JEDDAH, SAUDI ARABIA – JULY 15: US President Joe Biden (L) being welcomed by Saudi Arabian Crown … [+] Prince Mohammed bin Salman (R) at Alsalam Royal Palace in Jeddah, Saudi Arabia on Jul...
Tag: OPEC
How The OPEC Meeting On Production Influences Oil And Gas Stocks
| Getty Images Key Takeaways OPEC controls 40% of the world’s oil production and accounts for 60% of internationally traded oil. This gives the organization massive control over the international pric...
Why Saudi Arabia and OPEC can diss Biden
Washington is aflame in the aftermath of the Oct. 5 decision by the OPEC+ oil cartel to cut oil production for the foreseeable future. OPEC+ includes the 13 members of OPEC and 11 other nations, most ...
Saudi Arabia defends OPEC+ production cut, suggests White House wanted delay until after midterms
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, and suggested the...
Spread Of Unrest To Iran’s Oil Industry A Milestone
TEHRAN, IRAN – JUNE 03: Iranian President Ebrahim Raisi delivers a speech on the eve of the 33rd … [+] anniversary of Ayatollah Khomeini’s death at his grave outside Tehran, on June ...
Oil Prices Set for Biggest Weekly Increase Since March Following OPEC Cut
Oil prices on Friday were on track for their biggest weekly increase since March, as OPEC’s planned production cut heightened tension with the U.S. government over energy supplies heading into winter....
The Greed And Geopolitics Of The OPEC+ Oil Production Cut
Delegates during a news conference following the 33rd meeting of the Organization of Petroleum … [+] Exporting Countries (OPEC) and non-OPEC countries in Vienna, Austria, on Wednesday, Oct. 5, 2...
Oil prices up ahead of OPEC+ meeting in Vienna
OPEC+, the influential alliance of oil producers, is expected to issue its most significant oil output cut for almost two years. Energy analysts say that the move will push fuel prices to triple digit...
OPEC Just Put a New Floor on Oil Prices. Politics Could Break It.
Text size Top oil producers agreed on a major cut in production to boost crude prices, a move denounced by the U.S. Frederic J. Brown/AFP via Getty Images OPEC’s latest controversial decision to cut p...
America Wants More Oil, But Only From Other Countries
CARACAS, VENEZUELA – FEBRUARY 07: President of Venezuela Nicolas Maduro (R) shakes hands with … [+] Minister of Foreign Affairs of the Russian Federation Serguéi Lavrov (L) at Miraflores G...
Here’s What Goldman to UBS Say About Oil After Big OPEC+ Cut
(Bloomberg) — The OPEC+ alliance agreed to its biggest production cut since the start of the pandemic in Vienna on Wednesday, a move that drew a swift rebuke from the US and prompted Goldman Sac...
OPEC Thumbs Its Nose At President Biden
VIENNA, AUSTRIA – OCTOBER 05: Secretary-General of OPEC Haitham al-Ghais (R) and Saudi Arabia’s … [+] Minister of Energy Prince Abdulaziz bin Salman Al-Saud (2nd L) hold a press conf...
Norwegian Oil Giant Leads Surprising Shift To Carbon-Neutral Energy Production
Equinor ASA (Photo by STR/NurPhoto via Getty Images) NurPhoto via Getty Images The global energy complex is in a state of flux, made worse by the war in Ukraine, overzealous European lawmakers and unp...
Dow Jones Sells Off 300 Points After Jobs Data, Key Economic Data; OPEC Meeting On Tap
The Dow Jones Industrial Average sold off more than 300 points Wednesday after a stronger-than-expected ADP employment report. ADP’s payrolls report previews Friday’s jobs report from the ...
Ahead Of OPEC+ Meeting, What’s Going On With Oil Prices In Fall 2022?
| Getty Images Key takeaways Oil prices dropped negative at the height of the pandemic thanks to lockdowns. Oil companies were unprepared when lockdowns were removed and the government provided stimul...
Shell share price outlook ahead of the OPEC+ meeting
Shell (LON: SHEL) share price has one of the best-performing stocks in the FTSE 100. It has risen by more than 40%, meaning it has outperformed the Vanguard Energy ETF, which has risen by over 30%. OP...
OPEC+ Production Cut Poses New Threat to Biden as Election Nears
(Bloomberg) — Amid what would become a 98-day streak of declines, President Joe Biden was quick to take credit in August over one of his most serious political foes: high gasoline prices. Most R...
Oil prices jump on reports OPEC+ will cut production
Oil prices jumped on Monday following reports that the OPEC+ cartel is planning a large production cut. Price action West Texas Intermediate crude CLX22, +4.20% for November delivery rose $3.20, or 4%...
Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic
(Bloomberg) — Oil surged in early Asian trading after delegates said OPEC+ was considering cutting output by more than 1 million barrels a day when the group meets this week to stem a slide in p...
How OPEC+ Could Send Oil Prices Soaring Again
WTI crude continues to trade below $80 per barrel, but the next OPEC+ meeting could yield a bullish surprise. Reader Update: Today, our lead analyst David Messler has just published a new report detai...
The Strategic Petroleum Reserve Is At Its Lowest Level Since 1984
HOUSTON, TEXAS – APRIL 01: A person pumps gas at a Shell gas station on April 01, 2022 in Houston, … [+] Texas. The Biden administration announced Thursday that the U.S. will release up to...
Why Did OPEC Cut Production For October Targets?
AFP via Getty Images Key takeaways On Monday, OPEC announced that it would slash oil production targets for October by 100,000 barrels per day The group of oil producers expressed concerns over weaken...
OPEC+ Faces Output Dilemma as Darkening Economy Unsettles Market
(Bloomberg) — The OPEC+ coalition is heading into unfamiliar territory. Most Read from Bloomberg After spending two years gradually feeding idle oil production back into the post-pandemic world,...
Gasoline Prices Should Keep Falling Unless This Happens
Gasoline prices are expected to continue their downward trend during Labor Day weekend as consumers are still receiving a reprieve. Crude oil prices declined on Sept. 2 to $86.97 a barrel on ongoing f...
10 energy stocks that are analysts’ favorites as OPEC makes oil-production cuts
The OPEC+ group of oil-producing countries has agreed on a drastic cut to the global supply. The speculation has helped oil reverse its recent declines. And that means it’s time to take another look a...