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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 ...
As 2016 continued, the oil glut was partially trimmed with significant production offline in the United States, Canada, Libya, Nigeria and China, and the basket price gradually rose back into the $40s. OPEC regained a modest percentage of market share, saw the cancellation of many competing drilling projects, maintained the status quo at its ...
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.
January 1: The OPEC crude oil production quota cuts of 1.5 million barrels (240,000 m 3) per day, announced on December 28, officially go into effect for six months.Crude oil production or export cuts of 462,500 barrels per day (73,530 m 3 /d) by five non-OPEC oil exporters also go into effect.
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 ...
That means OPEC's market power lately is "less than you would imagine," U.S. Assistant Secretary of State for Energy Resources Geoffrey Pyatt told the Wall Street Journal ahead of the oil group's ...
March 12: OPEC announces production cut to 22.3 Mbbl/d (3,550,000 m 3 /d). [citation needed] March 13: API reports a 6 Mbbl (950,000 m 3) weekly domestic crude inventory draw; Saudi Arabia and Iran say OPEC production cuts will take effect April 1. [citation needed] March 19: Gorbachev says the Soviet Union will cut its oil exports by nearly half.
At the 6th Ministerial Meeting of the GECF in Doha, it was decided to create a working group under the leadership of the Ministry of Industry and Energy of Russia to coordinate actions to form a full-fledged organization. This step was perceived as the inevitability of creating a gas analogue of OPEC. As a result, the agreement on the ...