The week ended on 13th March 2020 can be termed one of horrific weeks for crude oil producers and traders as prices went down about 50 percent since the start of the year. Oil rebounded a bit on Friday following movement in the US Congress to pass a coronavirus economic relief bill. Nevertheless, the near-term looks dire for oil markets, with supply rising quickly as demand continues to collapse. The added threat is likely …
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Members of Organization of Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna in first week of March 2020. Top of the agenda item is to decide production quotas in the aftermath of coronavirus spread. To arrive at further production cut will not be easy because of United States emerging as one of the largest oil producing country as well as exporting substantial quantity. Even the bigger concern is …
Read More »Oil, like the snake eyes, has a killer’s fascination. Economic booms, bubbles, and bursts, all taking shapes in the slimy womb of this slick monster. The oil story has been written by the master oil CEOs like John Browne of British Petroleum, the deceptive oil ministers of oil-rich countries like Ali al-Naimi of Saudi Arabia, the yesteryears Seven Sisters of the West, the counterforce OPEC, and above all, the …
Read More »Almost 40 percent of the world oil supply and price is controlled by the largest cartel in the world i.e. OPEC. Being an export commodity, GDP of exporting nations is defined through the price of oil, subsequently budgets and expeditions are finalized. It is in vested interest of OPEC nations to keep oil prices high. There have been numerous instances where OPEC has commented on price trends and claimed …
Read More »Almost 40 percent of the world oil supply and price is controlled by the largest cartel in the world i.e. OPEC (Organization of the Petroleum Exporting Countries). Being an export commodity, GDP of exporting nations is defined through the price of oil, subsequently budgets and expeditions are finalized. It is in vested interest of OPEC nations to keep oil prices high. There have been numerous instances where OPEC has …
Read More »From 2010 until June 2014, world oil prices had been stable, at around $110 a barrel and since June 2014 prices have more than halved. Brent crude oil has now dipped below $50 a barrel for the first time since May 2009 and US crude is also below $48 a barrel. Oil just like any other commodity is regulated by rules of demand and supply. But there is one …
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