With crude oil prices dropping despite OPEC's best efforts to raise prices, the day may already be here when oil sheiks can no longer control the price of oil.
The Saudis announced in early 2016 that they would take their state-owned Saudi Aramco oil company public in 2017 or, at the latest, 2018. Now the offering is being delayed into 2019 or perhaps even further into the future.
OPEC’s report on how its members are complying with the production-cut agreement hammered out last fall came out on Monday. As expected, it reported widespread cheating among its members.
Trump's executive actions on oil pipelines serve as a "high alert" to his people that getting these pipeline projects approved is a top priority.
The Obama administration fired a top scientist, intimidated other staff, censored important information from Congress for political reasons, and waged “a reckless and calculated attack on the legislative process itself,” U.S. lawmakers concluded in a blistering new report about Obama's scandal-plagued Department of Energy. All of it was done in order to advance Obama's controversial “climate-change” agenda, according to congressional investigators. It is time for some serious changes in management at the U.S. Department of Energy, members of Congress declared. But even that is not nearly enough to remedy the damage unleashed by Obama via the unconstitutional bureaucracy.
With so many moving parts, it's no wonder the U.S. Energy Information Administration can't forecast the future of oil and gas.
Radical environmentalists who are trying to stop the completion of a pipeline through North Dakota won a reprieve when the Army Corps of Engineers took back a previously issued permit for political reasons. It's likely to be short-lived.
Standing at a distance, OPEC's agreement looks fragile at best, unenforceable at worst. Translation: Oil prices are likely to continue to decline over time.