According to Iraqi Oil Minister Jabar al-Luaibi, the oil market “is heading in the right direction … it will continue to stabilize until the end of the year,” he told reporters on Monday. As reported by Reuters, “The global oil market is stabilizing as crude inventories are falling… but Global oil producers agree that they should continue …
Large investment banks are upping their price targets for oil as crude futures hit levels not seen since the early days of a slump in December 2014. According to reporting by CNBC, “The banks says the long-oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts …
The price of oil touched $70 today. The rise may be attributed to a tightening supply from OPEC and Russia. While U.S. supplies have been expanding, they have yet to stop the upward trend. Reuters reports that, “Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that …
Citigroup Inc. claims wildcards including war, Middle East tensions, Donald Trump and Kim Jong Un driving crude toward $80 a barrel. According to an article in Bloomberg Markets, “After prices were boosted by OPEC’s output curbs in 2017, the U.S. President has shifted the focus to geopolitical risks, with his pursuit of sanctions on Iran …
The price of oil rose above $68 on Tuesday, hitting levels not seen since mid 2015. The rise, according to Reuters, is the result of “OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.”
Plunging temperatures along with above average snowfall has energy companies scrambling for oil and gas on the east coast. According to Oil Price, “Oil imports to the East Coast jumped by almost 60 percent last week in anticipation of increased demand due to heating needs. JBC Energy predicts distillate use to increase by 90,000 barrels …
New Mexico is among the nations top producing states and moves up in the oil and gas rankings. Since production is reaching record highs, New Mexico officials are celebrating. Production hit more than 16.3 million barrels of oil in New Mexico at the end of 2017. New Mexico Oil and Gas Association director Ryan Flynn …
Europe will be paying more for oil now that russia is moving more of its supply to the chinese oil market. Russia is the biggest crude oil supplier to China and will most likely gain the exports to the country by 200,000 barrels a day in 2018. Russia supplied 5.12 million tons of their crude …
Prices in 2018 will be decided in Texas. Crude oil is expected to hit record levels next year. Brent crude oil, a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide, is expected to average $60 per barrel in 2018, while others will average …
The oil industry has its first weekly advance since November and US crude oil stock fell to the lowest level in more than 2 years. Oil is balanced for a second yearly gain as the Organization of Petroleum Exporting Countries (OPEC) and its partners cut supplies to take of a global surplus. Ineos, a privately …