Oil Surges After OPEC+’s Shocking Production Cut
Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.April 3, 2023
The World’s Most Important Oil Price Is About to Change
The world’s most important oil price is about to be transformed, allowing crude supplies from West Texas to help determine the price of millions of barrels a day of petroleum transactions.March 30, 2023
Oil Falls Below $80 En Route to Biggest Run of Weekly Losses This Year
Oil headed for the longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth.
Biden Officials Weigh Buying Oil at Around $80 to Refill Reserves
The U.S. may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter.September 13, 2022
WTI Oil Drops Below $100 as Recession Fears Overwhelm Markets
West Texas Intermediate crude futures dropped below $100 a barrel for the first time since May 11 as concerns grow that a global economic slowdown will ultimately hobble demand.July 5, 2022
Permian Basin Faces Pollution Rules That Could Curb Drilling
The Biden administration is considering triggering tougher anti-smog requirements that could curb drilling across parts of the Permian Basin, the world’s biggest oil field that straddles Texas and New Mexico.
WTI Tops $103 as Supply Fears Persist
Oil extended gains after the close as a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall in supplies as sanctions mount on Russia.March 1, 2022
Oil Soars Past $100 After Russia Attacks Ukraine
Oil surged above $105 a barrel for the first time since 2014 after Russia attacked sites across Ukraine, triggering fears of a disruption to energy exports at a time of already tight supplies.February 24, 2022
US Taps Strategic Reserve for 13.4 Million Barrels of Oil
The U.S. Department of Energy announced the loan of 13.4 million barrels of crude oil from its strategic reserve as part of a renewed effort by the Biden administration to contain oil prices that have surged to their highest level since 2014.
Oil Demand Nears Pre-Pandemic Levels, Saudi Aramco Says
Demand for oil is nearing pre-COVID levels and producers globally are investing too little in supply, Saudi Aramco said.