Updated 11:29 AM EDT, Tue, Jun 16, 2020

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OPEC And Global Producers Agree On Cutting Output After Weeks’ Talks

After weeks of talks and negotiations, the world's top oil producers have finally agreed to cut global crude output by a historic margin.

The demand from China is also projected to be all time high, further fueling the price trend for the commodity.

Crude Price Up on OPEC Cut, Record China Demand Forecast

Oil prices are on the upswing following the news of production cuts by major crude exporters including Russia and Saudi Arabia. The demand from China is also projected to be all time high, further fueling the price trend for the commodity.

A Chinese woman carries coal in the hills above the Chishui River

China Capable of Meeting Oil, Coal Annual Reduction Target

A Chinese official has confirmed the possibility of China meeting its yearly target of reducing its over congested steel and coal industry.

China is believed to have built up massive stockpile of oil under its government-managed strategic petroleum reserve

China’s Oil Reserve may Subvert any OPEC Move to Push up Petroleum Prices

Members of the Organization of Petroleum Exporting Countries (OPEC) are scheduled to hold an informal meeting in Algiers later this week. The continuous decline in oil prices is likely to be the main agenda at the meeting. However, experts believe that China's oil reserves may subvert any decision taken by OPEC members to push up petroleum prices.

Crude Oil

Brent Crude Oil Price Falls to Lowest Level Since 2009

Brent crude oil has fallen below US$50, marking its lowest level since early 2009. It is now at a six-year low.

Gas Prices Forecast to Dip to $2.64 per Gallon

Due to the continuous decline of crude oil prices, American motorists are expected to save US$750 per household as pump prices are forecast to average US$2.64 a gallon in 2015.

Low Gas Prices

US Gas Prices Hit 5 ½-Year Low Of US$2.47 A Gallon

The continuing drop in the price of oil in the international market gave American motorists an advanced Christmas present as price of regular-grade gasoline went down to a five-and-a-half-year low of US$2.47 per gallon.

Abdullah al-Badri

OPEC Decides Against Crude Oil Cutbacks Despite Falling Prices

Meeting in Vienna, Austria, Thursday, the Organization of the Petroleum Exporting Countries (OPEC) decided not to curtail oil production despite rapidly falling crude oil prices.

Oil Production

Failure Of OPEC To Assure Market That Oil Price Won’t Collapse Causes 4.1% Drop In WTI Net-Long Positions

The once very powerful oil cartel, the Organization of Petroleum Exporting Countries (OPEC), is not impressing hedge fund managers over the group's failure to assure the market that oil prices won't collapse.

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