OPEC Nations Remain Committed Following Angola’s Exit
Organization of the Petroleum Exporting Countries members Iraq, Nigeria, and the Republic of Congo have voiced their commitment to the cartel following the departure of Angola from the organization last week. "We reiterate our firm support for unity and cohesion at the heart of...
Oil Slumps 4% as OPEC+ Meeting Delayed
Oil prices fell by 4% following news that Sunday's meeting between OPEC+ producers has been delayed. West Texas Intermediate (WTI) crude futures slumped 4.2% lower to $74.51 a barrel while Brent crude futures declined 4.1% to $79.06 per barrel.
Previously scheduled for Sunday 26 November,...
Oil Industry Leaders Meet in Singapore to Discuss Turbulent Market
Elite leaders in the global oil market are set to convene at the Asia Pacific Petroleum Conference in Singapore on Monday. The conference, organized by S&P Global Commodity Insights, is aimed at discussing the current market climate. Among the speakers are Black Gold Investors...
Oil Drops as Investors Weigh Opec+ Decision
Oil retreated on Wednesday following a 2% rise the previous day after Saudi Arabia and Russia announced production cuts. Investors are now looking to the 8th OPEC International Seminar in Vienna Wednesday for an indication of whether other members of the cartel will follow...
Oil Rises Amid Russian and Saudi Price Cuts
Oil prices rose on Monday following output announcements from OPEC+ members Saudi Arabia and Russia. The Saudis will extend their oil production cut by another month, while Russia announced that it will reduce its exports.
Saudi Arabia's production will remain one million barrels per day...
Oil Declines Amid Falling Chinese Outlook
Oil edged lower on Tuesday as buyers express anxiety over the possibility that a stimulus package aimed at aiding China's flailing economy may fall short of expectations.
West Texas Intermediate set for August delivery fell to approximately $71 per barrel, while global benchmark Brent declined...