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OPEC And Russia Oil Production Freeze Is Meaningless Gesture, IEA Says
A deal among some OPEC producers and Russia to freeze production is perhaps “meaningless” as Saudi Arabia is the only country with the ability to increase output, according to a senior International Energy Agency (IEA) executive. Brent crude futures are up more than 50% from a 12-year low near $27 a barrel hit early this … Continue reading
IEA Cheif ‘Sounds Alarm’ On Oil Industry As Further Investment Cuts Seen
The Executive Director of the International Energy Agency (IEA) says he is sounding the “alarm bells” on the oil industry amid turmoil that is set to drive further investment cuts. Fatih Birol, Executive Director of the Paris-based IEA, says that the oil industry is set to further reduce spending in 2016 as oil prices remain low, signaling more pain ahead … Continue reading
Amid OPEC Price War, Saudi Arabia Slashes Oil Prices
Saudi Arabia has slashed prices on Sunday for its November oil sales to Asia and the U.S. as the largest crude exporter in the world looks to keep its prices competitive amid an OPEC (Organization of the Petroleum Exporting Countries) price war between rival Gulf suppliers. The move by Saudi Arabia comes as Iran, Iraq, and other Middle Eastern countries made … Continue reading
Oil Market Report: Highlights By International Energy Agency
Crude oil prices fell sharply during July and into early August, pressured by an abundance of supply and a strong US dollar. By early August, global benchmarks had sunk around 25% below end June levels. At the time of writing, ICE Brent was trading at around $49 /bbl while NYMEX WTI was at $43.30/bbl. Global oil … Continue reading
Oil Coup: The Secret U.S.-Saudi Deal – OpEd
By Mike Whitney “John Kerry, the US Secretary of State, allegedly struck a deal with King Abdullah in September under which the Saudis would sell crude at below the prevailing market price. That would help explain why the price has been falling at a time when, given the turmoil in Iraq and Syria caused by … Continue reading
Oil Prices Plunge Below $60 on Weak Forecast by IEA
The oil glut continues, says the latest International Energy Agency’s (IEA) report which slashes demand growth forecasts for 2015. A weak economic outlook for China, Europe, and Russia will see demand rise one percent, not enough to offset oversupply. Oil demand growth for 2015 was slashed by 230,000 barrels per day, and is set to … Continue reading
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