Tag Archives: OPEC

“What we’re seeing right now is that we’re in a price war"

By Keith Reid I first started reporting on the petroleum industry in 1999. At that time, the conventional wisdom was fairly well established. The United States would never again be a major oil producer. Demand for refined products, particularly gasoline, would continue an inexorable increase. Conventional oil throughout the world would become scarce. Prices would continue to rise upward. That ...

A significant development has occurred since we released last month’s Heating Season Fuels Outlook for 2014—a crack has appeared in OPEC’s price support wall. Historically, a lack of long-term discipline in OPEC was the order of the day for many years. Regardless of a commitment to hold prices at a certain level, invariably a member (often Venezuela) would decide to ...