Saudi Arabia’s ministry of foreign affairs put out a rare statement on Thursday defending the Organization of the Petroleum Exporting Countries’ decision last week to cut production. Last week, the Read more
Tag: OPEC
OPEC+ supply cut threatens to tip global economy into recession, IEA says
An oil supply cut from the Organization of the Petroleum Exporting Countries threatens to deepen a global energy crisis by sending oil prices higher at a time of already elevated Read more
OPEC+ supply cut threatens to tip global economy into recession, IEA says
An oil supply cut from the Organization of the Petroleum Exporting Countries threatens to deepen a global energy crisis by sending oil prices higher at a time of already elevated Read more
Oil loses ground after OPEC cuts forecasts for demand growth
Oil futures gave up modest gains Wednesday after the Organization of the Petroleum Exporting Countries cut its outlook for growth in crude demand in 2022 and 2023 in the face Read more
OPEC slashes forecasts for oil-demand growth in 2022, 2023
The Organization of the Petroleum Exporting Countries on Wednesday cut its estimate for growth in global demand of oil, citing an increasingly uncertain outlook for the world economy. The updated Read more
U.S. warned Saudi Arabia that OPEC+ production-quota cut would make it Russia’s ally in Ukraine. The Saudis were unmoved.
RIYADH, Saudi Arabia — Days before a major oil-production cut by OPEC and its Russia-led allies, U.S. officials called their counterparts in Saudi Arabia and other big Gulf producers with an urgent Read more
Biden says Saudis will face consequences over OPEC+ production-quota cut that aids Russia and harms Americans
WASHINGTON (AP) — President Joe Biden said Tuesday there will be “consequences” for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for Read more
Opinion: The U.S. needs a unified energy industry to deal with soaring oil prices, OPEC+ and climate change
Americans are paying 25% more for gasoline than they did a year ago. Higher gas prices force difficult decisions about buying food, paying rent and other essentials. Some argue it’s Read more
Oil prices on track for big weekly gains after OPEC+ production cuts
Oil futures extended gains early Friday, on track for a sharp weekly bounce, after OPEC+ earlier this week agreed to a large cut in its output target. Price action West Read more
Oil up a 4th session, with Brent prices at their highest in a month after OPEC+ agrees to an output cut
Oil futures on Thursday tallied a fourth straight session climb, with global benchmark crude settling at its highest price in a month, a day after OPEC+ agreed to cut production. Read more