The oil market didn’t move much last week as oil prices (WTI and Brent) slightly declined during last week. WTI inched down by 0.05%; Brent oil declined by 0.73%. As a result, the gap of Brent oil over WTI slightly…
Oil Outlook for June 9-13
Tag: OPEC meeting
How Does OPEC’s Decision Affect Oil Prices?
OPEC’s 161st meeting was held last week; according the press release, OPEC ministers agreed to maintain the current oil production in 2012, i.e. the production ceiling will remain at 30 Mb/d. Some already speculate Saudi Arabia may cut its oil…
OPEC to Keep Oil Production Unchanged in 2012
In today’s OPEC meeting the OPEC ministers reached an agreement on the future crude oil production in 2012, as oppose to the last OPEC meeting back in June 8th, in which OPEC members couldn’t reach a consensus on OPEC’s oil…
Saudi Arabia signals to raise oil production
Following the OPEC meeting from last week, in which OPEC ministers didn’t reach an agreement as to the whether to raise oil production quota, it’s currently reported that Saudi Arabia may raise its oil production quota in the months to…
EIA recent outlook oil market will further tighten
EIA outlook oil market for 2011 and 2012 was released yesterday. According to the report, despite the recent drop in gasoline prices in the US as the crude oil prices curbed their rises; there is a good chance that the…
OPEC didn’t come up with a decision on oil production
In today’s OPEC meeting the OPEC ministers didn’t come up with a decision today. According to Bloomberg, OPEC members could reach a consensus on whether OPEC should raise oil production or not. OPEC’s official oil production didn’t incline since the…
Will OPEC raise oil supply quota? speculation around OPEC meeting
According to DnB NOR, the expectations are that OPEC will raise its crude oil quota by 2.2 million barrel and reach a new target supply of 27 million barrels a day – the highest level since 2008. If this will…
158th OPEC meeting decisions and analysis – 11th of December
Yesterday, December 11th the 158th OPEC meeting was held in Quito, Ecuador. OPEC which is responsible for about 40 percent of world crude supply announced its decisions vis-à-vis its output quota for 2011. The main decision was that the output…