The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine.

The U.S. reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit.

The Biden administration plans to sell drilling rights in the Arctic National Wildlife Refuge, a last-minute maneuver that could complicate the incoming administration’s plans.

FRANKFURT, Germany — Eight members of OPEC+ decided Dec. 5 to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries.

With OPEC+ set to make a pivotal decision on production policy, oil prices remain resolutely rangebound, even with a second Donald Trump presidency imminent.

Oil and gas producers in the U.S. will not raise output significantly in the coming years despite calls from President-elect Donald Trump to “drill, baby, drill,” said an Exxon executive.

OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said.

BP Plc anticipates strong growth in the U.S. as President-elect Donald Trump improves regulations on the oil and gas industry just as artificial intelligence boosts energy demand.

It’s the third time in a row that the group led by Saudi Arabia and Russia has turned a gathering scheduled for its Vienna headquarters into a virtual session.

The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease.