OPEC unity shattered as Saudi-led policy leads to no Limits
OPEC has abandoned all pretense of acting as a cartel. It’s now every member for itself.
OPEC has abandoned all pretense of acting as a cartel. It’s now every member for itself.
When oil prices started taking off in 2004, it was part of the same “commodity supercycle” that sent prices of so many other commodities spiraling up. Oil stayed at the party longer than anyone else but now, the party is over.
Crude oil futures tumbled to their lowest in nearly seven years on Monday after OPEC failed to address a growing supply glut, while a stronger dollar made it more expensive to hold crude positions.
The U.S. oil rig count fell by 10 to 545 last week, for a third period in a row, according to oil driller Baker Hughes. That’s the lowest tally since the week of June 4, 2010.
Blindsided by a brutal downturn, oil companies have scuttled plans for scores of costly energy projects in an industry-wide retreat that could wipe out 19 million barrels from the world’s daily regimen of hydrocarbons over the next few years, a new report says.
An internal OPEC document written to prepare a crucial meeting Friday warns oil prices will remain under pressure in the near future while markets would remain oversupplied even if the cartel cut its production.
Tesla is shrugging off its downgrade from Consumer Reports, as the Model S has been named one of Car and Driver magazine’s 10 best cars of 2016.
Volkswagen’s emissions scandal crushed the brand’s U.S. sales in November, despite heavy discounts and a strong month for the overall auto industry.
Spanish renewable energy and engineering giant Abengoa, which operates plants in Kansas, says it has begun bankruptcy protection proceedings in a bid to avoid what could be one of the country’s largest insolvencies.
Why are only about 330,000 electric vehicles on the road? One answer lies in an unexpected and powerful camp of skeptics: car dealers. They are showing little enthusiasm for putting consumers into electric cars.