OPEC+ Edges Closer to Compromise to Extend Deepest Ever Cuts
OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting.
June 2, 2020Diesel Prices Show Signs of Leveling Off After Significant Declines
The average price of a gallon of diesel fuel fell only half a penny nationwide to $2.394 from $2.399 the previous week, according to the Energy Information Administration's weekly report May 11.
Saudi Arabia Cuts Oil Output Again
Saudi Arabia announced a surprise move to slash oil output to the lowest point in 18 years as it tries to spur the recovery from an energy crisis that has devastated the kingdom’s finances.
Saudi Oil Keeps Flooding Market With Output Pact Yet to Begin
Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then — swelling stockpiles for at least a few more weeks.
Diesel Sheds 4.1¢ a Gallon to $2.507 as Slide Continues
Diesel fuel prices continued their steady downward slide April 13, according to the Energy Information Administration.
Mexico Strikes Deal With US, Paving Way for OPEC Output Cuts
Mexico says it has reached an agreement with the United States that will allow it to agree to a deal on production cuts with OPEC, Russia and other countries.
OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast
OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.
OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance
OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.
March 6, 2020OPEC Gambles on Move to Force Russia Into Oil Production Cut
OPEC ministers took a high-stakes gamble, recommending a large production cut to offset the hit on demand from the coronavirus, without overcoming Russian opposition first.
March 5, 2020Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut
Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus.