The US shale boom and OPEC’s refusal to cut production has pushed oil to $56 a barrel on Wednesday. It is going to become the biggest annual decline since 2008. Pressured by weakening demand and so also a supply glut has all caused the rapid decline in oil prices. Oil stood at $56 a barrel […]
Oil Prices rise after Saudi Confidence in Demand
For the second day in succession, Oil price rose extending the biggest rally since October 2012. Saudi Arabia said that it is not cutting down production and is confident that crude prices will rebound as the world economy grows. Brent futures rose by 2.6 percent in London. Saudi oil minister blamed countries outside OPEC and […]
OPEC Say No to Cuts in Production to Bolster Falling Crude Prices
Falling oil prices have increased concerns among oil producing nations but the Kuwaiti oil minister Ali al-Omair is putting a brave face. He stated that the Organization of the Petroleum Exporting Countries or OPEC will not cut production or hold an emergency meeting to discuss about falling global oil prices. Omair was speaking to Reuters […]