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opec
Business, Fuel

Oil Steadies Below $49 as US Drilling Threatens Longer Glut

Image

Oil steadied below $49 a barrel as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut.

Ben Sharples and Grant Smith | Bloomberg News
March 13, 2017
Business, Fuel

Crude Oil Could Plunge to as Low as $30 a Barrel

Image

Crude prices could plunge toward $30 a barrel — a rout of about 40% from current levels — unless OPEC extends production cuts that are propping up the market, ABN Amro Bank NV said.

Christopher Sell and Alaric Nightingale | Bloomberg News
February 21, 2017
Business, Fuel

Shale Drilling on a Roll as OPEC Cuts Keep Oil Above $50

Image

Shale wildcatters pushed ahead on the biggest surge in U.S. oil drilling since 2012 as explorers take advantage of prices above $50 for more than two months.

Bailey Lipschultz | Bloomberg News
February 17, 2017
Business, Fuel

Oil Trades Near 17-Month High Before Planned OPEC Supply Cuts

Image

Oil traded near the highest since July last year amid optimism OPEC and 11 other producing nations will cut output as promised, helping eliminate a global supply glut.

Rakteem Katakey and Heesu Lee | Bloomberg News
December 28, 2016
Business, Fuel

Oil Falls From 16-Month High as OPEC Production Keeps Rising

Image

Oil retreated from a 16-month high after OPEC pumped a record amount of crude in November.

Mark Shenk | Bloomberg News
December 6, 2016
Business, Fuel

OPEC Focuses on Shrinking Stockpiles to Pave the Way for $60 Oil

Image

OPEC’s first production cuts in eight years are intended to shrink the world’s bloated oil stockpiles back to a normal level, paving the way for prices to rise to more than $60 a barrel.

Laura Hurst | Bloomberg News
,
Annmarie Hordern and Grant Smith
December 1, 2016
Business, Fuel

OPEC Agrees on Oil Output Cuts to Curb Global Glut

Image

OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut — and prove the group’s credibility — brought its first cuts in eight years.

Grant Smith | Bloomberg News
,
Wael Mahdi and Javier Blas
November 30, 2016
Business, Fuel

Oil Seen Stuck in $50 to $60 Range as Shale Blunts OPEC Action

Image

The world should get used to oil prices between $50 and $60 a barrel as falling costs in America’s shale fields counteract OPEC’s renewed commitment to supply management.

Javier Blas | Bloomberg News
,
Grant Smith | Bloomberg News
,
Angelina Rascouet | Bloomberg News
October 18, 2016
Business, Fuel

OPEC Agrees to Cut Oil Production; Pump Prices Likely to Rise

Image

OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter, sending oil prices more than 6% higher as Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the group adopted in 2014.

Bloomberg News
September 28, 2016
Business, Fuel

IEA Changes View on Oil Glut, Sees Surplus Enduring in 2017

Image

The surplus in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient, the International Energy Agency reported.

Grant Smith | Bloomberg News
September 13, 2016

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