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A weekly look at what occurred in the oil markets of the U.S. and the world this past week. The monthly reports of the International Energy Agency and OPEC, both released this past week, reflect ...
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.
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.
September 22: OPEC, at a meeting of its member states' oil ministers, decides to maintain current production cuts until March 2000, despite the fact the crude oil prices have doubled since early 1999. In another development, OPEC announces that its current Secretary General, Nigerian Rilwanu Lukman, will stay in office until March 2000. The ...
Oil prices fell on Friday, with U.S. crude dropping more than 4%, on fresh trade tensions and record high U.S. crude production, but they still ended the month higher as OPEC watchers expect an ...
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November 29: For the first time in four years, OPEC agrees to an increase in its production ceiling. OPEC has raised the ceiling to 27.5 million barrels per day (4,370,000 m 3 /d) for the first half of 1998, effective January 1, 1998. The new ceiling represents a 10 percent increase over the current ceiling.
On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003. [114] OPEC encouraged production cuts, which helped prices go up [115] before U.S. crude fell to $26.05, its lowest price since May 2003. Prices started rising when OPEC was "ready to cooperate". [116] [117]