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Oil

Is oil price cartel Opec on the verge of collapse?

“Opec might die,” admitted Iranian oil minister Bijan Zanganeh to a pack of reporters at the crude cartel’s meeting in Vienna last week. “It has lost its authority and it is on the verge of collapse.” The oil price barely flinched after the 14-nation group announced a nine-month extension to production cuts …

The Bitter Sibling Rivalry at Knight Oil Tools

Cain and Abel and Oil Greed, drugs, dirty cops, and the bitter sibling rivalry burning up an $800 million Louisiana family dynasty. Bryan Knight was already sweating through his rumpled dress shirt when the cops pulled him over. It was June 4, 2014, and Bryan, then 54 years old, was incredibly …

Iran is trying to jack up oil prices. Will it work? – POLITICO

During the Iran hostage crisis, Ayatollah Ruhollah Khomeini famously proclaimed, “America can’t do a damn thing against us.” Forty years later, tensions between the longtime enemies are flaring again — but when it comes to oil markets, now it’s Iran whose options are limited. The rapid pace of escalation over …

What is Brent crude? – The Economist explains

The world’s most widely used oil benchmark faces challenges from rivals BRENT CRUDE is the benchmark against which the majority of the 100m barrels of crude oil traded every day are priced. At the start of October the price of Brent crude rose above $85 a barrel, its highest level …

Welcome to the ‘Man Camps’ of West Texas – Bloomberg

Thousands of oil workers are living in dormitory-like compounds in the Permian Basin. There’s not much to look at except dirt, mesquite, and sagebrush around the 10 acres of flat, almost treeless land near Goldsmith, Texas, where Aries Residence Suites runs a housing complex used by itinerant oil workers. Three years ago, …

Why Russia wants to diversify beyond oil and gas

Oil and gas form the bedrock of Russia’s economy but leave it vulnerable to swings in prices. Oil and gas form the bedrock of Russia’s economy and swings in world energy prices can push the country from boom to bust. But can Russia diversify? In a crowded lobby of an …