Facts, News, Trends, Analysis
If historical evidence is anything to go by, the former appears to be the case. In an effort to curb falling oil prices, which could have damaging effects on some of the petro-dollar-reliant economies, OPEC has announced production cuts since crude fell from a $150/barrel high (now at $40/barrel). However, the effectiveness has obviously not [...]
Shokri Ghanem, the chairman of Libya’s National Oil Corporation recently stated that OPEC has many options still open to it, including a cut in global production. However, before any new cuts to production occur, Ghanem stated that OPEC needed to carefully asses members’ compliance with previous cuts.
According to OPEC, the market is flooded with oil [...]
Saudi Oil Minister Ali Maimi said OPEC will be shoring up falling prices when it meets on Dec 17th in Algeria. The price of crude stood at about $147 a barrel in mid-July; now it is trading in the range of $50-$60.
The collapse of oil price puts pressure on many of the OPEC countries, who [...]
Libya’s top oil official, Shokri Ghanem, stated that OPEC may need to cut production further, but did not mention any specific numbers, saying, “It is too early to say how much needs to be cut … I don’t want to start throwing numbers out without consulting my colleagues – we want a consensus.”
Crude oil prices [...]
OPEC countries convened for a second emergency meeting to discuss falling oil prices. Prices fell again Thursday after the publication of another rise in United States crude oil reserves, marking the ninth consecutive week of rising supplies. Iran and Venezuela joined forces during the meeting, calling for another cut in oil production amounting to a [...]
As everyone has noticed in the US, gas prices have been dropping continually. Oil prices recently reached $70 a barrel, which is half of what they cost in July. While other OPEC countries seem to be sitting on the edge of their seats, Saudi Arabia sits in a pleasant spot because they have [...]
A recent study conducted by the IMF, shows that Saudi Arabia will need the oil price to stay above $49 a barrel to avoid a fiscal deficit. That compared to UAE’s break-even price of just $23 and Qatar’s $24.
Saudi Arabia is the Gulf region’s largest economy. However, a significant portion of its GDP is accounted [...]
After a recent OPEC meeting, Libya announced the cartel’s intentions to cut oil production and therefore effectively maintain the current oil price. Certain countries, like Saudi Arabia, have been pumping more oil then their predefined limit, so it was determined in the OPEC meeting that member states will “strictly comply” with predefined targets for production.
From [...]
Kuwait City - Under pressure from OPEC price hawks, Saudi Arabia reluctantly agreed to a mild cut in oil output, but the world’s top exporter will do what it takes to keep the market balanced, analysts said on Thursday.
The kingdom, which pumps one-third of OPEC production, is caught between the organization’s hawks pressing for deeper [...]
The members of the Organization of the Petroleum Exporting Countries (OPEC) met on Tuesday in Vienna to discuss the lowering prices of oil and the need to cut oil production in order to curb the oversupply that has been driving oil prices down.
Oil prices peaked over the summer and have steadily been declining, reaching a price of [...]