Tag: Oil Prices
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Iran won’t slow production to help raise oil prices
Iran on Wednesday said it would not restrain oil output as part of a global pact to freeze production and help prop up oil prices. The country’s officials are focused on recapturing the market share that was lost after years of US sanctions. Non-OPEC Russia and OPEC leader Saudi Arabia, have been in talks to […]
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Pirates are even turning their backs on oil
Crude oil has become so cheap that even Nigerian pirates are turning their backs on oil rigs that pass through their waters. A Bloomberg report Monday noted that attacks on vessels shipping oil in the Gulf of Guinea in West Africa have dropped by one-third in the past year while oil prices crashed. The gulf includes the Atlantic […]
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Oil futures just crashed below $28 a barrel
Oil futures continued to decline on Wednesday as U.S. crude reached its lowest since 2003. U.S. crude oil dropped more than 4% in early trading, falling to as low as $27.32 a barrel. The sinking future rebounded to track $1 below its starting price at $27.46 as of 1239 GMT. The contract settled down 96 cents, […]
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Oil prices slide to lowest point since 2003 as Iran floods market
Oil prices have reached their lowest price since 2003 in early trading on Monday, as the market braces for a big jump in oil exports led by lifted sanctions in Iran. The UN nuclear watchdog group on Saturday said Tehran was meeting its commitments to curtail its nuclear program. Following those findings the US revoked sanctions […]
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$20 oil is on the horizon if US dollar remains strong
The strong US dollar and weak demand for oil in China could send the price per barrel to $20. Analysts at Morgan Stanley said on Monday that a 5% increase in the value of the US dollar would be enough to push down oil by between 10% and 25% or about $8 per barrel. Crude futures […]
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Oil prices continue to plummet on China concerns and a strong US Dollar
Oil prices fell on Tuesday as investors continued to worry about economic growth in China and the US dollar continued to pick up strength. Brent crude prices, a global benchmark for oil pricing, fell by 17 cents to $37.05 a barrel while US West Texas Intermediate crude fell by 7 cents to $36.69 a barrel. […]
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Oil prices will continue falling in early 2016
Oil prices will likely continue a downward plunge in early 2016, before eventually picking up steam and increasing as the year moves forward. Over the last 18 months oil has dipped by 68% due to a massive supply glut. Oil on Friday fell to a seven-year low of $34.50. The collapse in oil pricing has […]
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Here’s How Much It Cost To Produce A Barrel of Crude Oil
Oil is currently trading around $42 per barrel and that’s bad news for producers in some parts of the world. In the United Kingdom it costs $52.50 to produce a barrel of oil and in Brazil the cost is $49 per barrel. In Canada oil producers are barely breaking even at $41 per barrel. As […]
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Chevron Is Slashing 7,000 Jobs As Oil Prices Continue To Plummet
87,000 people have lost their jobs in the oil sector this year and that number is about to increase. Plummeting oil prices are forcing Chevron to layoff 6,000 to 7,000 employees. The company is cutting investment by a fourth. “With the lower investment, we anticipate reducing our employee workforce by 6,000-7,000,” chairman and CEO, John […]
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Iran Wants Emergency OPEC Meeting To Stop Sliding Oil Prices
Iran’s Oil Minister, Bijan Zanganeh, has called for an emergency OPEC meeting in order to stabilize collapsing oil prices. Zanganeh’s call to arms echoes a similar message sent earlier this month by officials in Algeria. Following both of those messages officials for the Organization of Petroleum Exporting Countries said no meeting was planned. “Iran endorses […]
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Crude Oil Just Sunk To A Six-Year Low
Crude Oil is continuing on its downward spiral. On Tuesday morning, West Texas Intermediate crude futures in New York fell 4% to a low as $43.03 per barrel. Brent crude also fell to nearly $50 per barrel. Oil prices continued to plummet after OPEC released its monthly production numbers and showed a July that produced […]
