OPEC

Oil prices have shot up in the U.S. after Russia and Saudi Arabia announced they would continue limiting supply of petroleum to the global market. They’re the two largest oil exporting nations.

Higher oil prices should increase production temporarily in Wyoming. Right now, production in the state is down 14% compared to last year. 

Stephanie Joyce / Wyoming Public Media

With a record increase in U.S. crude stockpiles this week as well as increased production from OPEC, it is looking more and more unlikely oil prices will rebound in the near future.

Oil opened November back below $50 a barrel, after spending much of October above that threshold, and analysts are increasingly forecasting the coming year will not bring much improvement.

Stephanie Joyce / Wyoming Public Media

Oil prices hit new lows Monday, after the news Friday that OPEC would not cut production. But several proposals for oil and gas projects in Wyoming are moving forward despite the price slump.

The Bureau of Land Management is beginning to assess the environmental impacts of a proposed 1500 well project that would straddle the border between Converse and Campbell counties. EOG Resources is behind the Greater Crossbow project. If it were to move forward, the company would drill the wells over the course of a decade—but that’s a ways off. 

Geof Wilson / Flickr

The likelihood of rising oil prices dimmed after OPEC declined to put a cap on production at its latest meeting in Vienna on Friday.

 

Oil prices fell below $40 a barrel on the news that OPEC couldn’t come to an agreement on a production cap. Led by Saudi Arabia, the oil cartel has declined to cut production in the last year, even in a market flooded with oil. The strategy is intended to squeeze out higher-cost competitors, like U.S. shale producers. And it appears to be working.