Why Saudi Arabia won't cut oil production

Nine months after OPEC decided to leave its production target unchanged and pursue market share instead of trying to prop up prices, the group is facing a set of complex problems and decisions going forward.

Barrel of US crude drops below $40

NEW YORK (AP) — A barrel of U.S. crude oil fell below $40 per barrel for the first time since the end of the global economic crisis.Friday's fall, to $39.86, was just the latest indicator of a vast shift in the energy landscape over the past year.

Oil prices could keep falling due to oversupply, says IEA

Oil prices have not reached rock bottom and could continue falling well into next year, according to the west’s energy watchdog.

New oil bull market in sight as Brazil, Iraq cut output targets

LONDON (Reuters) - Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would give a new boost to the U.S. shale industry.

U.S. oil prices edge up as Texas braces for storm

LONDON (Reuters) - U.S. crude oil prices edged up on Tuesday as a tropical storm headed towards the oil-producing state of Texas, but oversupply kept Brent lower.

Saudi Arabia Isn’t Trying to Curb U.S. Oil Firms, Petraeus Says

Saudi Arabia is trying to maintain its share of the global oil market rather than use its power in OPEC to curb U.S. producers, according to David Petraeus, former director of the Central Intelligence Agency.

OPEC agrees to keep pumping as oil glut fears persist

VIENNA (Reuters) - Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.

Angola says $80 might be right oil price

Vienna (AFP) - OPEC member Angola declared Tuesday that $80 might be the "right oil price" for the market, ahead of this week's key production meeting in Vienna."

OPEC says you can forget about $100 oil for at least the next 10 years

Don't expect oil to go above $100 per barrel within the next decade. The 12-member oil cartel OPEC has this grim forecast in a draft report presented to its staff last week that the Wall Street Journal read.

Saudi Arabia Adds Half a Bakken to Crude Market in a Month

Saudi Arabia boosted crude production to the highest in three decades in March, with a surge equal to half the daily output of the Bakken formation in North Dakota.

OPEC Says US Oil Boom Will End This Year

OPEC says the demand for oil – its oil – will rise during 2015 because the cartel is winning its price war against US shale producers by driving them out of business.

OPEC Earnings Fall With Oil Prices

The 9-month-old plunge in the price of oil combined with a decrease in exports cut into OPEC’s net earnings in 2014, according to estimates by the U.S. Energy Information Administration (EIA).

OPEC Said Not to Plan Emergency Meeting Amid Falling Oil Prices

(Bloomberg) -- The Organization of Petroleum Exporting Countries has no plans to hold an emergency meeting amid falling oil prices, according to a delegate from the group.

Oil prices hit fresh four-year lows in wake of Opec meeting

Oil prices hit a four-and-a half-year low in the wake of the decision by the Opec producers' cartel not to cut output.

Modi to Abe Favor Oil Bears as Plunge Aids Asian Economies

Prime Minister Narendra Modi has oil to thank for helping an economic revival in India. Whether his luck holds depends on a meeting in Vienna tomorrow.

Russia hit hardest by plunging oil prices as producers brace for cut in profits

Falling oil prices knocked £1bn off the value of North Sea services firm Petrofac on Monday and are on course to cripple the Russian economy without a rescue package from the oil producers’ cartel Opec later this week.

Oil Rises as Price Plunge Puts Pressure on OPEC to Act

Brent advanced on speculation that the drop in prices below $80 a barrel for the first time in four years increases the likelihood that OPEC will curb output.

Oil Falls Fifth Day in Six as OPEC Cuts Demand Outlook

U.S. crude futures slid for a fifth time in six days after OPEC cut forecasts for the amount of oil it needs to supply and the dollar strengthened. West Texas Intermediate fell as much as 2 percent.

Crude Gives Back Gains; Saudi Oil Policy Seen Unchanged

West Texas Intermediate retreated from the biggest gain since September amid speculation a drop in Saudi Arabian oil supply to the market isn’t a signal for production cuts.

WTI Rises From Drop Below $80 as Goldman Disputes Glut

West Texas Intermediate crude held gains above $80 a barrel as Goldman Sachs Group Inc. said the market isn’t oversupplied. Brent was steady in London. Futures fluctuated in New York after rebounding 1.1 percent yesterday.