Over 2015, a persistent surplus in oil production has offset significant cuts in forward capital commitments and a decrease in drilling - the number of drills in the field is now less than one-third of what it was when the slide began last year.
But U.S. oil production has remained high, despite a clear contraction in operations. This is perhaps the least understood event of the past year.
Over 2015, a persistent surplus in oil production has offset significant cuts in forward capital commitments and a decrease in drilling - the number of drills in the field is now less than one-third of what it was when the slide began last year.
But U.S. oil production has remained high, despite a clear contraction in operations. This is perhaps the least understood event of the past year.
Where does the U.S. get its oil from?
Most Americans think the U.S. gets most of it from Middle Eastern countries like Saudi Arabia.
Here's why they couldn't be more wrong...
It's getting to be crunch time in the negotiations between the West and Iran over Tehran's nuclear program.
Despite an ill-advised attempt by U.S. senators to scuttle the talks, it's clear the negotiations in Geneva will continue.
Now, TV pundits have taken to the airwaves suggesting that an agreement would flood the market with Iranian oil.
Combined with production surpluses in the United States and elsewhere, the "instant" prognosticators are pushing their Armageddon pricing scenario again, putting additional pressure on oil prices.
Meanwhile, those playing the new "Iranian card" are shorting oil even further.
It's just the latest example of a self-fulfilling prophecy.
It works like this...
Chicken Little of "The Sky is Falling Brokerage" hits the airwaves warning of a collapse in prices, only to earn huge off-camera profits based on what he just said.
Meanwhile, average investors are left holding the bag as share prices fall.
The prospect for oil prices in the near future looks significantly more positive. By the end of the second quarter or shortly thereafter, we believe oil prices will rise.
This is despite the recent monthly report released by the International Energy Agency (IEA) that projects a more prolonged oil glut than initially forecast.
Here is what the IEA got wrong...
The boom in shale oil production in the United States isn't expected to have much impact on global markets.
That's partly because demand among developing countries is expected to increase dramatically.
At the same time, the U.S. continues to move toward energy independence - and OPEC countries assume that by 2050 they won't sell a single barrel of oil to the United States, Money Morning Global Energy Strategist Dr. Kent Moors told FOX Business.
Dr. Moors explains in the accompanying video where OPEC has now shifted its attention...
