OPEC leaders privately admit that the US oil industry’s high-tech flexibility is a competitive advantage that will enable the country to respond quickly to the
Tag: OPEC
Iraq and Brazil to Revise Oil Production Targets Downward
Analysts expect that Brazil and Iraq will have to make major downward revisions to their oil production targets, which could in the end lead to
Oil Refiners Continue to Cut the Number of Rigs Despite the Rebound in Crude Prices
Oil services company, Baker Hughes Inc, said last week that energy firms pulled another seven rigs from U.S. oil fields, which is the highest number
Saudi Arabia Says Higher Oil Production Driven by Demand
Saudi Arabia announced yesterday (9 June) that its increasing production over the last three months has been the result of a rising global demand. The
Commodity Prices Affected by Strengthening Dollar
Commodity prices have recently been affected by strengthening dollar, with oil, gold and wheat leading the decline. The U.S. dollar rose at the end of
Russia vs. OPEC: Battle for Market Share and Oil Production
In the wake of an OPEC meeting next week, a Russian think tank has revealed that the Russian government was warned not to cut its
Saudis Refuse China’s Requests for More Oil
Saudi Arabia and other OPEC members have begun to turn down Chinese requests for oil as they keep crude in their storage facilities and refineries
Saudi Arabia Looks to China as U.S. Imports Fall
Saudi Arabia’s crude exports to the United States have recently hit their lowest level since the beginning of the financial crisis due to increasing imports
Oil Prices Hit a 2015 High as Libyan Production Declines
On Tuesday (5 May), oil prices hit their highest level this year, which was possible due to the declining output in Libya and the disruptions
Saudi Arabia Curbs Oil Supply to Asian Customers
Saudi Arabia has decreased its oil exports to some of its Asian customers, mostly to South Korea and Japan since last month. The decision to