With the global oil market currently oversupplied to the tune of an estimated 2 million barrels per day, oil producer group Opec has struggled to formulate an effective strategy aside from “let the market sort it out.” For decades Opec played a price-setting role by increasing production to boost supply when prices were deemed too… Keep reading →
With the global oil market in a situation where futures contract prices are higher than prevailing prices – known by traders as contango – there is an incentive to purchase crude now and hold it until oil prices recover. Indeed, the world’s largest trading houses have been chartering tankers and shares of oil tanker companies… Keep reading →
The fallout from declining oil prices continues materializing on a daily basis – several companies announced workforce reductions this week – and Baker Hughes is one of the latest to make that difficult decision. “This is what I hate about this industry, frankly, is these brutal cycles we have to go through,” said Martin Craighead, chief executive… Keep reading →
