• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Energy Armageddon
  • 6 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 6 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 20 hours Wind droughts
  • 8 days Goldman Betting on Cryptocurrencies
  • 11 days Сryptocurrency predictions
Aramco Refining Unit Plans Billion-Dollar IPO

Aramco Refining Unit Plans Billion-Dollar IPO

Saudi Aramco’s refining unit Luberef…

Nigeria’s Oil Industry Can Flourish Despite Oil Theft

Nigeria’s Oil Industry Can Flourish Despite Oil Theft

While Nigeria’s oil industry is…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Premium Content

How Long Will This Oil Rally Last?

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday and for the week for a number of reasons, mostly affecting the supply side. The markets are being supported primarily by deeper-than-expected OPEC-led production cuts and the impact of U.S.-led sanctions on Venezuelan oil exports. Despite these moves, on a macro level, the global oil market remains well-supplied. Additionally, gains are being limited by weakening global demand.

Production Cuts Supportive

On the supply side, Saudi Arabia, the defacto leader of OPEC, said it cut daily production and exports by a further 500,000 barrels per day (bpd) on top of its agreed OPEC quota reduction. Since January 1, an OPEC-led group has been cutting at least 1.2 million barrels per day from production in an effort to trim the global supply and stabilize prices. On Tuesday, the Saudis said it had cut its output by almost 800,000 bpd in January to 30.81 million bpd.

The markets received a boost late in the week after Saudi Arabia said it would cut even more in March than it originally pledged. Russia said that it has cut its oil production by 80,000-90,000 barrels per day from its level in October, Moscow’s reference level for its cuts, the country’s energy minister said.

In the meantime, the political rift between Venezuela and the United States continues with the U.S. sanctions against the South American nation giving prices a slight boost.

Trade…





Leave a comment
  • Jim Miceli on February 17 2019 said:
    I seem to think that an Oil Man if he truly is an Oil Man never compromises the Well. Put in a Floor and loose money isn't business. 55.00 out to 60.00 plus.
  • Tim Aldrich on February 18 2019 said:
    Why isn't Wyoming striving in the oil industry?. Seems North Dakota, Texas are two states and the government are oil pushing and Wyoming sits limbo. Lots of oil , coal , uranium in Wyoming

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News