Crude Oil

OPEC

OPEC+ Might Not Increase Oil Production as It Is Expected

Analysts said that OPEC+ would hold a meeting with Russia and other allies on Thursday. It is expected OPEC to grasp world oil prices than they have in years. OPEC+, an oil producer and its allied organization, is expected to increase 500,000 to 1 million barrels of oil per day. Still, analysts said that there are rumors …

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A brief summary of OPEC

OPEC Worries at Surging Oil Prices, Rising from Oversupply

OPEC and non-OPEC oil-producing countries coalition have cut production in the economic recession caused by COVID since last year. Its efforts have almost quadrupled crude oil prices in more than a year. In addition, the sharp increase in demand for oil in economies that have reopened in recent months has also pushed the prices. The OPEC+ alliance …

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US oil prices finally exceeded $ 40

Iran Nuclear Deal Talks Delayed, Causing Oil Prices to Rise

Oil prices soared on Monday, supported by solid demand during the summer driving season. Besides, the suspension of negotiations to restart the Iran nuclear deal also had influence. As of 0622 GMT, Brent crude oil in August rose 23 cents, or 0.3%, to US$73.74 per barrel. The price of West Texas Intermediate crude oil in …

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US oil prices finally exceeded $ 40

Oil Prices Keep Stable with European Recovery Support

Last Friday, oil prices remained largely stable due to the support of the European economic recovery. However, India expressed concern about a record surge in the number of coronavirus infections. At 1335 GMT, Brent crude oil fell 2 cents, or less than 0.1%, to $65.38 per barrel, while the U.S. West Texas Intermediate crude oil …

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political problems with crude oil

Political Problems with Crude Oil: Crude Oil Geopolitics

Crude oil is not a light political issue; otherwise, it would’ve been solved a long time ago. The main thing here is the realization that we are transitioning rapidly from fossil fuels to low-carbon electricity and renewables. This progress is excellent for our planet. Still, politics and big companies don’t like it. What’s also debatable …

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Oil pipeline against the sunset

Oil Rises More Than 2% Amid Possible Maintenance of OPEC+ Cuts

OPEC + is considering maintaining its oil production cuts in April. Given the still-fragile recovery in global demand, three OPEC+ sources revealed to Reuters on Wednesday. Oil futures are up more than 2%, driven by this possible surprise, as an increase in production of 500,000 barrels was expected. OPEC and its allies, led by Russia, …

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Analysts say the oil prices could drop to negative $100 a barrel

Crude Oil Buyers in Europe: Who Are They and What is the Current Problem?

In October 2020, crude oil buyers in Europe started negotiations for this year’s term contracts for Saudi and Iraqi crude with a new set of concerns over official formula prices, availability, and allocation. The Organization of the Petroleum Exporting Countries (OPEC) supplies reliability. The two biggest producers combined with a lack of sour crude alternatives …

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