Oil Prices Drop as Concerns over Global Fuel Glut Re-emerge

Oil prices fell more than a percent on Wednesday as a report showing a surge in U.S. crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about a global supply glut. Brent crude futures were down 61 cents, or 1.20 percent, at …

World Bank Ups Its 2017 Oil Price Forecast To $55

The World Bank has just upped its oil price forecast for 2017, saying it now expects average prices to be US$55 a barrel over the next year. That’s US$2 more than its earlier forecast, which is a reflection that at least some shred of optimism is returning to the oil …

China’s Oil Production Tanks, Foreign Oil Dependency Nightmare Intensifies

It might seem disingenuous to call any country’s foreign oil dependency a nightmare, but that’s exactly what it is. A myriad of problems stem from foreign oil dependency, ranging from a massive transfer of wealth, to securing vital supply lines and shipping lanes to other geopolitical considerations. As a major …

IEA releases Oil Market Report for August

Crude oil prices eased to around $45 per barrel in August as a global supply overhang weighed and demand growth weakened, the newly released IEA Oil Market Report (OMR) for August informs subscribers. Brent crude had threatened to break below $40 per barrel at the end of July. Global oil …