OPEC

Business, Fuel

Oil Slips as Record US Production Undermines OPEC Supply Cut

Oil Production Ali Mohammadi/Bloomberg News

Oil retreated below $52 a barrel as data showing record U.S. crude production suggested markets may remain oversupplied despite output cuts by OPEC and its allies.

Heesu Lee and Grant Smith | Bloomberg News
January 17, 2019
Government, Fuel

Oil Extends Longest Rally in 17 Months as Supplies Seen Tighter

Oil Rig Taylor Weidman/Bloomberg News

Oil extended its longest run of daily gains in 17 months on renewed efforts by the U.S. and China to reach a trade deal, and expectations the market will be tightened by OPEC’s output cuts.

Grant Smith | Bloomberg News
January 8, 2019
Government, Fuel

Oil Set for Longest Gain in 17 Months on US Economy, OPEC Cuts

Oil Rig Brittany Sowacke/Bloomberg News

Oil headed for its longest stretch of daily gains in more than 17 months as the U.S. Federal Reserve sought to ease investor concerns, China moved to stimulate its economy and OPEC production cutbacks took effect.

Grant Smith | Bloomberg News
January 7, 2019
Government, Business, Fuel

OPEC Considers 2019 Oil Production Cuts in Yet Another U-Turn

Oil pump Shutterstock

The wind changed again in a stormy oil market as OPEC signaled it will consider a return to cutting output next year, potentially making the second production U-turn this year.

Grant Smith and Javier Blas | Bloomberg News
November 8, 2018
Government, Business

Trump Presses OPEC to Reduce Prices as Crude Trades Near $80

OPEC oil rigs Getty Images

President Donald Trump resumed his criticism of OPEC, saying on Twitter that the cartel “must get prices down now!”

James Herron | Associated Press
September 20, 2018
Government, Business, Fuel

OPEC Sees Rival Supplies Growing Most in Five Years in 2019

An oil pump operates in an oil field in Awali, Bahrain Phil Weymouth/Bloomberg News

OPEC expects supplies from its rivals to increase by the most in five years in 2019, with extra oil from the United States alone sufficient to meet the growth in global demand.

Grant Smith | Bloomberg News
July 11, 2018
Business, Fuel

Explosion Occurs in Pipeline to Libya’s Biggest Oil Terminal

Al Zawiya Oil Refinery Shawn Baldwin/Bloomberg News

Libya’s oil industry revival suffered a setback Tuesday after an explosion at a pipeline carrying crude to the OPEC nation’s biggest export terminal. Oil rallied.

Salma El Wardany | Bloomberg News
December 26, 2017
Business, Equipment, Fuel

Oil Climbs to Two-Year High as Stockpiles Fall Before OPEC Meets

Jim Gehrz/Minneapolis Star Tribune/MCT

Oil climbed to a two-year high as U.S. industry data showed crude stockpiles resumed declines and investors awaited a decision by OPEC on extending output cuts.

Ben Sharples and Grant Smith | Bloomberg News
November 22, 2017
Business, Fuel

Oil Dips as Recent Rebound Seen Lending to Global Output Rise

Robert Seale/Bloomberg News

Oil dropped as OPEC’s production increased last month, at a time when U.S. drillers are also ramping up.

Jessica Summers | Bloomberg News
October 2, 2017
Business, Fuel

Oil Climbs From Seven-Week High on Signs US Stockpiles Plunged

Oil Rig Robert Seale/Bloomberg News

Oil extended gains from the highest close in seven weeks as industry data showed U.S. crude stockpiles plunged, easing a glut.

Grant Smith | Bloomberg News
July 26, 2017

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