Russia doesn’t support an oil-production cut at this time, and it is likely OPEC+ will keep its output steady when it meets Monday, people familiar with the matter said, as Moscow maneuvers to thwart ...
Tag: OPEC
Oil Has Been Falling, OPEC Cuts Could Drive Them Up Again
OPEC’s biggest producer, Saudi Arabia, recently suggested that the group may consider an output reduction. Asaad Niazi/AFP/Getty Images Text size Oil prices posted their biggest monthly loss of the ye...
Why Are Oil Prices Dropping? OPEC Bows To Global Pressure To Increase Oil Supply
Getty Images Update 08/31/2022 In the original article below we covered OPEC’s increase in production, and explained how this was likely to help prices fall over the coming months. Well, that’s exactl...
Oil Volatile on ‘Iran Fear’; Saudis Threaten OPEC Cuts to Seize Back Control
By Barani Krishnan Investing.com — Fear that Iran might win back its stalled nuclear deal from global powers to pave its re-entry into the export market for oil sent crude prices near six-month lows o...
Saudi Prince Says Oil’s Disconnect May Force OPEC+ Action
(Bloomberg) — Most Read from Bloomberg Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnec...
Gasoline Prices Are Down, But There’s a Big Threat Looming
Gasoline prices fell again on Aug. 19 with the national average declining to $3.89 a gallon as crude oil prices inched slightly higher to $91.56 a barrel. The most common price is $3.49 a gallon, Pat...
Gasoline Prices Could Fall to $2.99 Next Week
Crude oil prices declined on August 4 to their lowest prices since before Ukraine was invaded by Russia as the futures market indicated a possible recession that could dampen demand from consumers. Th...
OPEC+ delivers “slap to the face” with a minuscule 82-second lifeline; US crude inventories rise unexpectedly
During the much-awaited OPEC+ meeting, member countries led by Saudi Arabia and Russia agreed to increase their collective output target by 100,00 bpd (barrels per day) come September. This is a drop ...
OPEC+ Quotas And Seinfeld Car Rentals
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 July...
Is oil turning ahead of the OPEC+ meeting?
The OPEC+ monthly meeting is scheduled to be held on August 3. Saudi Arabia, Russia, UAE and other oil-producing nations will meet to discuss national production quotas. But don’t hold your breath. Th...
Don’t Bet On President Biden’s Promises That Oil Prices Will Drop
WASHINGTON, DC – Prices for gas at an Exxon gas station on Capitol Hill in Washington, DC. The cost … [+] of gasoline has dropped recently on fears of a recession. (Photo by Win McNamee/Ge...
Saudis Say Oil Decisions Are for OPEC+ as Biden Leaves Kingdom
(Bloomberg) — Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark tri...
Can The Saudis Give Biden Long-Term Oil Price Stability?
Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud (Photo by KARIM SAHIB / AFP) (Photo by … [+] KARIM SAHIB/AFP via Getty Images) AFP via Getty Images President Joe Biden is going to S...
G7’S Overambitious Plan To Punish Russian Oil And Alter The Future Of Oil Markets
The facilities of the oil refinery on the industrial site of PCK-Raffinerie GmbH are illuminated in … [+] the evening. Crude oil from Russia arrives at the oil refinery via the “Friendship...
Recession Risks To Supply, Short Energy Markets Are Overstated
An oil rig south of Taft, California extracts crude. (Photo by David McNew/Getty Images) Getty Images Commodities have taken a pounding in recent days on growing fears of a global recession and demand...
Russia Muscles In on Indian Oil Market at Expense of OPEC Titans
(Bloomberg) — Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become the largest supplier to the giant Asian buyer. Most Read fro...
As Gas Prices Soar, Biden’s Bended-Knee Tour Of OPEC Nations Continues
Russian President Vladimir Putin (L) shakes hands with Saudi Deputy Crown Prince Mohammed bin Salman … [+] during a meeting at the Kremlin in Moscow on May 30, 2017. / AFP PHOTO / POOL / Pavel G...
The Real Reason Behind Higher Oil And Gasoline Prices
(From R) Saudi Arabia’s Energy Minister Khalid al-Falih, Russia’s Energy Minister Alexander Novak, … [+] Kuwait’s Oil Minister Essam al-Marzouk and OPEC Secretary General Moham...
How Long Will The Era Of $5.00 Gasoline Last?
Gasoline $5.00 Sign getty A radio host asked me this week how long I thought the era of $5.00 gas at the pump would last. I replied that it would likely last as long as it takes for the price to rise ...
Warning Signs For The Next Oil Price Crash
Garden Grove, CA – March 07: High gas prices at stations on the corner of Valley View Street and … [+] Chapman Avenue in Garden Grove, CA, on Monday, March 7, 2022. (Photo by Jeff Gritchen...
Did the Russia-Saudi bloc weaken at OPEC+?
Oil prices plunged earlier this week as reports of a rift between Russia and OPEC emerged ahead of the OPEC+ meeting held last week. The report suggested that Saudi Arabia could push to ‘exempt&...
OPEC Bows To Global Pressure To Increase Oil Supply
Getty Images Key Takeaways The price of crude oil continues to rise and hit new highs on the back of significant demand post-Covid19 OPEC has agreed to increase their oil output to 648,000 barrels a d...
OPEC Move Is Not Worth Biden’s Hype, And Won’t Stop Record Gasoline Prices
Biden speaking by video with a different cartel, of baby formula makers, June 1, 2020. © 2022 Bloomberg Finance LP Another day, another record for gasoline prices, which hit an average of $4.715 a gal...
Bitcoin Returns Above $30,000 on OPEC Boost – Trustnodes
Bitcoin is holding a mini rally of sorts after dipping below $30,000 following a rise to $32,000. The fall was probably due to EU banning Russian oil. The slight rise now might be due to OPEC finally ...
OPEC+ Shouldn’t Kick Russia Out Of The Group
Vienna, AUSTRIA: The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in … [+] Vienna. AFP PHOTO/JAKUB SUKUP (Photo credit should read JAKUB SUKUP/AFP via Getty Image...
No Relief In Sight For Gas Prices Or Biden
LONG BEACH, CALIFORNIA – MARCH 07 : In this composite image taken at the same gasoline station … [+] 43-years apart, the price differences are reflected decades later. Top photo, taken May...
Oil Prices on Rise Again as OPEC Considers Suspending Russia From Output Deal
Text size Oil prices have surged above $100 a barrel since Russia’s invasion of Ukraine. David McNew/Getty Images Oil prices edged higher after briefly falling back on Tuesday following a report...
What Exempting Russia From OPEC+ Supply Quotas May Mean for Oil
(Bloomberg) — Exempting Russia from the OPEC+ alliance’s oil-production agreements is being discussed by some members of the Organization of Petroleum Exporting Countries, the Wall Street Journa...
OPEC Reportedly Discusses Exempting Russia From Oil Targets—Possibly Setting Stage For Boost In Output
Topline Members of the Organization of the Petroleum Exporting Countries may exempt Russia from an agreement to gradually boost oil production, the Wall Street Journal reported Tuesday, possibly freei...
Why Gasoline Prices Are Only Going Higher From Here
FILE – The gasoline price board is shown at a gas station in Menlo Park, Calif., March 21, 2022. A … [+] majority of Americans say they don’t blame President Joe Biden for high gasol...
In Russia Vs. Ukraine A Likely Winner Is North American Energy
372912 03: Natsha Fatale played by Rene Russo and Boris Badenov played by Jason Alexander, plot … [+] against Rocky and Bullwinkle in Universal Studios “The Adventures of Rocky and Bullwin...