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MercoPress, en Español

Montevideo, April 25th 2024 - 00:45 UTC

Tag: OPEC

  • Thursday, July 23rd 2015 - 08:58 UTC

    Discouraging outlook for commodities this year confirms World Bank

    “All main commodity price indices are expected to decline in 2015, mainly due to abundant supplies, and in the case of industrial commodities, weak demand”

    The outlook for commodities remains grim for this year, except that oil will fall a bit less than previously forecast, the World Bank said. Average prices for fuels such as crude, natural gas and coal will tumble 39% from 2014, while those for materials like metals and fertilisers will fall about 12%, the Washington-based lender said in its quarterly “Commodity Markets Outlook” released Wednesday.

  • Saturday, June 6th 2015 - 08:11 UTC

    OPEC holds production at 30 million bpd; markets react with volatility

    West Texas Intermediate, or light sweet crude, was similarly indecisive, falling before recovering to about $58.9 a barrel, up 1.4%. Oil prices had fallen 5% over the previous two sessions. Investors

    Crude oil prices were volatile after ministers from the Opec cartel decided to hold production levels at 30 million barrels per day. Brent crude traded in a narrow range around $62 a barrel, before ending the day up 1.8% at $63.15.

  • Thursday, May 14th 2015 - 08:17 UTC

    Saudi Arabia continues to turn screws on U.S. Shale

    Saudi Arabia has increased production by 700,000 barrels per day since the fourth quarter of 2014 in an effort maintain market share

    Saudi Arabia continues to ratchet up production, taking market share away from U.S. shale producers. According to OPEC's latest monthly oil report, Saudi Arabia boosted its oil output to 10.31 million barrels per day in April, a slight increase over the previous month's total of 10.29 million barrels.

  • Saturday, April 25th 2015 - 06:33 UTC

    Oil price war may benefit both US Shale and Saudi Arabia

    After the oil price crash in 1985, it took almost twenty years for prices to revert to previous levels; this could mean oil does not return to $100 a barrel until 2035

    Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? Is this a relatively short term event like 2008, or a longer term slump like the one in the mid 1980’s?

  • Thursday, March 5th 2015 - 13:05 UTC

    Here's what will send oil prices back up again

    Advances in wind and solar power have been significant, but according to EIA, renewables currently account for 11% of the world's energy consumption.

    Oil's rapid decline since August of last year has been dramatic. To listen to some commentators you would also think it is unprecedented and irreversible. Those claiming that oil will continue to fall from here and remain low for evermore, however, are flying in the face of both history and common sense. The question we should be asking ourselves is not if oil prices will recover, but when they will.

  • Wednesday, January 14th 2015 - 07:47 UTC

    OPEC member stands by group's decision not to cut output to tackle glut

    United Arab Emirates' oil minister, Suhail bin Mohammed al-Mazroui, said that OPEC's November decision not to cut output had been the right one.

    Brent and US WTI crude oil prices fell to their lowest levels in almost six years on Tuesday as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.

  • Tuesday, January 13th 2015 - 08:56 UTC

    The real cause of low oil prices: Interview with Arthur Berman

    Oil prices need to be around $90 to attract investment capital. So, are companies OK at current oil prices? Hell no! They are dying at these prices

    With all the conspiracy theories surrounding OPEC's November decision not cut production, is it really not just a case of simple economics? The U.S. shale boom has seen huge hype but the numbers speak for themselves and such overflowing optimism may have been unwarranted. When discussing harsh truths in energy, no sector is in greater need of a reality check than renewable energy.

  • Tuesday, January 13th 2015 - 07:39 UTC

    Goldman Sachs forecasts oil price close to 40 dollars for most of fist half of 2015

    The oil price has now fallen by more than half since June, when the price stood at 110 per barrel.

    The price of a barrel of the North Sea benchmark dropped on Monday by 5.5% to 47.36 dollars, its lowest level since early 2009. US crude oil was also at its lowest level since that time, down by 5% to 45.90 a barrel.

  • Thursday, January 8th 2015 - 05:34 UTC

    Maduro announces 20bn dollars in investment credits from China

    The Venezuela leader made the statements from Beijing after holding a meeting with Chinese President Xi Jinping.

    President Nicolas Maduro said on Wednesday he had secured a total of more than 20 billion dollars in investment from major creditor China for economic, social, and oil-related projects.

  • Tuesday, January 6th 2015 - 23:11 UTC

    Energy crisis as early as 2016

    For now Saudi Arabia is willing to let the other OPEC members suffer until the next scheduled OPEC meeting in June.

    Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand and the price of gasoline is under $2.00/gallon in Texas. If oil supply falls too far, we could see gasoline prices doubling within 18 months. For a commodity as critical to our standard of living as oil is, it only takes a small shortage to drive up the price.