OPEC+ is jolting oil markets this week with plans to cut output — and the ripples could reach all the way to the U.S. midterm elections.
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For the second consecutive week, gas prices have gone up. The national average has climbed 11.1 cents from last week to $3.78 per gallon, according to GasBuddy.
The 33rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will be held in Vienna on Wednesday, October 5.
Oil prices edged lower on Friday but were on track for their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree…
Oil prices rose on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness in the…
OPEC on Tuesday stuck to its forecasts for robust global oil demand growth in 2022 and 2023 citing signs that major economies were faring better than expected…
It’s tempting to dismiss the decision by the OPEC+ group to cut crude oil production by 100,000 barrels per day (bpd) in October as a statistical insignificance…
Oil prices fell on Tuesday as concern returned about the prospect of more interest rate hikes and COVID-19 lockdowns weakening fuel demand, reversing a two-day rally on…
Oil prices rose more than $2 a barrel on Monday, extending gains as OPEC+ producers agreed to cut oil output targets by 100,000 bpd in October, according…
OPEC+ members have trusted their chairman, Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud, to intervene whenever necessary to stabilize crude markets through calling for a meeting…
Russia does not support an oil production cut at this time and it is likely OPEC+ will keep its output steady when it meets Monday, the Wall…
Oil prices rose on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness…
The oil market will have a small surplus of just 0.4 million bpd in 2022, much less than forecast earlier, according to OPEC+, due to underproduction of…
The CEO of the National Iranian Oil aCompany (NIOC) said a foreign direct investment (FDI) of 100 million dollars has been allocated for establishment of a liquefied…
Oil prices rose more than $3 a barrel on Monday, extending last week’s gain, as potential OPEC+ output cuts and conflict in Libya helped to offset a…
Benchmark Brent oil held above $100 a barrel on Wednesday after Saudi Arabia suggested this week that OPEC could consider cutting output, though bearish economic signals from…
Potential OPEC+ production cuts mooted this week by Saudi Arabia may not be imminent and are likely to coincide with the return of Iran to oil markets…
OPEC+ produced 2.892 million barrels per day (bpd) below their targets in July, two sources from the producer group said, as sanctions on some members and low…
A recent oil-price slide reflects fears of economic slowdown and masks physical market fundamentals, OPEC’s new secretary general told Reuters, as he took a relatively optimistic view…
OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of…