The Organization of Petroleum Exporting Countries (OPEC) is meeting today in Vienna, Austria to discuss current output levels. However there is already a big disagreement over whether the current levels should be raised or lowered. Saudi Arabia, Kuwait, Qatar, and the United Arab Emirates want output limits to be raised by 500,000 barrels per day, […]

Crude oil prices fall to an 8-month low after US retail sales figures were released showing poor results. There was also a decline in EuroZone production. The US Commerce Department released May’s retail sales data showing a decrease for the 2nd straight month. European Union data also showed a 1% decline in manufacturing. This contributed […]

Gold, oil, and silver prices rose for the 3rd straight day on expectations that the US Federal Reserve will add more funds into the economy to stimulate growth. Oil is the backbone of economic growth, so demand will increase as the economy strengthens. However as you pump more cash into the system, you also create […]

Goldman Sachs has called for a 29% gain in the S&P GSCI Enhanced Commodities Index over the next 12 months. The index is heavy on industrial metals and energy. As the EuroZone debt crisis fades and the US and China recovery and their economies start to grow, Goldman Sachs predicts a 41% gain in energy […]

The Venezuelan government and President Hugo Chavez are very concerned that OPEC (Organization of Petroleum Exporting Countries) members are exceeding their quotas and oversupplying the markets. Venezuela, also an OPEC member, plans to bringing up this issue at the OPEC meeting in Austria next week. OPEC sets supply quotas to try to stabilize prices as high as […]

Crude oil prices initially rose after China cut interest rates for the first time since 2008 causing a strong upward spike in oil prices, but shortly after was followed by a strong contraction the US Federal Reserve warned that the US still faces economic risk from exposure to bad European debt. US WTI (West Texas […]

The Iraqi Oil Ministry released their figures showing crude oil exports dropped 2.2% in May 2012. The drop was largely due to increased domestic demand as Iraq’s economy grows, and not a result of a decline in production. Oil exports in May averaged 2.45 million barrels per day, which was lower than April’s 2.51 million […]

Crude oil prices fell to an 8-month low as US unemployment rose, and also experienced less demand from the EuroZone. Oil prices dropped 4% on Friday after the US Labor Department released their employment figures showing an increase in joblessness. This signaled an economic decline, and will result in less manufacturing — the biggest consumer […]

Iraq’s momentous oil and gas auction was a complete failure. The auction was for blocks of land zoned for oil and natural gas exploration. However due to unfavorable terms in the contract and lack of supporting infrastructure to the auctioned land, very few plots were even bidded on. This was the first competitive bidding process […]

Brent Crude Oil prices fell 15% in May. While closing the day at $101.87, the futures commodity is down $17.60 for the month, marking the rost monthly loss since December 2008. The price decline was due to rising US inventory levels, poor PMI (Purchasing Managers’ Index) data signaling a slower US economy than expected, and […]