessions. A fall in the US dollar reduces the cost of a commodity for an importing country. In the past, natural gas exports were limited outside of North America. […]

OPEC Tries To Play It Cool, But Oil Markets Are In Shock Over U.S. Supply

OPEC announced Thursday that it would extend its 1.8 million bpd of oil production cuts, started last December, until the second quarter of 2018. The decision was a foregone conclusion, a continuation of the strategy agreed to in their November meeting — which clearly hasn’t yet worked. Oil prices are lower now than at the beginning […]

For oil prices, Saudis are in the driver’s seat of a smaller car

OPEC’s biannual meeting on Thursday has enormous implications for energy prices and will test the cartel’s ability to manage policy aimed at controlling pricing. If last November’s biannual meeting’s attempts to reduce production are any indication of what to expect in the near term, OPEC may find the future challenging. Last November’s attempts to lift […]

Boom Time Again For U.S. Oil Industry, Thanks To OPEC

Oil producers across the country are watching to see what OPEC does at its meeting in Vienna this week, since the cartel of oil-exporting countries has recently played a big role in turning around a two-year U.S. slump. There are more than twice as many U.S. rigs drilling for oil as a year ago, a […]

OPEC and Non-OPEC Nations Poised to Extend Output Cuts

OPEC and other oil nations meeting Thursday appeared set to extend their production cuts in an effort to shore up prices. But the intended impact could be short-lived. That’s due to U.S. shale producers. With crude prices above $50 a barrel from lows of last year, they are increasingly moving back into the market. Their […]