Oil Prices
This oil price crash isn’t as bad as it seems — here’s why
Something that’s never happened in the oil market is happening today: negative prices on an oil contract. While many people may see this and think the overall price of oil is negative, there’s nuance. The short answer is that no, not all oil is free. The picture in the market is not as bleak as …
Benchmarks Brent crude, West Texas intermediate rise after 5 percent of world supply erased in an instant
Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area September 15 at 6:15 PM Oil prices jumped on global markets Sunday night after a wave of weekend drone attacks instantly erased half of Saudi Arabia’s oil production. Brent crude on Sunday traded at $70.98 per barrel on …
How Much Crude Oil Has The World Really Consumed?
The Energy Information Administration (EIA) estimates that the world consumed 96.92 million barrels per day in 2016, with the top 10 consumers accounting for 60 percent of the total consumption. That’s nearly 100 million barrels per day. At today’s average oil price of $60 per barrel for Brent crude, that’s $5.8 billion consumed. Every. Day. …
OPEC’s Future Looks Bleak As It Extends Deal
OPEC and its partners have decided to roll over the existing production cut agreement for another 9 months. After weeks of deliberations, infighting, global pressure and media hype, OPEC and Russia have confirmed the global oil market still needs support. OPEC officials stated the latter to the press, repeating Russian President Putin’s and Saudi Minister …
