OPEC

Crude Oil Slips Continuously Amid Raging West Asian War

Crude Oil Slips Continuously Amid Raging West Asian War

It has been almost 2 weeks since Israeli forces entered the Gaza Strip. With the war raging between Israel and Hamas, many experts expected oil prices to surge, but contrary to popular belief, the oil prices are slipping continuously. On Wednesday, oil prices fell almost 4% to a 3-month low with Brent crude oil selling…

Oil Minister Urges OPEC To Have A Sense Of Pragmatism

Oil Minister Urges OPEC To Have A Sense Of Pragmatism

Oil prices have risen a lot in the last few months, since August 2022 the OPEC and OPEC+ group of oil exporters have decreased their oil production by 5% which resulted in a 34% hike in oil prices around the world. The price of a single barrel of oil in August 2022 was $72/bbl while…

Oil Prices Jumped After Surprise Move To Cut Production

Oil Prices Jumped After Surprise Move To Cut Production

Oil prices increased on Monday when several world’s largest exporters announced a surprise cut in production. Now Brent crude oil is trading at $85 a barrel after jumping straight 6%. Some economists anticipated that the higher price would make it harder to cut the cost. But the RAC motoring group stated that the rise in…

Oil Price Touches The Lowest In More Than A Year

Oil Price Touches The Lowest In More Than A Year

The world witnessed a fall in the oil price by nearly 5%, as the fears related to the crisis in the banking sector rose to fear of recession. Brent crude fell 4.1%, to $74.25 a barrel by 1333 GMT, after reaching $74.01 for its lowest since December 2021. U.S. West Texas Intermediate crude (WTI) fell…