Environment and Energy
February 16, 2016
Oil and Gas Prices and Rotary Rig Count Analysis
Written by Peter Wright
On Monday there was a meeting between Russia and select OPEC members where they agreed to an oil output freeze at January levels in an effort to tackle a global supply glut. This was a closed door meeting in Doha between Saudi Arabia, Venezuela, Qatar and Russia. Evidently there was a caveat that other members should fall into line. Iran is one of the wild cards as discussed below.
Figure 1 shows historical oil and gas prices since January 2000. The daily spot price of West Texas Intermediate (WTI) closed at $29.71 February 8th down from $30.31 on January 25th, according to the latest daily figure available from the Energy Information Administration (EIA).
