The U.S. oil rig count increased for the eigth consecutive week as drillers capitalize on higher oil prices. Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 13 to 373. The oil and gas rig count has risen for eight weeks in a row for […]
OPEC was formed in 1960 by founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. For a brief period, the petroleum cartel became the dominant force behind world oil prices and a key geopolitical power broker, with its members controlling nearly half of world oil production and more than three-quarters of global oil reserves. As […]
OPEC, and especially OPEC+, has always seemed to be at odds with the U.S. shale industry. From the drastic oil embargos of the ‘70s to the all-out oil price war of 2020, OPEC policies have threatened to upend the United States’ use and production of crude. But the group’s latest policies may be a lifeline […]
