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A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan. (Reuters)
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Pump jacks drill for oil in the Monterey Shale, California, US. REUTERS/Lucy Nicholson/File Photo
OPEC’s Report Drops Oil Price
Al-Khobar – Oil prices fell after OPEC’s monthly report stated that Saudi Arabia increased its February output by 263,000 barrels per day to 10 million bpd, but the prices soon rose again after a source explained that the increase was not intended for the...Caption:
Pump Jacks are seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson
It’s Going to Be a Hot Summer for Oil Prices
Oil prices have been falling since the New Year. After a bullish announcement from the Organization of Petroleum Exporting Countries and production cuts by non-OPEC nations, the narrative has become bearish, focused on drilling for U.S. shale oil, as well as the...Caption:
Federal Reserve Board Chair Janet Yellen answers a reporter’s question during a news conference about the Federal Reserve’s monetary policy, Dec. 14, 2016, in Washington. / AP
U.S. Federal Reserve Raises Interest Rates
London – U.S. Federal Reserve decided to raise interest rates for the first time in 2016 since the election of Donald Trump, and the second time in a decade. The bank voted unanimously to raise the U.S. central bank’s target range for the federal funds rate to 0.50 to...Caption:
A worker looks at a pump jack at an oil field Buzovyazovskoye owned by Bashneft company north from Ufa, Bashkortostan, Russia, July 11, 2015.REUTERS/Sergei Karpukhin/File Photo