Why Are Oil Prices Dropping Sharply? Global Economy Forecasts Lowered

Oil prices jumped in September and early October of this year (2018), but have dropped $20 a barrel in the last few weeks. The sharp turnaround is attributed to OPEC’s inability to cut supply, but this is old-fashioned thinking. OPEC’s power is a small fraction of what it was in the 1970s. What’s...

https://www.hellenicshippingnews.com/why-are-oil-prices-dropping-sharply-global-economy-forecasts-lowered/

‘Duped,’ ‘tricked’ and ‘snookered’: Oil analysts say Trump fooled Saudis into tanking crude prices

Earlier this year, Saudi Arabia pulled off a challenging U-turn in global oil market policy, convincing a fractious group of two dozen nations to hike output and undercut the oil market rally that was filling their coffers. The Saudis undertook this unpopular task at least in part to help its...

https://www.hellenicshippingnews.com/duped-tricked-and-snookered-oil-analysts-say-trump-fooled-saudis-into-tanking-crude-prices/

Renowned energy trader Mark Fisher says the worst is over for oil and it’s time to buy

Renowned energy trader Mark Fisher said the “worst is over” for the crude oil market following a six-week rout that has seen U.S. crude lose over a quarter of its value. The MBF Clearing founder and CEO said he’d be a buyer right now rather than a seller. The market outlook for crude oil has …

https://www.hellenicshippingnews.com/renowned-energy-trader-mark-fisher-says-the-worst-is-over-for-oil-and-its-time-to-buy/

Head of Libyan oil firm says Opec, non-OPEC producers need to cooperate

It is important for OPEC and non-OPEC producers to cooperate to maintain oil market stability, the head of Libyan state oil firm NOC said in a statement on Thursday. Mustafar Sanalla issued the statement after meeting Saudi Energy Minister Khalid al-Fali. Source: Reuters (Reporting by Ulf Laessing;...

https://www.hellenicshippingnews.com/head-of-libyan-oil-firm-says-opec-non-opec-producers-need-to-cooperate/