A future of cheap oil

An ongoing price slump is rattling the industry and weakening petrostates. How will low prices change the world? Here’s everything you need to know: How cheap is oil? Prices have hovered between $40 and $50 a barrel for the past year — far below the pre-collapse high of $147 a barrel in 2008. The U.S. …

Oil is Rising, but EIA’s Short-Term Energy Outlook is not all That Pretty

The U.S. Energy Information Administration lowered its outlook on Brent crude for 2017 and 2018 to last month’s projections by $2 and $4, respectively, to $51 per barrel and $52 per barrel, but oil prices have been climbing so far Tuesday. Photo by Joe Raedle/Getty Images Brent crude rose 1.5% to $47.59 per barrel. Meanwhile United States …

Oil will crater unless there’s a ‘shock and awe’ cut in output, Goldman Sachs says

Darren Whiteside | Reuters An employee rides his bike past barrels of petroleum products at a state-owned Pertamina fuel depot in Jakarta, Indonesia. Oil prices could soon fall below $40 a barrel if investors don’t get a clear catalyst that prompts them to start buying the commodity, Goldman Sachs said on Tuesday.The investment bank believes …

Aramco to Spend $300 Billion, CEO Warns on World Oil Supply

Saudi Aramco, which plans what could be the world’s biggest initial public offering, will invest more than $300 billion over the next decade to maintain its spare oil-production capacity and explore for more natural gas, President and Chief Executive Officer Amin Nasser said. The outlook for oil supplies is “increasingly worrying,” with about $1 trillion in …

OPEC Exports Up

Oil prices retreated more than 3 percent on Wednesday, ending their longest bull-run in more than five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish. Brent crude futures were down $1.61, or 3.3 percent, at $48 a barrel by 11:56 a.m. EDT (1556 GMT). Prices had climbed for eighth straight …

Oil Down

Oil prices tanked in Wednesday’s trade, poised to snap their longest run of gains since 2010 after Russia ruled out any proposals to deepen the OPEC-led production cuts. Oil prices were “exposed to heavy losses on Wednesday after reports of Russia opposing any further supply cuts attracted a school of sellers to attack,” said Lukman …