By November 21, 2018 0 Comments Read More →

What’s Happening to the Price of Oil?

Oil prices have plummeted in recent days, months after surging to their highest point since 2014. After topping $75 a barrel in early October, the price of West Texas intermediate, the North American benchmark, has fallen by roughly one-quarter. Brent crude, the international standard, has had a comparable decline.

A one-day drop of nearly 7 percent on Tuesday was among the sharpest in recent years, taking prices to the lowest levels of 2018.

The abrupt retreat, which inevitably brings back memories of the industry-rattling crash in 2014, is a big worry for members of the Organization of the Petroleum Exporting Countries, whose economies are closely tied to oil revenues. Saudi Arabia, the most powerful OPEC member, said on Nov. 11 that it would cut output by half a million barrels a day to bolster prices.

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Posted in: Daily News

About the Author:

The Louisiana Oil & Gas Association (known before 2006 as LIOGA) was organized in 1992 to represent the Independent and service sectors of the oil and gas industry in Louisiana; this representation includes exploration, production and oilfield services. Our primary goal is to provide our industry with a working environment that will enhance the industry. LOGA services its membership by creating incentives for Louisiana’s oil & gas industry, warding off tax increases, changing existing burdensome regulations, and educating the public and government of the importance of the oil and gas industry in the state of Louisiana.

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