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OPEC Articles
Venezuela has been selling off the nation's gold to make up for the oil losses in an effort to keep the country viable. Will it matter?
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The poster child for the impact of low crude prices is Venezuela, a founding member of OPEC and the country with the largest proved reserves in the world.
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In the week ended August 26, the number of rigs drilling for oil in the United States totaled 406, unchanged compared with the prior week.
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The latest Baker Hughes North American Rotary Rig Count finds the number of rigs drilling for oil in the United States totals 406.
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Despite the price of oil being low, there are several key surprises in the latest OPEC monthly oil market report.
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While OPEC no longer wields the same power over global oil markets it had 40 years ago, it can still make some noise when it wants to.
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In its Monthly Oil Market Report for July, OPEC noted that its price for its reference basket rose in June, a fifth consecutive month of rising prices.
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Platts reported Monday that OPEC production reached more than 32 million barrels a day in June, a level last achieved in August 2008.
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In its Monthly Oil Market Report for June, released Monday morning, OPEC noted that its price for its reference basket rose by more than 14% in May.
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In its Monthly Oil Market Report for May, OPEC noted that its price for its reference basket rose for a third consecutive month.
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In its Monthly Oil Market Report for April, OPEC noted that its price for its reference basket rose by more than 20%, a second consecutive month of rising prices.
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U.S. drivers can expect to gasoline prices this summer to average about 22% less than last year, according to the U.S. Energy Information Administration.
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OPEC coyly noted the positive sentiment in the oil markets "arising from the efforts of major producers to trim output" along with falling U.S. production and "healthy physical oil markets."
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This 50% rally in oil has been met with broad skepticism, flooded with analyst warnings that it will not last.
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There is an agreement among Saudi Arabia, Russia, Venezuela and Qatar that the four producing nations would freeze output at January levels.
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