Government, Business, Fuel

OPEC Nations, Russia Agree to Cut Oil Output to Lift Prices

OPEC sign OPEC sign at headquarters by Ronald Zak/AP

The OPEC oil-producing countries and ally Russia said Dec. 6 they have agreed to cut their crude production by an extra 500,000 barrels a day as they try to support global energy prices.

David McHugh | AP Business Writer
December 6, 2019
Government, Business, Fuel

OPEC Nations Grapple With Oversupply of Oil

oil drilling rig A pump jack operates in an oil field in the Permian Basin in Texas. (Jacob Ford/Odessa American via AP)

The world may be heading for an even greater oversupply of oil, and that possibility — which could drive down fuel and energy prices — is hanging over members of the OPEC cartel as they head into negotiations Dec. 5. 

Cathy Bussewitz | Associated Press
December 4, 2019
Government, Business, Fuel

OPEC+ Gambles That US Shale’s Golden Age Is Over

drill rig A pumpjack operates as a drill rig sits on a well pad in the Bakken Formation in Williston, N.D. (Daniel Acker/Bloomberg)

When the Organization of Petroleum Exporting Countries meets this week, ministers will discuss whether to extend their current output target, because they believe relentless U.S. oil production growth will slow rapidly next year.

Javier Blas | Bloomberg News
December 2, 2019
Government, Business, Fuel

Oil Trades Near Seven-Week High Amid Gulf Storm, 2020 Outlook

Oil Anindito Mukherjee/Bloomberg News

Oil traded near a seven-week high as supply risks from a storm in the Gulf of Mexico and falling U.S. stockpiles were countered by a weak market outlook from OPEC in 2020.

July 11, 2019
Business, Fuel

Oil Nears $70 as OPEC Tightens Supply, Hopes for Trade Deal Grow

Oil Al Seib/Los Angeles Times

Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.-China trade impasse lifted financial markets.

Grant Smith | Bloomberg News
April 3, 2019
Government, Business, Fuel

Trump Asks OPEC to Increase Oil Output to Keep Prices in Check

Oil Rig Ali Mohammadi/Bloomberg News

President Donald Trump renewed his criticism of OPEC, saying the cartel should increase production because prices are getting “too high.”

March 28, 2019
Government, Business, Fuel

Oil Rises After OPEC Reaffirms Commitment to Production Cuts

Bloomberg News

Oil in New York rose to the highest level this year after OPEC and its partners agreed to go beyond their pledged supply curbs in the coming months.

March 19, 2019
Government, Business, Fuel

Oil Imports at 23-Year-Low, Output Hits Another Record

Oil Rig Getty Images

The United States imported the least amount of crude oil on a weekly basis in 23 years, as OPEC-members Saudi Arabia and Venezuela cut their shipments to unusually low levels.

Jessica Summers | Bloomberg News
February 27, 2019
Government, Business, Fuel

Trump Attacks OPEC Again, Warning Against High Oil Prices

OPEC Ali Mohammadi/Bloomberg News

President Donald Trump resumed his attacks on OPEC, saying the world is too fragile to handle a price hike and urging the cartel to “relax and take it easy.”

February 25, 2019
Government, Business, Fuel

OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives

Oil Rig Jim Gehrz/Minneapolis Star Tribune

OPEC reduced its estimate for the amount of crude the world needs it to pump this year as U.S. production continues to thrive and the demand outlook falters.

Grant Smith | Bloomberg News
February 12, 2019