OPEC
OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast
An attendant operates fuel pumps at an Eppco gas station in Dubai, United Arab Emirates, on March 10. (Christopher Pike/Bloomberg)
OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.
March 11, 2020OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance
Lights illuminate the low-temperature isomerization unit at the Novokuibyshevsk oil refinery plant in Novokuibyshevsk, Russia. (Andrey Rudakov/Bloomberg News)
OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.
March 6, 2020OPEC Gambles on Move to Force Russia Into Oil Production Cut
An OPEC sign hangs outside the OPEC Secretariat in Vienna. ( Akos Stiller/Bloomberg News)
OPEC ministers took a high-stakes gamble, recommending a large production cut to offset the hit on demand from the coronavirus, without overcoming Russian opposition first.
March 5, 2020Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut
Ali Mohammadi/Bloomberg News
Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus.
March 3, 2020Oil Holds Near $50 as OPEC+ Hesitates Despite Surplus
An oil pumping jack near Samara, Russia, in May 2019. (Andrey Rudakov/Bloomberg News)
Oil held near $50 a barrel in New York on signs that OPEC and its allies probably won’t go ahead with a much-touted emergency meeting, even as a global oversupply piles up.
February 10, 2020OPEC Nations, Russia Agree to Cut Oil Output to Lift Prices
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.
December 6, 2019OPEC Nations Grapple With Oversupply of Oil
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.
December 4, 2019OPEC+ Gambles That US Shale’s Golden Age Is Over
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.
December 2, 2019Oil Trades Near Seven-Week High Amid Gulf Storm, 2020 Outlook
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, 2019Oil Nears $70 as OPEC Tightens Supply, Hopes for Trade Deal Grow
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.
April 3, 2019