OPEC+ Expected to Stick to Planned Output Hike
OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.
August 27, 2021Oil Tops $75 a Barrel, Hitting 33-Month High
Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency warned of a deepening supply crunch.
Biden Administration ‘Encouraged’ by Ongoing OPEC Talks
Biden administration officials are “encouraged” by ongoing OPEC talks and have spoken with officials in Saudi Arabia and the United Arab Emirates in hopes of reaching an agreement to stem the rise in crude prices, White House Press Secretary Jen Psaki said.
OPEC+ Breakdown: What to Watch as the Oil Crisis Evolves
OPEC+ infighting has deprived the oil market of extra supply and sent crude surging to a six-year high in New York.
July 6, 2021Oil Tops $70 a Barrel for First Time Since 2019
Oil resumed its advance, reaching the highest settlement in more than two years with the OPEC+ alliance forecasting a tightening global crude market and a nuclear deal with Iran still up in the air.
June 1, 2021OPEC+ Sticks With Plans to Gently Hike Supply
OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.
April 27, 2021Oil Rises After OPEC+ Agrees to Boost Output Gradually
Oil rose after the OPEC+ alliance agreed to increase oil production gradually over the next three months.
Giant Oil Tankers Are Losing Almost $7,000 a Day Amid OPEC Cuts
Times are getting tougher by the day for oil tanker owners.
OPEC Production Plunges as Saudis Deliver Extra Oil Cutbacks
OPEC’s crude production plunged in February as Saudi Arabia delivered extra cutbacks intended to clear the remnants of a global supply glut.
OPEC+ Meets to Discuss Output Hike, With Saudis Urging Caution
Saudi Arabia urged caution as OPEC+ gathered to discuss whether to hike supply again in February, with many countries wary of undermining a fragile recovery.
January 4, 2021