Tag Archives: OPEC

S&P Lowers Ratings of ME Oil Producing Countries

Due to the recent drastic decline in the price of oil, the S&P decided to lower the sovereign credit ratings of several Middle Eastern oil producing countries. The price of oil has crashed since June, with S&P cutting their forecast for average Brent oil from $105 per barrel down to $55 for 2015. An increase… Continue Reading

Oil Prices Falling as OPEC Nixes Cut in Production

Listen to an overview of the OPEC decision not to cut production as a method to boost prices. Gulf countries are looking instead to improve business by keeping prices down through achieving increased market share and the ability to realize a number of political objectives. Brent crude was selling for below $70/barrel and West Texas… Continue Reading

Libyan Labor Unrest Delaying Oil Output

  OPEC member Libya, producer of 1.5 percent of global oil supplies, was unable to commit to deliveries of crude oil to its customers in September due to strikes by workers at their major ports. Oil production and supply continued normally until last June, but since then output has taken a nose dive, driving up… Continue Reading