The International Energy Agency is now wondering what we had discussed earlier in the week: OPEC’s discipline is fraying. The Agency believes that OPEC members are beginning to cheat because oil prices have risen from $32 earlier this year in part due to OPEC’s coordinated cuts. However, when prices are $60 a barrel, discipline is […]
OPEC reported a rise in output despite a pledge from the organization’s member to reduce production to meet quotas agreed to in December. Five members (Saudi Arabia, Kuwait, Iran, Nigeria and Angola) increased production over the past month by a total of 180,000 bbls/day, although Saudi Arabia remains within its quota of roughly 8 mln […]
OPEC and large Asian oil consuming countries led by Japan, India and China met on Sunday for the third Asian Ministerial Energy Roundtable. The group’s goal is to To foster dialogue between Asia’s resource producers, primarily Middle East countries, and consumers, such as China and India, and to send a message to the world that […]
One of the untold stories in the headlines during the past few months is that the price of oil has climbed. Recent reports have shown oil at $61 a barrel in the 4th quarter, definitely higher than the $30 reached in 2008. Many financial analysts contribute the rise in price mainly to OPEC cuts. Bloomberg […]
Over the weekend OPEC members decided not to cut oil production levels. Instead, they chose to focus on doing what cartels are supposed to do: join together to regulate output. OPEC announced yesterday that member states would restrict oil production to their allotted amounts “to contribute to market stability” as members have yet to completely […]