For the last month oil prices have been stuck in a trading range in New York of between $52 and $54 a barrel. In London, oil has been trading two or three dollars higher. After a 30 percent jump in the last six weeks of 2016 in response to the OPEC production freeze, prices have stabilized as the markets wait to see the degree of compliance with the pledged production cuts. It may take several months to establish a clear trend as so many nations are involved in the cut. While a few countries, particularly the US, publish oil production and inventory statistics weekly, others do a poor job of collecting statistics. A few release incorrect production numbers they know to be untrue for a variety of political reasons.
Archive for October, 2013
On October 19, 1973, the Organization of Arab Oil Exporting Countries (OAPEC) proclaimed an embargo of oil exports to the United States, in response to U.S. support for Israel in the 1973 Arab-Israeli War. The embargo, which was accompanied by cuts in overall production by OAPEC countries, lasted until March 1974. Oil prices shot up […]
By Tom Whipple 1. Oil and the Global Economy New York oil prices fell last week during volatile trading, closing Friday at $102.02 amidst concerns about the US government shutdown and the possibility of a US debt default later this week. London crude, however, which is more concerned with problems in exports from Libya and […]
By Tom Whipple 1. Oil and the Global Economy The price drop which began in early September continued through last Tuesday, but reversed on Wednesday following the news that the southern leg of the Keystone pipeline would be opening before the end of the year. New York oil traded around $103 on Thursday, then on […]
By Steve Andrews. Early last week, Shell Oil announced it was shutting down its oil shale research project in western Colorado. Combine their departure with Chevron’s exit back in February 2012 and you can count another nail in oil shale’s coffin. Yet since this unconventional resource ranks among the largest in the world, estimated by […]
By Tom Whipple 1. Oil and the Global Economy Oil prices were little changed last week with New York crude trading around $103 a barrel and London around $108. While several of the usual factors moved prices last week – stronger Chinese manufacturing numbers, a falling dollar, and a rebound in Libyan exports – most […]