Gold Silver Reports (GSR) – Crude Oil Tops $75 on Supply Cuts, Prospect of Iran Sanctions — Brent crude, the global benchmark, rose to its highest level since OPEC on Nov. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016.
OPEC
Trump Slams OPEC for Inflating Prices, Crude Oil Erases Gains
Trump Slams OPEC for Inflating Prices, Crude Oil Erases Gains -Crude Oil fell in New York after U.S. President Donald Trump criticized OPEC and said crude prices are “artificially Very High.” Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully …
Crude Oil Rises Amid Shrinking U.S. Surplus as OPEC Prepares to Gather
Gold Silver Reports (GSR) – Crude Oil Rises Amid Shrinking U.S. Surplus as OPEC Prepares to Gather – Futures in New York briefly surged almost 3 percent on Wednesday to the highest since 2014. An Energy Information Administration report showed shrinking American petroleum surpluses and the first crude withdrawal from the largest U.S. storage complex in six weeks. The U.S. draw-downs underlined optimism that an OPEC-led effort to curb global supplies will be reinforced later this week when the cartel and allied producers gather in Saudi Arabia.
OPEC Russia Talks Set to Keep Oil Cuts Even as Glut Vanishes
Gold Silver Reports (GSR) – OPEC Russia Talks Set to Keep Oil Cuts Even as Glut Vanishes – Almost 16 months of output curbs by the Organization of Petroleum Exporting Countries and its partners have seen crude rally to a three-year high near $70 a barrel. That’s replenishing their coffers after the worst oil slump in a generation, encouraging the producers to extend their intervention even as Venezuela’s petro-economy implodes and Donald Trump threatens Iran with sanctions.
Watch Out, OPEC: Busiest U.S. Oil Play Heads for Record Spending
Gold Silver Reports (GSR) – Bad news for OPEC: the epicenter of the shale boom is headed for record spending this year.
OPEC on Verge of 9-Month Cuts Extension After Iraq Backing
Gold Silver Reports — OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.
OPEC Bids Farewell to Saudi Arabia
Gold Silver Reports – Saudi Arabian Oil Minister Ali al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled the energy market, companies and entire economies from Mexico to Nigeria, is leaving his post.
Crude Lock in a $45 Barrel Lifeline for 2017
Gold Silver Reports ⇒ U.S. crudeoil producers reeling from an 18-month price rout have cautiously begun hedging future production this week, fearing this may be their best chance yet to lock in a $45 a barrel lifeline for 2017 and beyond.
Crude Oil Prices Zoom after Reports By Energy Minister of OPEC
Gold Silver Reports ~ Crude Oil Prices Zoom after Reports By Energy Minister of OPEC- member United Arab Emirates sparked hopes of a coordinated production cut, but oversupply concerns damped gains.