OPEC 3 results

Historic Agreement Reached: OPEC Will Cut Oil Production

For the first time since 2008 the Organization of Petroleum Exporting Countries (OPEC) has agreed to cut crude output. The deal comes after the November 30th OPEC meeting which took place in Vienna, Austria. After numerous failed attempts, this most recent meeting was a welcomed surprise. Not only will OPEC cut output by 1 million barrels a day, Non-OPEC Russia will also join the output reductions for the first time in 15 years. The word spread quickly and the international benchmark Brent ...

U.S. Oil & Gas: Rig Count Up but is OPEC Down for an Agreement

Baker Hughes, the oilfield service provider, has issued their rig count for the week and things are looking good for American oil and gas. U.S. oil rig count was up by 19, the largest increase the country has seen since July 2015. This brings the total number of oil rigs to 471 which is the highest it has been since February 5th of this year. The active gas rig count has gone up by one since last week making the total active number 116. Some of the top oil producing states to see increases were ...

OPEC Closer Than Ever To Reaching Production Cut Deal

Oil prices have taken a turn for the better as the Organization of Petroleum Exporting Countries (OPEC) takes steps to resolve their internal disputes and the possibility of a production cap nears ever closer. Declining production in China and falling U.S. inventories along with a positive statement from OPEC which expressed their support of a cut has lead to increased market confidence. All of this paired up with a weaker dollar has traders excited about the future for the first time in a very ...