Government, Business, Fuel

OPEC Sees No Oil Demand Growth in 2020 as Virus Batters Forecast

pumping gas in UAE 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, 2020
Government, Business, Fuel

OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance

Oil refinery plant in Russia 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, 2020
Government, Business, Fuel

OPEC Gambles on Move to Force Russia Into Oil Production Cut

OPEC sign 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, 2020
Government, Business

Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut

Workers on an oil platform 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.

Jackie Davalos | Bloomberg News
March 3, 2020
Government, Business, Fuel

Oil Holds Near $50 as OPEC+ Hesitates Despite Surplus

An oil pumping jack near Samara, Russia, in May 2019. 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, 2020
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 | Associated Press
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