The International Energy Agency (IEA) has released a statement that they believe the oil market is soon approaching equilibrium, mostly due to the success of the OPEC production deal. The agency’s data shows that demand is growing at a constant and regular pace in the oil market. “The numbers are there to support it,” according… Keep reading →
Oil
Is Oil About to Stabilize?
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We will never sell or share your information without your consent. See our privacy policy.The decision by the Trump Administration to launch missile strikes against Syria may affect oil markets. The Middle Eastern country broke international law established by the United Nations and the Geneva Conventions when it decided to use chemical weapons on rebels in the country – a banned form of artillery. The true outcome hinges on… Keep reading →
The Permian Basin has been one of the largest producers of oil in the United States since December 2016. Spurred by the profit incentives of high oil prices due to OPEC supply cutbacks, these Western Texas rigs are some of the fastest growing in the country, and as a result, analysts are issuing recommendations to… Keep reading →
OPEC Cutback Extension Called into Question
By Michael VinciThe agreement between OPEC and non-OPEC countries around the world to limit supplies has been called into review by a joint committee of ministers from the oil producers. Prior statements from these countries has hinted at the possibility of an extension, always citing the high levels of conformity between the members of the pact. Previously,… Keep reading →
Repsol, a Spanish energy company with drilling operations in Alaska, claims to have found an oil reserve containing 1.2 billion barrels of oil. The find in Alaska’s North Slope is the largest onshore discover in the United States in the last 30 years.
Danielle Izzo, Breaking Energy Staff
For the past two years oil prices have suffered because of excess supply. To respond to this slump, OPEC, in conjunction with other oil producing countries, came to an agreement that would ensure a reduction in the production of crude oil. As of January 2017, the agreement has gone into effect with strong support from participating countries.
According to the International Energy Agency reported that 90% of the countries in accord with the agreement have maintained support and participation. The price of the OPEC Reference Basket rose from $25 per barrel in 2016, to $52.40 per barrel in 2017 largely thanks to OPEC’s supply cut.
There are distressed energy investors, investors who are distressed about energy, and then there are investors who will buy distressed properties that no one else would touch with a ten-foot pole. Of late that last group is starting to become interested in an area of the world that is radioactive to every other investor out there; Iraq.
Shell loses, but everybody wins.
Hey, we have an Iran deal. You know what that means… No, I’m talking about… would you get out from under your desks, you look like a damn fool. I’m talking about oil of course. Crude. The good stuff. By the end of the year, Iran should be able to flood the market with sweet… Keep reading →
As you well know, oil is so cheap you can light it on fire. If we strike a deal with Iran, it’s going to get even cheaper. If prices remain this low, we’ll be able to submerge Florida in no time. That said, God isn’t making any more of this stuff. Or at least it’s… Keep reading →
