Tag Archives: Oil

U.S. Oil production increased to peak last 20 years Oil prices declining

13 Feb

Oil prices fell on Wednesday after the U.S. market Energy Information Administration, the statistical agency of the U.S. government’s Energy, announced that U.S. oil production rose to the highest level in over 20 years.

Weekly U.S. government data presented show that the U.S. oil production rose last week to 7.06 million bpd, the highest level since December 1992, according to Bloomberg.

Oil prices fell to 0.3% after information came out.

Reference to the U.S. market are traded in New York at $ 97.34 a barrel, down 17 cents, while the volume of contracts traded is 42% higher than the average last 100 days.

Quotation of Brent crude fell 20 cents to about $ 118 per barrel.Volume for Brent crude is above the range with 17% average of last 100 days.

Source: zf.ro

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Saudi Arabia cuts oil production as demand eases

13 Jan

Saudi Arabia oil productionReuters reported that Saudi Arabia has cut oil production substantially, moving to fend off a growing overhang in world oil supply and defend prices well above USD 100 a barrel.

Familiar with Saudi policy said that in the last two months of 2012, OPEC’s lead producer responded to slower demand by lowering supply by around 700,000 barrels per day, with output in December falling to around 9 million barrels per day. Continue reading

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