Cheapest Oil Is Already Close to $20

A mix of Mexican crudes is already valued at less than $28, an 11-year low, according to data compiled by Bloomberg. Iraq is offering its heaviest variety of oil to buyers in Asia for about $25. In western Canada, some producers are selling for less than $22 a barrel. Even oil prices from OPEC, which […]

The oil trend remains negative OPEC keeps record highs pumping

OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing producers. Output from the Organization of Petroleum Exporting Countries rose by 230,100 barrels a day in November to 31.695 million a day, the highest since April 2012, as surging […]

OPEC: Milder winter to pressure oil price further

The oil price could face further downward pressure as a warmer winter is expected to hit demand further, the supplier of about 40 percent of the world’s oil warned. Official forecasts expect heating degree days in the U.S. to be 12 percent lower than last winter, implying lower demand, the Organization of Petroleum Exporting Countries […]