Tag Archives: OPEC

OPEC cuts while U.S. shale booms: The effects on oil’s supply chain​

By: IBISWorld Procurement Research Analyst, Roshan Sathyanarayana The price of crude oil has been falling in recent years, going from over $100 per barrel in 2014 to hovering around $50 per barrel in 2017. In light of declining oil prices, the Organization of the Petroleum Exporting Countries (OPEC) has spent much of…

OPEC’s production cuts and climbing oil prices

By: IBISWorld Procurement Research Analyst, Ashley Cruz With oil prices finally on the rise, businesses that rely on petroleum products should be looking ahead to hedge against price growth and volatility Although much of 2016 has been a year of suspense and surprises, there were several late-in-the-game decisions that have…

Oil industry will rebound: It’s time for North America to act like an energy superpower

By Brad Wall, Premier of Saskatchewan The great British Prime Minister Benjamin Disraeli once observed that there’s no education like adversity. If that’s the case, the oil industry has done a lot of learning during the last few months, and so have governments that rely on the industry for investment,…

Bakken production stays the course amid falling oil prices

By Lisa Fattori.  Photos courtesy of of Williston Parks & Recreation. Uncertainty and speculation surrounding the freefall in oil prices have some analysts forecasting a low of $20 per barrel, before prices resume an upward climb. By January 2015, U.S. oil prices had halved in just seven months to below $50 per…

Western ND catching up after torrid growth rates

By Scott J. Meske, president, Williston Area Chamber of Commerce The City of Williston and western North Dakota has seen exponential growth the past five years due mainly to the harvesting of minerals beneath our prairies that still produce trainloads of grain and crops to feed our nation. In April…

When is 30-million barrels really 30 million barrels?

By Chris Faulkner, CEO, Breitling Energy Corporation  2011 wasn’t one of OPEC’s better years.  In June, ministers from the 12-member Organization of Petroleum Exporting Countries (OPEC) convened in Vienna for their bi-annual get-together with the proposition of hiking the consortium’s oil production output — at that time running about 28.8…