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OPEC+ Alterations Amidst Additional Oversupply

By: Ryan Wolfe / Posted on: November 10, 2020

For the 2021 calendar year, there will be 5.8 million barrels per day crude production cuts. These cuts are an effort to balance the current oversupply due to COVID-19 with an estimated demand forecast for the year.

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Sharara Blockade Lifted

By: Stacie Kennelly / Posted on: October 12, 2020

After a 9 month oil production blockade which cost Libya billions of dollars in lost revenue, oil production restarted Sunday afternoon in Sharara. Before the blockade, Libya was able to contribute around 1.3 million barrels a day to the global supply.

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Market Drop

By: Ryan Wolfe / Posted on: September 3, 2020

The most recent WTI drop of 2.9% is the largest in a month. Supply versus demand continues to be a curious topic that is the main driver of the current crude oil situation.   Oversupply of crude oil in 2020 continues as just in the past few days in the North Sea there are a combined 12 cargoes that have yet to find a buyer suggesting slow demand is taking place in the region.  

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Oil Output Falls in November

By: Pam Corn / Posted on: November 29, 2019

A recent survey conducted by Reuters found that OPEC oil output has dropped during the month of November from October by 110,000 barrels per day (bpd). The cause is from Angola Production fell due to maintenance, along with Saudi Arabia halted supply output before the initial public offering of state-owned Saudi Aramco.

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The Market is Green Just like the Rain We See

By: Mike Dombroski / Posted on: July 25, 2018

Oil prices continue to be range bound until the market bulls or bears take control. As of this morning, there were more bullish than bearish factors which is resulting in green across the board for the moment.

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