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OPEC: Over-Supply and Under-Demand

Crude oil prices have tumbled to $70 per barrel, which has caused strife between the twelve OPEC member nations.  The cartel met yesterday in Vienna to determine their response to increased international competition and their own over-production.  166 more words

Nigerian army dispatches patrol boats to rescue kidnapped foreigners

WARRI, Nigeria – Nigerian security personnel have stepped up efforts to rescue three kidnapped foreigners in the oil-rich Niger Delta, a military official said Friday. 114 more words

News

OPEC Decision Likely to Crash U.S. Fracking Industry

Note: Extracting oil or gas from shale formations by hydraulic fracturing only became cost-effective about ten years ago. The U.S. Energy Information Administration estimates that about 29 percent of U.S. 355 more words

News

Source of all that follows: World Socialist Web Site

OPEC decision a shot in oil price war

By Nick Beams
28 November 2014

Yesterday’s decision by the international oil cartel OPEC, led by Saudi Arabia, not to cut production in the face of plummeting oil prices will have a major impact on the energy industry, with possible significant ramifications for the global financial system as well.

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Current Affairs

Alberta has to face up to low oil prices: Prentice

CALGARY – Alberta Premier Jim Prentice says there are no simple solutions for the revenue shortfall that will be coming from plummeting oil prices and Albertans will feel the consequences. 500 more words

Canada

Oil prices extend slide, taking loonie along for ride

CALGARY – With the price of crude plunging to its lowest level in more than four and a half years, consumers are benefiting at the gas pump, but the savings are being dampened somewhat by a weaker dollar and other factors, according to an energy expert. 462 more words

Canada

29 Nov 2014 (AFR) - Energy stocks plunge on OPEC decision

(29 Nov 2014, AFR, p40, Yolanda Redrup) – Oil

‘Australian energy stocks were savaged on Friday, some falling more than 10 per cent, following the Organisation of Petroleum Exporting Countries’ decision not to cut oil production. 54 more words

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