OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey. Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 bpd to average 33.69 MMbpd in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies … Read More
OPEC’s Planned Oil Production Freeze Won’t be Potent
Even if OPEC strikes a deal with Russia next month in Algiers to freeze oil production, success will mean a lot less than when they tried and failed four months ago. Oil has rallied more than 10% since the Organization of Petroleum Exporting Countries said that it will hold an informal meeting in the Algerian capital, fanning speculation the group … Read More