Showing posts from February 25, 2024

Thinking outside the box: the tips for the OPEC+ from an anxious observer!

  The price of crude oil shot up slightly at the beginning of this week, only to come down closer to where it had been in the last few weeks. The price of LNG, liquified natural gas, meanwhile saw its biggest drop in its recent history. As of 18:00 GMT on Friday, the prices of two major benchmarks, WTI and Brent, were at $79.97 and $83.55 respectively; the price of LNG was at $1.84 . The speculation over yet another production cut, analysts believe, may be the cause of rise in oil price this week. It, however, fell down again as the weekend approached, implying the acute challenges faced in maintaining the sustainability; the crude stock build, reported by the EIA, US Energy Information Administration, may have put a damper on the upward trend too.   Data Source: EIA - US Energy Information Administration As far as the OPEC+ is concerned, they say that they stick to the voluntary production cuts announced on 30 November, 2023 - 2.2 million barrels a day; the cartel says tha

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