Libya and Venezuela play a key role in OPEC's new deal.
The cartel has made some bold steps to reduce the supply glut and force an uptrend in oil prices.
The Organization of the Petroleum Exporting Countries decided to reduce the oil production to decrease the oil surplus.
Qatar announced that its production output of liquefied natural gas will increase to 100 million tons a year as a response to the sanctions.
The OPEC may have thought the cuts extension will bring oil prices up but they may not have expected the weight of American oil production output.
OPEC wanted to cut production because oil prices had remained stubbornly low, which cut revenue. But when members sell fewer barrels of oil, they obviously limit...
Oil-producing companies are laying out their backup plans to cushion any impact of U.S. President Donald Trump's America First Energy policy.
2016 may be in the past but good problems (record yields) remain an issue for producers.
Oil prices jumped roughly $5.00 following initial reports of the agreement and have spent the past few weeks consolidating in a relatively tight range from roughly...
December 13th, 2017 marks a confirmed close in the February 2017 oil contract of 53.94, $0.12 higher than the June 9th high from last year.