Boosting oil prices: what will be the next move by the OPEC+?

Apart from incurring the wrath of the US, the OPEC+ does not seem to have achieved any substantial financial benefit from its much-trumpeted production cut announced on October 5, in response to the falling oil prices for a few weeks before it. Although the production cut grabbed the headlines with …

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Is there an ideal oil price that safeguards interests of consumers and producers?

As the oil price did not go up the way the OPEC+ expected, apart from temporarily being on the crosshairs of the US, analysts believe only a strategy of maintaining a price, ranging from $70 - $80  barrel, could  be the pragmatic approach.  A move of that kind, they believe, safeguard the interests of…

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Will the US go for nuclear option over the OPEC+ production cuts?

With the US midterm election just 3 weeks away, the Biden administration is clearly taking the scenario of fuel price hikes seriously - in the wake of the decision made by the OPEC+ to cut down on the production in order to boost the prices. Although the decision appears to be collective on the surf…

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Static Oil Prices: OPEC+ move failed to do the trick!

The cut in crude oil output, agreed by the OPEC+ a few days ago, does not appear to be doing the trick as far as the price is concerned. On the contrary, the price, at best has been static and at worst,  falling for two consecutive days since the announcement was made a few days earlier, as the hull…

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US-Saudi relations suffered a huge setback after oil production cuts

Judging by the reaction on impulse, the production cuts announced by the OPEC+ on Wednesday, has clearly left the Biden administration of the US between the rock and a hard place. Not only did the US say that the decision was short-sighted, but also branded the move as 'the alignment of the OPEC…

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OPEC+ Meeting: oil price rises as production is cut by 1.1 million barrels

The price of crude oil has been rising in the markets on Wednesday in anticipation of a production cut by the OPEC+ during its monthly meeting in Vienna, Austria. Some ministers of the OPEC+ were seen arriving for the meeting in the morning, including the members representing Nigeria, Russia and Sau…

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Hurricane Ian appears to have spared the US Gulf Coast oil refineries!

Hurricane Ian that is about to batter the west coast of Florida appears to have spared the major US oil refineries along the Gulf Coast, although the inhabitants of the southern state of the US are not out of the woods. Hurricane Ian that grew into a Category 3 storm - the highest is Category 5 - wh…

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Oil prices: the loss of feeble upthrust offered by the price of natural gas

The price of crude oil has been falling for three successive weeks despite the obvious concerns about a steady supply in the evolving political uncertainties across world - including the war in Ukraine. As of 13:45 GMT, the prices of two major benchmarks, WTI and Brent, recorded $78.21 and $85.50 re…

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Crude oil price: will the rate hikes and inflation dampen the demand further in the coming months?

Jacob Rees-Mogg, the new Business Secretary of the United Kingdom, made it clear today that the moratorium on fracking has been lifted, paving the way for larger explosions in the process of extracting trapped gas in order to ease the supply crisis.  With the moratorium gone, the fracking firms will…

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Europe's Winter of Discontent amidst gas shortages and high energy prices

source: Anadolu Data The positive correlation between the prices of crude oil and LNG, liquified natural gas, has been continuing this week too, eclipsing the significance of the US crude oil stocks in the game of determining the current price of the commodity. As of 13:00 GMT, the prices of WTI, Bre…

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Fall in oil prices for three weeks: is the 'nuclear option' of the US behind it?

The prices of crude oil seem to have found their respective new equilibrium during the past few weeks, having fluctuated wildly at the early stages of the recent price 'crash'. The prices of WTI and Brent have settled slightly above $80 and $90 respectively. As of 08:30 GMT on Friday, the pri…

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