Crude oil prices fell to a multi-year low on Monday as OPEC+ confirmed plans to continue unwinding production cuts, accelerating output increases in June. The move is expected to exacerbate a market surplus amid weakening demand driven by escalating US-China … Read More
Natural-gas prices rally, buoyed by winter storm forecast Oil futures declined Monday, with U.S. prices posting their largest daily drop since November after Saudi Arabia cut its crude selling prices to all regions, raising concerns about the outlook for demand. … Read More
Angola announced it’s leaving OPEC after 16 years of membership amid a dispute over oil production quotas, while the cartel tries to buoy global prices. Luanda had rejected a reduced output limit imposed by the leaders of the cartel to reflect the … Read More
The leaders of Saudi Arabia and Russia used a rare face-to-face meeting to urge oil producers to stick to pledged supply cuts, a joint statement said Thursday. Russian President Vladimir Putin‘s trip to the Saudi capital a day earlier came as … Read More
The Kingdom has maintained its oil output cut of 1 million barrels per day since July in an attempt to stabilize the market and prop up prices amid weakened demand. Brent crude rose 1% on Monday morning after top oil … Read More
Saudi Arabia, the United Arab Emirates and other key oil-producing members of the wider Opec+ alliance have announced surprise production cuts totalling more than 1.1 million barrels per day, declaring their intention is to stabilise crude markets. Several nations, led … Read More
Oct. 18 (UPI) — The Biden administration is expected to again tap into U.S. oil reserves to tame rising gas prices, just weeks before midterm elections and following recent OPEC+ production cuts, according to reports on Tuesday. President Joe Biden … Read More
Possible Middle East visit by UK prime minister to discuss energy market volatility comes in wake of mass execution. Boris Johnson, UK prime minister, is facing a daunting diplomatic mission this week to persuade a reluctant Saudi Arabia to pump … Read More
Don’t fall for it. Inflation hit a 40-year high in February, with the Consumer Price Index rising nearly 8 percent over last year. The White House reacted by pointing out that “Americans’ budgets are being stretched by price increases and … Read More
Greetings from Tyler, Much of what we see coming in the immediate future is enough to make you run outside with your hair on fire. Quite a few of us remember the days of Jimmy Carter, and while he may … Read More