OPEC

Optimistic OPEC secretary-general expects balanced oil market in 2016

The OPC secterary-general is very positive that by 2016, the oil market will regain its strength and recover from the deep plunge from the previous years. The output remains the same to control the supply and price as well. Non-OPEC countries will soon join depending on the discussion in the meeting that will be held this month in Vienna.

Oil price further skids on renewed global concerns

Oil prices on Friday eased further following the renewed fears about the global economy. The US central bank warned that global economy is weakening. China's economy is slowing down and growth rate is expected to be below 7% this year. Adding to this, Opec is firm on maintaining its production level. All these factors are increasing pressure on oil prices.

Iran to sell crude oil to Asia on a huge discount in a bid to regain market share in the region

Iran provided good news by reducing the price of its crude oil being sold to Asia come October. Iran is trying to win back its market share in the oil industry competing with other OPEC members, specially Saudi Arabia.

Oil price decline makes gasoline less expensive

Enjoy the savings while it last. This is what the Americans are doing right now, as they took advantage of the cheap gasoline price and have their engine tanks full.

Oil price up 27% in just 3 sessions; OPEC agrees on a fair price deal

Oil price recovered as two sets of news made it positive for the energy sector. Opec says it'll try to get a fair price deal by speaking to other oil producers. The cut down in US Eenrgy production forecast also boosted the market sentiment. Oil price rose 27% in just last three sessions.

The reason Saudi Arabia won't hold off oil production

Oil industry has been suffering too much from the price crash and worse is some have gone bankrupt. Still Saudi Arabia won't lessen it's oil production eventhough they are already affected but more affected are its rivals. In the end, Saudi Arabia will have more to gain.

Continued oil price crash reached lowest level

U.S. crude oil price falls down to its level in more than six years. Over-supply of crude seen as one of the reasons for the oil's low price including the China's yuan devaluation. While most crude oil consumers enjoy the benefits of getting lower fuel, oil industries suffer from low profits forcing them to cut on expenditures and employment.

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