Oil prices rose Monday on speculation that Organization of the Petroleum Exporting Countries (“OPEC”) might be willing to agree to output cuts to shrink the global supply of crude oil. Prices were trading at $48.59, up more than 7% mid-afternoon. OPEC stated Monday that it “stands ready to talk to all other producers.” The report […]
News & Articles
Huge Natural-Gas Field Discovered Off Egyptian Coast
An Italian energy company has reported what may be the largest natural-gas discovery in history. The Italian company, Eni, indicates that it has unearthed a “supergiant” gas field in the Mediterranean Sea covering approximately 40 square miles. The gas field could hold a potential of 30 trillion cubic feet of natural gas. Eni states that […]
Brent Crude versus Crude Oil
“Brent Blend” or Brent Crude refers to the oil drilled in the North Sea. Roughly two-thirds of the oil traded around the world is Brent Crude. The crude oil drilled from this region is known to be light and sweet which is ideal for the refining of diesel and gasoline. The exportation of oil from […]
United States Rig Count Increases
The oil-rig count in the United States increased by one this week to 675. This is the sixth consecutive week of increased rigs. Prior to these recent increases, the number of U.S. oil-drilling rigs had fallen significantly since oil prices began to slide down last year. Friday, WTI was up 6.9% to $45.49 following the […]
Oil-Export Ban To Be Lifted
Congressional leaders have signaled their agreement to lift the 40-year-old ban on oil exports out of the United States. The bill allowing oil exports is in the middle of a congressional deal on spending and tax legislation that was announced early Wednesday. Both the House and Senate still must pass it and President Obama must […]