The United States has accused OPEC oil-producing nations of siding with Russia after a decision to cut oil output. A decision by the OPEC+ alliance of oil-exporting countries to sharply cut production and boost crude prices has dealt a blow to consuming nations, prompting accusations that Gulf producers are siding with Russia at the expense of the United States and […]
The world’s largest oil producers have agreed to increase the production of oil marginally in a bid to help ease high prices. Members of the oil producers’ group Opec+ – which includes Russia – today agreed to add 100,000 more barrels per day to the market from September. The latest production output increase is at a much slower pace than […]
OPEC has agreed to pump more crude oil over the next two months as Russian production begins to drop because of Western sanctions. The oil exporters’ cartel said it would increase supply by 648,000 barrels per day in July and August. This is 200,000 more barrels per day more than scheduled under a supply agreement with other producers, including Russia, […]
Saudi Arabia, one of the world’s largest oil producers in keeping with its commitment to the OPEC Plus agreement is set to increase its oil output with an additional volume of 400,000 barrels per day monthly. The Saudi cabinet in a meeting has called for stability in oil markets and for a de-escalation of Russia’s war in Ukraine. Given the […]
Oil prices perked up last week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. Oil prices reclaimed lost ground, with West Texas Intermediate topping more than $41 per barrel. Nigel Bell, Readers Bureau, Contributor Edited by Jesus Chan Do you […]
The Organization of the Petroleum Exporting Countries (OPEC) and allied nations have agreed to extend production cut of nearly 10 million barrels of oil a day through the end of July. The intergovernmental Organization is seeking to boost energy prices hard-hit by the pandemic. Ministers of the body and outside nations like Russia met via video conference to adopt the […]
Global equity markets and government debt yields took a downward path last week amidst growing concerns about the impact of the coronavirus. This move comes against strong job growth in the U.S. economy. Stocks on Wall Street tumbled from record highs and the safe-haven Japanese yen rose as investors weighed how much the virus is likely to disrupt supply chains […]
Oil traded below $52 per barrel in New York, just striking distance from where it trended a week ago after OPEC and its allies announced output cuts, as traders weighed incremental U.S. shale growth against softer demand for 2019. West Texas Intermediate for January delivery fell $1.02 to $51.56 per barrel on the New York Mercantile Exchange Friday morning. Readers […]
Oil prices fell further on Thursday as swelling inventories depressed sentiment despite widespread expectations that the Organization of Petroleum Exporting Countries (OPEC) and Russia will agree on some form of production cut next week. Brent futures fell 98 cents, or 1.7 percent, to $58.53 a barrel. U.S. crude dropped $1.16, or 2.2 percent, to $50.29 a barrel. Both contracts were on […]
“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!” Trump wrote on Twitter. However, at a recent meeting OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside […]
