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Oil futures jumped nearly 3% on Monday after OPEC+ announced it would delay unwinding production cuts by a month and traders digested a new report that said Iran is planning a "strong and complex ...
One result of those slack prices is that U.S. average pump prices for gasoline fell to $3.03 a gallon this week, the lowest since May, 2021 and well down from their record peak of $5.02 from June ...
The group in June lengthened the 2.2 million barrels per day cut through the end of September. That same month, OPEC+ extended a cut of 1.65 million barrels per day announced in April 2023 until ...
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.
While OPEC and allies were expected to reach a deal, they had not by July 2. WTI finished the week at $75.16, up 1.5 percent for the week, with Brent at $76.17, up 1.1 percent. [52] After the July 4 holiday, WTI briefly climbed to its highest price in six years before falling 2.4 percent to $73.37, while Brent fell 3.4 percent to $74.53. Some ...
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.
OPEC analysts note the latest data shows Chinese crude imports increasing to 11.4 million barrels per day in October, on track to reach a new annual record high for this year. ... The oil cartel ...
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 edition.