OPEC+ Extends Oil Cuts Through June
OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.
March 3, 2024Less Volatility in Diesel Prices Expected in 2024
Motor carriers can expect lower prices and less volatility at diesel pumps in 2024, according to experts.
Oil Shows Signs of Softening Before OPEC+ Meeting
Ahead of the OPEC+ meeting on Nov. 30, there are indications oil supply is running ahead of demand, highlighting the challenge facing the cartel as it prepares to set output policy for 2024.
Diesel Issues Could Worsen Due to Lack of Crude From OPEC+
The diesel market is pricing in a crisis, one that soon could get even worse because of a lack of the type of crude that’s good for making the fuel.
Saudi Arabia, Russia Plan to Extend Oil Cut Through Year-End
DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Sept. 5 to extend their voluntary oil production cuts through the end of this year.
Global Oil Demand Hits Record and Prices May Climb, IEA Says
Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.
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.
Saudis Say US Sought One-Month Delay of OPEC+ Production Cuts
DUBAI, United Arab Emirates — Saudi Arabia said Oct. 13 that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month.
Biden Calls OPEC+ Cut ‘Unnecessary,’ Signals New US Releases
President Joe Biden called plans by OPEC+ to cut output targets by 2 million barrels a day “unnecessary,” and the White House said more releases from U.S. petroleum reserves are possible.
OPEC+ Boosts Oil Output by Slower Pace Than Previous Months
The OPEC oil cartel and its allies decided Aug. 3 to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia’s war in Ukraine.