Oil prices fell below $135 today on talk that OPEC doesn't feel prices will bed sustained. Saudi Arabian Oil Minister Ali al-Naimi said his country, which currently produces 11 million barrels of oil per day, plans to increase production to 12.5 million in the next few years. Still, he said the prices are unjustified. This is after OPEC demanded to set up a meeting regarding the reasons behind high oil prices. British Prime Minister Gordon Browne will be attending, however no major American attendee has been confirmed. But I can imagine how the meeting would go. The American delegate would demand that OPEC produce more oil. OPEC would demand American use less oil and get their economy in order. Iran would blather some nonsense about the Holocaust being a hoax, and then blame the Great Satan for looking too closely at their completely innocent nuclear program. Putin will pound his shoe on the podium, saying he will crush the U.S. while gobbling up some more Eastern European pipelines, and the Venezuelan delegate will be questioning the patriotism of his comrades for not spying on one another and telling their most glorious leader. And somewhere, all the price speculators will dancing and doing their best Gordon Gecko imitations. –Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; firstname.lastname@example.org
2023-10-20 - Geopolitical events in the Middle East and fears of escalation may stand to benefit Venezuela both indirectly from a run-up in oil prices and directly through further easing of U.S. sanctions.
2023-09-22 - Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to $582 per metric ton on Sept. 22 following a government ban on fuel exports.
2023-10-19 - The U.S. Office of Foreign Assets Control (OFAC) issued a license that authorizes some transactions by Venezuela’s oil and gas industry for a limited time, but a meaningful production ramp up would require massive investments over multiple years, analysts say.
2023-09-26 - As Chinese and Venezuelan relations grow closer, the U.S. scrambles to salvage its failed sanctions strategy against President Nicolás Maduro.
2023-11-19 - Chevron appears to be in Venezuela to recoup money from the OPEC country while confronting a number of headwinds, including political uncertainties and a now truncated General License No. 44.