MarketLine Blog

Posts tagged to Saudi Arabia

New potential OPEC-Russia deal to cut oil production levels: Other producers likely to boost supply in case of such a deal

MarketLine

The steep decline in the price of crude oil that began in the latter half of 2014 and reached its lowest point in early 2016 caused great disruption in countries for which oil exports constitute a major portion of total exports. Countries in this group include the OPEC nations as well as other major non-OPEC oil producers like Russia, Brazil and Canada. In December 2016, a Saudi led OPEC effort was finally able to come to an agreement with Russia and several other oil producers in the region such as… Read more

OPEC: Supply restriction amid global oil glut

MarketLine

OPEC, consisting of 13 oil-rich governments, is the only true cartel allowed, albeit grudgingly, to operate in today’s global economy and it wields considerable power. In 1973 Arab members imposed an oil embargo on the US during the Arab-Israeli war which tripled prices in a matter of months. Three times in recent history OPEC has stepped in to shore up the oil market, and each time prices rallied within days of action being taken. It is fair to say, therefore, that OPEC is a force to be reckoned with. Or… Read more