Crude rose above $55 a barrel to hit a 16-month high on Monday as rising prospects of a tightening market after last week’s OPEC landmark deal to cut production has given speculators impetus to increase bets on higher prices.
Oil traders hung on OPEC’s every word in 2016, and this year the market could be in for more of the same.
The oil price rally sparked by an OPEC-Russia deal to cut output is likely to be short-lived, say traders in Asia, because the agreement may only draw more supplies from storage tanks and more crude shipments from the United States.
General Motors Co. stands to lose as much as $9,000 on every Chevrolet Bolt that leaves a showroom once the all-electric subcompact starts rolling out. Sounds crazy, but the damage makes perfect business sense under the no pain, no gain policy driving the electric-vehicle boom in the U.S.
Despite pressure to lower the amount of ethanol blended into the U.S. fuel supply, the Environmental Protection Agency (EPA) has boosted its proposed ethanol volume for 2017.
Toyota Motor Corp on Wednesday appointed its president to lead their newly formed electric car division, flagging its commitment to develop a technology that the automaker has been slow to embrace.
The EPA has proposed to leave in place its emissions standards for light vehicles through 2025, a move that’s likely to be opposed by automakers seeking relief from rules that they say are challenging and costly.
OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut — and prove the group’s credibility — brought its first cuts in eight years
Since the Arab Oil Embargo four decades ago, every president has promised to wean the United States off the need for foreign oil.
Regardless of the outcome of the meeting on 30 November, the future of OPEC looks uncertain. The organisation is facing a perfect storm, squeezed as it is between the revolution in shale oil, which has increased global supply and brought down prices, and the prospect of a global peak demand, and falling costs of alternatives.
