Search results
Results from the WOW.Com Content Network
June: OPEC output falls to 20-year low of 13.7 Mbbl/d (2,180,000 m 3 /d). June: Iran begins hit-and-run raids on Iraq. July: OPEC loses customers to cheaper North Sea oil. More OPEC price cuts. Aug: Saudi Arabia links prices to spot market. Output rises from 2 Mbbl/d (320,000 m 3 /d) in August to 5 Mbbl/d (790,000 m 3 /d) in early 1986.
The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production.
Oil reserves in Canada were estimated at 172 billion barrels (27 × 10 ^ 9 m 3) as of the start of 2015 . This figure includes the oil sands reserves that are estimated by government regulators to be economically producible at current prices using current technology. [1]
OPEC is scheduled to meet on Nov. 26. The organization's current production cuts aimed at restricting supply and keeping a floor on crude prices are scheduled to continue through 2024.
Despite the OPEC+ cuts, in total equivalent to about 5.7% of global crude supply, and ongoing tensions in the Middle East, global oil prices have fallen by about 11% since hitting a five-month ...
From 2004 to 2014, OPEC was setting the global price of oil. [66] OPEC started setting a target price range of $100–110/bbl before the 2008 financial crisis [30]: 10 —by July 2008 the price of oil had reached its all-time peak of US$147 before it plunged to US$34 in December 2008, during the financial crisis of 2007–2008.
Oil prices fell 2% on Monday after China’s stimulatory plans failed to impress traders and oil alliance OPEC lowered its demand forecast. West Texas Intermediate closed at $73.83 per barrel ...
Other well-known blends include the OPEC Reference Basket used by OPEC, Tapis Crude which is traded in Singapore, Western Canadian Select used in Canada, Bonny Light used in Nigeria, Urals oil used in Russia and Mexico's Isthmus. Energy Intelligence Group publishes a handbook which identified 195 major crude streams or blends in its 2011 ...