All publications by tag «OPEC»
OPEC Head Tells Oil Market to Stop Panicking About Prices
WTI for December delivery rose $1.05, or 1.4 percent, to $78.96 a barrel at 9:40 a.m. on the New York Mercantile Exchange. Prices are down 2 percent this week and 20 percent this year.
Petroleo Brasileiro SA (PBR) headed for the longest losing streak in a year as plunging oil prices and currency weakness overshadowed a decision to give the state-run producer some relief from inflation-fighting policies.
Saudi Arabian Oil Co. lowered the cost of its crude to the U.S., where production is the highest in three decades, deepening a selloff that sent prices to the lowest in more two years.
West Texas Intermediate dropped to the lowest intraday level in three years as Saudi Arabia cut prices for crude exports to U.S. customers amid speculation that stockpiles increased. Brent extended losses in London.
Oil prices are in free fall this morning after it emerged that Saudi Arabia, the world's largest exporter, had slashed its contract price for its US customers in a further sign of an escalating war for control of global energy markets.
Crude oil futures close out October lower
The standoff between Russia and the West over Ukraine has increased Europe's quest for alternative suppliers of oil and gas and Canada's exports to Europe have already started to pick up in the last few months.
Members of OPEC, the group that supplies 40 percent of the world’s oil, are engaged in an internal price war as they seek to preserve their share of an oversupplied market
The U.S. shale revolution has driven oil output to the highest in more than three decades, reducing America’s need for overseas purchases and sinking global prices into a bear market.