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Tag Archives: OPEC

99-cent gasoline foreseen as a definite possibility

By JACK WEATHERLY Ninety-nine cents for a gallon of gasoline? When was that? Back in the ’60s? How about later this year?  “I don’t think I’ve ever seen such a collapse in prices, even including the Great Recession. What we’re witnessing is easily going to go down as the great collapse in oil demand,” said Patrick DeHaan, head petroleum analyst ...

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After an early wobble, US stocks edge higher in late trade

U.S. stock indexes moved slightly higher in late-afternoon trading, reversing an earlier slide. Health care companies led the rebound. Energy stocks were the biggest laggard following a meeting of OPEC ministers that ended without an agreement on crude production cuts. KEEPING SCORE: The Dow Jones industrial average edged up 19 points, or 0.1 percent, to 17,809 as of 3:14 p.m. ...

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OPEC leader: Oil could shoot back to $200

Right now the oil market is totally focused on finding a bottom for oil prices. However, according to OPEC’s Secretary-General Abdulla al-Badri we’ve already hit bottom. Not only that, but he sees a real possibility that oil prices could explode higher to upwards of $200 per barrel in the future. He’s far from the only one that sees a return ...

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Shale oil: market correction or longterm direction?

By Jack Weatherly The golden age of hydraulic fracturing began about 10 years ago “as oil and gas producers began to explore the nation’s massive shale formations in earnest,” according to an essay on the American Society of Mechanical Engineers website. Expansion of the technique in subterranean shale formations has pushed the United States toward oil and natural gas self-sufficiency in ...

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OPEC content with oil prices, supply

VIENNA — OPEC heavyweight Saudi Arabia has set the tone for this week’s meeting of the 12-nation production group with an unusually clear statement — expect no change; we are content with prices and supply. “We’re extremely happy with the market,” Saudi oil minister Ali Naimi told reporters late Monday. “It is in a very happy situation.” The Saudis, who ...

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