OPEC Won’t Cut Production to Stop Oil’s Slump
(Bloomberg) OPEC signaled no respite from the global oil glut that has driven prices to a six-year low.
Oil prices and budgets:The OPEC countries most at risk
(CNBC) Plunging oil prices have left many crude-exporting countries with budgets that simply won’t balance.
For many of the biggest producers — places like Saudi Arabia, Venezuela and Algeria — oil accounts for the majority of the country’s exports and gross domestic product. Collapsing prices have meant dramatic declines in government revenue at a time when many political leaders are working to maintain social stability through liberal spending.
Energy companies choose storing oil over selling it cheap
(CNBC) Just a few miles from Houston’s Astrodome, a cluster of subterranean salt caverns will soon be able to store enough oil to fill the famed stadium.
By the end of 2016, phase I of Fairway Energy Partners’ Pierce Junction crude oil storage facility will come online, touting three caverns capable of socking away a combined 10 million barrels of black gold.
OPEC keeps oil production at current high level
(CBS) VIENNA – OPEC nations decided Friday to keep producing oil at their current high levels, effectively acknowledging their inability to push up crude prices.