OPEC
The History and Analysis of Crude Oil Prices - Part V “The Impact of Crude Oil Prices on Industry Segments”
Crude Oil Drilling and Exploration Boom and Bust
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The Rotary Rig Count is the average number of drilling rigs actively exploring for oil and gas. Drilling an oil or gas well is a capital investment in the expectation of returns from the production and sale of crude oil or natural gas. Rig count [...]
The History and Analysis of Crude Oil Prices - Part IV “OPEC’s Failure to Control Crude Oil Prices”
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OPEC has seldom been effective at controlling prices. While often referred to as a cartel, OPEC does not satisfy the definition. One of the primary requirements is a mechanism to enforce member quotas. The old joke went something like this; “What is the difference between OPEC and the Texas Railroad Commission? [...]
The History and Analysis of Crude Oil Prices - Part III “Middle East Supply Interruptions”
Yom Kippur War - Arab Oil Embargo
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In 1972 the price of crude oil was about $3.00 per barrel and by the end of 1974 the price of crude oil had quadrupled to over $12. The Yom Kippur War started with an attack on Israel by Syria and Egypt on October 5, 1973. [...]
The History and Analysis of Crude Oil Prices - Part II “Post World War II”
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The Pre-Embargo Period
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Crude Oil prices ranged between $2.50 and $3.00 from 1948 through the end of the 60s. Oil prices rose from $2.50 in 1948 to about $3.00 in 1957. In 2006 dollars, an entirely different story emerges with crude oil prices fluctuating between $17 and $18 during the [...]
The History and Analysis of Crude Oil Prices Part I
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The price of Crude Oil behaves similar to other commodities with wide price swings in times of shortage or oversupply. The crude oil price cycle may extend over several years responding to changes in demand as well as OPEC and non-OPEC supply.
The U.S. petroleum industry’s price has [...]
OPEC warns oil could reach $200
Opec, the oil producing cartel, has warned that the price of crude could keep rising to reach $200 a barrel.
Opec president Chakib Khelil blamed the falling value of the US dollar, which makes other assets, including oil, more attractive for foreign investors.
His comments came as oil prices hit a fresh high, just below $120 a [...]
Oil Jumps Above $100 on Refinery Outage, OPEC cuts.
NEW YORK (AP) — Oil futures shot to a new record above $100 Tuesday for the first time since Jan. 3 as investors bet that crude prices will keep climbing despite evidence of plentiful supplies and falling demand. At the pump, gas prices rose further above $3 a gallon.
There was no single driver behind oil’s [...]
Oil falls sharply as stocks rise more than expected, recession worries remain
Oil fell sharply as worries over a looming US recession will crimp demand combined with improved supply side news in the form of better-than-forecast increases in US energy inventories.
The US Energy Information Administration said earlier US crude stocks rose by 7 mln barrels last week to total 300 mln barrels. Analysts were expecting stocks to [...]
Oil Falls on Economy Concerns; OPEC May Maintain Output
Feb. 1 (Bloomberg) — Crude oil fell for a second day in New York on concern that a recession in the U.S. may curb fuel demand in the world’s biggest energy-consuming nation and prompt OPEC to maintain production targets.
Oil fell 1.2 percent, extending yesterday’s 3 percent decline, after a report showed the number of Americans [...]
OPEC policies will ensure oil price volatility
Oil prices in 2008 could fluctuate widely as in 2007 when Brent traded between $50 and $100.
Opec officials meeting this week in Vienna blame speculators for most of this volatility. But growing price volatility stems directly from Opec’s increased importance in balancing markets. Speculative flows accentuate price movements, but the producer group is their prime [...]
