• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 14 hours e-truck insanity
  • 6 days China deletes leaked stats showing plunging birth rate for 2023
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Oil Prices Climb as Sentiment Continues to Improve

Oil Prices Climb as Sentiment Continues to Improve

Oil prices have been climbing…

Could Taiwan’s Energy Crisis Derail the AI Boom?

Could Taiwan’s Energy Crisis Derail the AI Boom?

Taiwan's energy crisis poses significant…

A Powerful Family Army Is Forming in Eastern Libya

A Powerful Family Army Is Forming in Eastern Libya

Khalifa Haftar has named his…

Editorial Dept

Editorial Dept

More Info

Premium Content

What Really Happened At The OPEC Meeting?

OPEC

The OPEC meeting came and went without much of a hitch. But while market analysts and the media had assumed that a rollover of the current level of production cuts was in the bag, OPEC surprised us all again. 

Saudi Arabia had hinted prior to the meeting that the cartel was likely to roll over the cuts when it pushed for a rethink of its oil demand projections for the rest of the year, which it thought was too high. It also urged “caution” in this fickle market. This suggested that Saudi Arabia believed oil demand was not as high as they had anticipated, and therefore, there may not be enough room for members to increase production. 

But that proved not to be the case. In light of global pressure on the group - both from the United States and India - to supply more crude oil to the market, the result perhaps isn’t all that surprising. Saudi Arabia denied that the pre-meeting phone call with Washington had anything to do with the meeting’s outcome, but we believe the media is discrediting the amount of influence this interaction had. To this end, Saudi Arabia raised no objections to a gradual production increase during the OPEC meeting and pointed out that domestic demand would rise over the summer months and that a production increase may be necessary. 

OPEC’s meeting was quick on Thursday. Saudi Arabia started the meeting with a thinly-veiled threat that it would decide on the fate of its own voluntary production cuts of a million extra barrels per day only…





Leave a comment

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