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Discover Latest #OPEC News, Articles and Videos with Contenting
OPEC OPEC (Organization of the Petroleum Exporting Countries) is a group of 13 major oil-exporting nations, including Saudi Arabia, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates, Venezuela and Indonesia. The mission of the organization is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. OPEC works to ensure the stability of global oil prices and promote the development of economic and social projects in member countries. OPEC also works to reduce global dependence on oil and promote the use of alternative energy sources.
Baystreet.ca - Big Oil Isn’t Backing Down at $60 Oil
Big Oil majors have no plans to scale back their budgets despite oil prices softening and more barrels poised to hit the market. That may sound reckless in a bearish environment, but it’s anything but. With demand picking up in Asia and OPEC+ preparing ...
Baystreet.ca - The Market Is Well Supplied - So Why Is Saudi Arabia Raising Oil Prices?
OPEC+ served two surprises to the oil trading world in a matter of weeks. First, it said it would bring back three times the amount of oil supply it planned to originally in May. Then, it said it would repeat the exercise in June. And then it emerged ...
Oil Futures Settle Lower After Rebound
Crude futures retreat after yesterday's technical rebound as concerns about rising OPEC+ production outweigh positive signs of U.S.-China trade talks and a second weekly draw in U.S. crude stocks. Most of the moving parts in the EIA inventory data were on the bearish side, except for the 98,000 bar
Baystreet.ca - StanChart: Oil Prices Headed Lower Before Slow Recovery
According to StanChart, the path of least resistance for oil prices is lower, with prices likely to remain low in the coming months before beginning a gradual recovery due to a sharp fall in U.S. oil output. The eight OPEC+ countries that provided ...
Oil countries: what kind of capitalism? | Mostly Economics
Martin Paldam and Jamel Saadaoui in this paper discuss capitalism in oil countries: The paper considers 18 OPEC countries that were low-income countries when oil was found. Oil has given the countries a special path to high income. Normally wealth leads to democracy, but in oil countries it leads to a consolidation of the previous…
Baystreet.ca - Tight Now, Loose Later: Oil Futures Flash Warning
Last week, OPEC+ announced it will once again accelerate the pace of unwinding of production cuts, with output targets for June increasing by 411,000 barrels per day, equivalent to three monthly increments. This follows a similar move in April, with ...
Baystreet.ca - Oil Prices Dip on Crude Stockpiles
Petroleum prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, while OPEC lowered its oil supply growth forecast for producers outside the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+. Brent ...
Oil Futures Snap Winning Streak as U.S. Stocks Build
Crude futures settle lower after four straight sessions of gains, with the market seeing a bearish tilt in the unexpected 3.5 million barrel U.S. crude inventory build and OPEC keeping its demand growth estimates unchanged for this year and next while returning barrels to the market at an accelerate
Oil posts weekly gain but remains under supply hike pressure
HOUSTON (Reuters) -Oil settled higher on Friday, notching a second straight week of gains on easing U.S.-China trade tensions, although prices were held back by expectations of higher supply from Iran and OPEC+. The contracts fell by more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in an easing of sanctions that could see Iranian crude return to the global market. "Expected increases in OPEC+ oil production along with a more probable Iranian nuclear agreement has re-surfaced the bear trade," said Dennis Kissler, senior vice president of trading at BOK Financial.