oil prices

One year after OPEC pulled off what many considered impossible, and on November 30, 2016 in Vienna the cartel managed to reduce oil production by most OPEC and several key non-OPEC nations by 1.2 million barrels daily in an effort to reduce the global oil glut, this time things are looking far more shaky, at least according to Goldman Sachs which in a Monday afternoon note writes that the outcome of OPEC’s November 30 meeting is far more uncertain than usual for two main reasons: i) Russia has yet to endorse Saudi Arabia’s proposal for a 9-month extension to production cuts and ii) fundamen

A little over a year ago, specialized satellite imaging company Orbital Insight which uses its proprietary imaging and algorithms to track above-ground oil storage, confirmed something we had alleged earlier in the year: that China was vastly under-representing the amount of oil it had stored in its Strategic Petroleum Reserve (with significant implications for prices).

Authored by Nick Cunningham via OilPrice.com,

Authored by Irina Slav via OilPrice.com,

Petrocurrencies are breaking away from their traditional tight link to oil prices, but all it would take for this link to return is for prices to fall bellow their current range. This seems to be the general consensus among bankers interviewed by Bloomberg’s Natasha Doff and Anna Andrianova.

Authored by Lance Roberts via RealInvestmentAdvice.com,

I have been getting a tremendous number of emails as of late asking if the latest rally in oil prices, and related energy stocks, is sustainable or is it another “trap” as has been witnessed previously.

With geopolitical turmoil mounting, for North Korea to Iran, and as natural disasters have rocked the refinery capital of the world (Houston,) the question is not surprising.