OPEC’s meeting tomorrow will almost certainly result in talk of cutting production, but not much in the way of concerted action. Member nations’ motivations are not synchronized, so consensus is exceedingly unlikely. Iran wants to impose OPEC-wide decreases, but the UAE thinks current levels are appropriate. Although OPEC will not move together on this issue, some countries (notably Saudi Arabia) are likely to retrench significant volumes.
Continue reading "Benchmark: OPEC"
Friday, August 29, 2008
Crude oil headed for its biggest weekly gain in almost two months as producers evacuated rigs before the arrival of Gustav. Addison Armstrong, director of market research at TFS Energy LLC, said: Prices are higher on the prospect that Hurricane Gustav will strike the heart of the oil and natural gas production region in the [...]
Continue reading "Oil jumps as Gustav Threatens Gulf of Mexico Platforms"
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Monday, September 8, 2008