OPEC

Government, Business, Fuel

OPEC+ Inches Closer to Delaying Output Hike After Russian Talks

An oil pumping jack operates in a Russian oilfield. Andrey Rudakov/Bloomberg News

OPEC+ inched closer to delaying its January output increase, with Russia actively discussing keeping its current curbs for an extra three months as oil markets weaken.

November 2, 2020
Government, Business, Fuel

OPEC Forecasts Lower Demand; BP Sees ‘Peak Oil’ in 2020s

BP says it expects demand for crude oil to peak in the early 2020s. Bernard Looney, CEO of BP, is photographed in London on Sept. 11. The company said it expects crude oil demand to peak in the early 2020s. (Matt Dunham/Associated Press)

Developing countries’ difficulty in containing the spread of the coronavirus pandemic will keep a lid on global oil demand, particularly in India, the OPEC cartel said Sept. 14 as it cut its forecasts.

September 14, 2020
Government, Business, Fuel

OPEC Sees Demand for Its Crude Above Pre-Virus Levels in 2021

Gas flares burn from pipes aboard an offshore oil platform. Gas flares burn from pipes aboard an offshore oil platform. (Ali Mohammadi/Bloomberg News)

OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output.

Grant Smith | Bloomberg News
July 14, 2020
Government, Business, Fuel, Logistics

OPEC Cuts Output to Lowest Since 1991 as Virus Slams Oil Demand

Flames burn off an oil processing facility in Saudi Arabia in October 2018. Flames burn off an oil processing facility in Saudi Arabia in October 2018. (Simon Dawson/Bloomberg News)

OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.

Grant Smith and Julian Lee | Bloomberg News
July 1, 2020
Government, Business, Fuel

OPEC Quota-Busters Start to Toe Line in June

Oil tankers are seen anchored in the Pacific Ocean near Long Beach, Calif. Oil tankers are seen anchored in the Pacific Ocean near Long Beach, Calif. (Patrick T. Fallon/Bloomberg News)

Three OPEC members identified by their peers as failing to bring production down to target levels in May appear to have begun improving their compliance in June, if lower exports are any indication. But for the biggest overproducer, Iraq, that first step is a small one.

Julian Lee | Bloomberg News
June 16, 2020
Government, Business, Fuel

Diesel Increases by a Penny; Gas Climbs Back Above $2

Truck getting filled with diesel A truck is filled with diesel at a Pilot Flying J in Princeton, Ill. (Daniel Acker/Bloomberg News)

The nationwide average price of a gallon of diesel increased by 1 cent to $2.396, according to the weekly report from the Energy Information Administration on June 8.

Dan Ronan | Associate News Editor
June 8, 2020
Business, Fuel

Oil Rallies With Strong Jobs Data Adding to OPEC+ Cut Optimism

Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data was better than expected.

June 5, 2020
Government, Business, Fuel

OPEC+ Edges Closer to Compromise to Extend Deepest Ever Cuts

Oil workers position drilling pipes at an oilfield in Russia. Oil workers position drilling pipes at an oilfield in Russia. (Andrey Rudakov/Bloomberg News)

OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting.

June 2, 2020
Government, Business, Fuel

Diesel Prices Show Signs of Leveling Off After Significant Declines

Close-up of diesel fuel Daniel Acker/Bloomberg News

The average price of a gallon of diesel fuel fell only half a penny nationwide to $2.394 from $2.399 the previous week, according to the Energy Information Administration's weekly report May 11.

Dan Ronan | Associate News Editor
May 11, 2020
Government, Business, Fuel

Saudi Arabia Cuts Oil Output Again

An oil drilling rig stands on one of the Causeway islands in Manifa offshore oilfield, operated, by Saudi Aramco, in Manifa, Saudi Arabia. An oil drilling rig stands on one of the Causeway islands in Manifa offshore oilfield, operated, by Saudi Aramco, in Manifa, Saudi Arabia. (Bloomberg News)

Saudi Arabia announced a surprise move to slash oil output to the lowest point in 18 years as it tries to spur the recovery from an energy crisis that has devastated the kingdom’s finances.

Javier Blas | Bloomberg News
May 11, 2020

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