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Tag Archives: OPEC

OPEC’s ‘victory’ against rivals comes at heavy price

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So this is what winning looks like. Jackie Forrest: Why the OPEC price war will rage on November 27th marks the one year anniversary since Saudi Arabia made the watershed decision to pivot from protecting oil price to maximizing market share. The members of the cartel will meet again, to …

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Why OPEC has no choice but to keep pumping more oil

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On Friday, Paris was full of people trying to change the world and Vienna was full of people trying to cope with a changing world. This is not a coincidence. So this is what winning looks like: OPEC's 'victory' against rivals comes at heavy price While OPEC’s strategy has cancelled …

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Oil tanks below US$40 a barrel after OPEC mantains output amid global glut

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NEW YORK — Oil prices fell on Friday after news that the Organization of Petroleum Exporting Countries was planning to maintain its production near record highs despite depressed prices, as the producer group continued to guard its share of an oversupplied market. The group failed to agree on a new …

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Crude crashes to six-year low as OPEC, strong greenback gang up on oil

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Oil fell to the lowest level in more than six years amid speculation that a record global glut will be prolonged after OPEC effectively abandoned its longtime strategy of limiting output to control prices. The Organization of Petroleum Exporting Countries will keep pumping about 31.5 million barrels a day, President …

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Six reasons OPEC’s oil market disarray looks like the 1990s slump all over again

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OPEC has seemingly dropped any attempt at trying to fulfill its founding mission and manage the oil market, sending global benchmark Brent crude to a six-year low. For Saudi Arabia’s Ali al-Naimi, the most powerful and longest-serving of the group’s oil ministers, it may have seemed like history was repeating …

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In post-OPEC world, companies look outside Alberta to greener pastures

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As oil prices continue to slide in search for a market-set equilibrium in a post-OPEC world, companies such as Husky Energy Inc. are remaking themselves to withstand the new environment for as long as it takes, while squeezing every advantage they can get. And if that means looking to greener …

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How much oil is OPEC pumping? 900,000 barrels a day more than the world needs

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OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing producers. Tax hikes, carbon caps and now $37 crude: For Canada’s oilpatch, the bad news just keeps coming With the latest oil price collapse, …

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OPEC crisis meeting looms as oil plunges to $35 and nerves begin to fray

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The OPEC oil cartel will be forced to call an emergency meeting within weeks to stabilize the market if crude prices fail to rebound after crashing to eight-year lows of $35 a barrel, two member states have warned. Never mind $35 a barrel, Canada's oil is selling for closer to …

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Even China is sending a message to OPEC: Oil prices have fallen too far

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The world’s biggest energy consumer may have a message for OPEC. China’s decision to suspend fuel price cuts as crude continues its decline is sending a signal to the Organization of Petroleum Exporting Countries that prices are too low, according to a report from Sanford C. Bernstein & Co. The …

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LNG hope and OPEC’s tightrope: What’s in store for Canada’s oil patch in 2016

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There’s no rest for the weary. The Canadian oil and gas industry weathered one of its worst years in a generation, and there’s no guarantee 2016 is going to be any better, especially if oil prices remain range-bound at their current level of US$38 per barrel. But a number of …

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