OPEC+ delegates are meeting in person in Vienna on Wednesday, and it is widely expected that they will announce production cuts. Oil prices have experienced a substantial decline over the past few months, and the cartel views this as a way to prop up oil prices. Despite the announcement grabbing headlines, analysts and economists are […]
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The largest refinery in the Midwest should resume normal operations within the next few days after being disrupted by a fire last week, which threatened its 430,0000 barrel-per-day operations. British Petroleum’s (BP) facility in Whiting, Indiana had an electrical fire in the powerhouse portion of their complex and caused a loss of cooling water. With […]
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The United States has joined the United Nations and Libyan government’s investigation into the potential brokering of an unlawful sale of Libyan oil by General Khalifa Haftar. The rebel general reportedly traveled to Venezuela to discuss oil contracts to raise money for his Libyan National Army (LNA) through the sale of crude oil. Libya’s National […]
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The U.S. Gulf Coast was hit by Tropical Storm Cristobal yesterday, causing offshore oil production to shut down by almost 24%, equating to more than 430,000 barrels per day. According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), this was a 140,000 barrel per day improvement compared to June 9th. Occidental Petroleum, BP, […]
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As some countries begin measures to reopen and try to get back to somewhat of a normal routine again, Brazil is still fighting the spread of COVID-19. At least five oil producers have registered coronavirus cases among their employees and contractors at facilities located off the coast of Brazil.
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The OPEC meeting that concluded today in Vienna ended with ministers approving productions cuts for the first quarter of 2020. The cuts for OPEC+ will be increased from 1.2 million bpd to 1.7 million bpd. A 500,000 bpd cut should be painless for the organization as they are currently at over-compliance with the cuts as […]
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Ecuador’s government was forced out of the capital, Quito, by violent protests earlier this week. The country is already in an uneasy state with the vulnerable economy that has been battered by lack of public transportation and blocked roads. These violent protests stem from President Moreno’s decision to cut subsidies which led to an extremely […]
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It has been a wild Monday for traders after President Trump tweeted yesterday that the United States will increase tariffs on $200 billion of Chinese imports, which, is casting doubt on the likelihood of a successful U.S. and Chinese trade deal.
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Oil prices are taking a breather today after Wednesday’s strong rally due in large part to the gasoline inventory draw and low production levels in Venezuela.
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WTI failed to settle above $60/barrel yesterday and President Trump’s tweet warning OPEC on high oil prices may be taking the wind out of the bull’s sails.
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