Saudi Arabia announced earlier this week that it will further reduce its oil production in a unilateral attempt to rise the price of crude, which two previous cuts agreed by major producing countries in the OPEC+ alliance couldn’t prop up. The cuts, equal to 1 million barrels per day starting in July, are likely to […]
Tag: OPEC
$5 gas possible as Opec cuts production
A group of OPEC+ member countries on Sunday announced voluntary oil production cuts that will run from May through the end of this year. The surprise move entails cuts of about 1.15 million barrels per day (BPD) and was led by Saudi Arabia, Iraq, United Arab Emirates and Kuwait. Saudi Arabia’s Ministry of Energy said […]
Biden warns Saudi’s “there will be consequences”
President Biden warned Tuesday that Saudi Arabia would face “consequences” after OPEC+ last week announced the biggest cut in oil production since the start of the coronavirus pandemic. Senior Democrats on Capitol Hill have condemned the decision by Saudi Arabia, the de facto leader of the oil-producing alliance, to reduce the global supply of petroleum. […]
After 100 days of decline, gas prices are rising
It was the longest losing streak for gasoline prices since the early months of the pandemic: For 98-consecutive days this summer, American drivers experienced declining gas prices thanks in part to a slower worldwide demand for oil. Now, a cut in oil production signaled by the OPEC+ group last week has sent global crude prices […]
OPEC+ production cut threatens gas price hike
OPEC+ is set to hold a critical meeting on Wednesday in Vienna to decide whether to cut production, a move that would drive up the price of oil. Energy industry analysts say the cut could be as much as 2 million barrels per day, a move that would likely contribute to higher gas prices in […]