Oil Prices

Here’s what Breaking Energy staff are reading at other outlets.

There are parties who feel oil is near it’s high point and within a few decades the sun will set on oil as an energy source. Some people who believe most strongly in alternative energy sources and electric vehicles argue that the future lies outside of oil.

The Frankfurt Stock Exchange

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With the nine-month extension of the OPEC led production cuts the consensus among traders is that oil will likely stay between $50-$60 a barrel this year. But beyond that there a number of different viewpoints as to where prices will go. Some parties feel the medium term future for oil has already been written by the lack of investments made upstream and within a few years the price of oil may nearly double.

Winter Storm Blankets New York City With More Snow

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With the day of the OPEC meeting approaching there appears to be a growing consensus among industry insiders that OPEC will be able to regain some degree of control over oil prices. Many experts now believe that the planned production cuts will be sufficient to consume the surplus and in 2018 the oil market will reach an equilibrium at somewhat higher commodity prices. This analysis often has an optimistic sounding ending. Oil prices ending up at levels everyone can live with and US shale picks up the growth in demand from the market.

Fracking In California Under Spotlight As Some Local Municipalities Issue Bans

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Modern economies function in a similar manner to ecosystems. Independently enterprises relying upon each other to provide goods which they add value to – either through further processing, transporting to new markets, or selling to consumers. This system works because no single entity dominates the system and any single piece which fails has its places taken by another that can operate more efficiently. However, the system breaks down when an economy becomes reliant upon a single industry and that industry fails. This is what is happening in Venezuela and the effect may well become worse as problems cascade down creating major system failures.

Venezuela Tense As Unrest Over President Maduro's Government Continues

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Recent years have seen a resurgence in American oil production and with the United States edging closer and closer each year toward becoming the second largest producer of crude oil in the world.

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This is the final segment in a three part series discussing the recent past and future of oil prices and the reasons why prices are where they are. Currently there is a glut in oil inventories worldwide. There are a number of factors contributing to this continuing situation as I have detailed in there previous two segments of this series but in the end it can all be summed up into one simple statement: All parties whether they are individuals, corporations, or nations tend to do what is in their own best interest.

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This is the second part of a three part series discussing the recent past and future of oil prices and the reasons why prices are where they are. Many intelligent people who make their living analyzing oil markets have pointed to OPEC and its ability to enact large scale production cuts as central controlling oil prices. While this has yet to occur as the production cuts enter their fifth month true believers continue to chant the mantra “just give it time”.

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This is the first of a three part series discussing the recent past and future of oil prices and the reasons why prices are where they are. April was an interesting time for the crude oil market. From late March until the latter half of April oil prices were above $50 a barrel and oil bulls became excited by the idea that a supply cut led by OPEC and Saudi Arabia would soon tighten balances and lead to increased prices. This has not come to pass and here is why I am doubtful that change in the near future.

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This week, ExxonMobil and Chevron released quarterly results from Q1 2017. Both released numbers that topped consensus estimates. Some analysts have suggested the Exxon’s numbers can provide insight into the energy sector, as follows. As the world’s largest publically traded oil and gas company, ExxonMobil can say a lot about the oil economy as a… Keep reading →

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