The oil prices have been on the run for the last 7 months. There was many factors that probably started the run and missing them cost money.
In November of 2016, in their 171st meeting, OPEC-14 decided to cap production at 32.5 mb/d. Then in their 172nd and 173rd meeting they extended the cap. The notes from the last meetings read: "In line with the decisions taken at its 171st and 172nd Meetings, the Conference decided to amend its production adjustments to take effect for the whole year of 2018 from January to December 2018, while assuring full and timely conformity."
An article in Bloomberg show how the cuts are distributed between the OPEC and Non-OPEC members. On the other hand the US production, although took a slight dip in the first have of 2016, it has been on the rise since according to the EIA. This was an opportunity missed one could have made serious money in the last 3 months. Here is few ETFs that one can use to cash on the rush. The reason I am saying rush, the future prices for ligh crude, WTI in the USA, is supposed to normalize to $65 around Feb and start sliging again ffrom there.
Other sources for future
http://futures.tradingcharts.com/marketquotes/CL_.html
Historic prices – lagged
http://www.macrotrends.net/2562/us-crude-oil-production-historical-chart
Taxes and gas prices. Interesting statistics.
http://www.opec.org/opec_web/static_files_project/media/downloads/publications/Who%20gets%20what%20from%20imported%20oil%202016.pdf
The oil prices, as of today have been sinking. Many theories, as usual, emerged in regard to why. Iran, the slow down, Trump, etc.
I thought that post elections the oil prices will rise again. But it seems that the supply is more than the demand. OPEC started talking about cuts despite the fact that only couple of months ago we were talking about increasing production to offset Iran's share of the global oil market.
The large boys are not going to make much money if the oil prices keep sliding. Shale oil particularly those with large debt are goign to suffer. On the other hand refineries will benefit from lower oil prices since they buy it cheaper.
https://www.marketwatch.com/story/oil-is-poised-to-do-something-it-hasnt-done-in-more-than-30-years-hint-it-isnt-good-2018-11-09
At $60, many operators, accroding to Former Shell Oil President John Hofmeister, particularly deep water, are not able to sustain.
https://www.youtube.com/watch?v=Hxr3NQBswBY
So let us watch the rig counts!!
December 6 is OPEC meeting where we expect them to cut production.
https://www.youtube.com/watch?v=jdPdTc_JzEk
The dollar and oil
https://www.youtube.com/watch?v=BV9_xPxkEmM
Longest decline of oil ever
https://www.marketwatch.com/story/5-reasons-oil-prices-are-in-history-setting-tailspin-2018-11-13