LONDON — OPEC and allied oil-producing countries decided May 5 to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.
May 5, 2022GovernmentBusinessFuel
OPEC Sticks to Modest Boost in Oil Despite War Jitters
LONDON — OPEC and allied oil producers including Russia decided March 31 to stick to a modest increase in the amount of crude they pump to the world, a step that supports higher prices even as the Biden administration plans to try to lower them by releasing oil from strategic reserves.
March 31, 2022GovernmentBusinessFuel
OPEC+ Supply Hikes Enough to Prevent Market Overheat, Oman Says
OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.
January 11, 2022BusinessFuel
OPEC+ Sticks to Planned Supply Hike But Adds a Get-Out Clause
OPEC and its allies will proceed with their next oil-production hike, but said they could revisit the decision at any moment as the risk to demand from the omicron variant of COVID-19 becomes clearer.
December 2, 2021GovernmentFuel
US to Release 50 Million Barrels of Oil to Ease Energy Costs
President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India and the United Kingdom.
November 23, 2021GovernmentBusinessFuel
OPEC+ Rejects Biden’s Plea for Bigger Oil-Supply Increase
OPEC and its allies will stick to their slow pace of oil-production increases, disregarding President Joe Biden’s demand to go faster.
November 4, 2021GovernmentBusinessFuel
Oil at Seven-Year High After OPEC+ Decides on Cautious Increase
FRANKFURT, Germany — Oil prices jumped after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.
October 4, 2021GovernmentBusinessFuel
OPEC+ Can Proceed With Reviving Supply, Key Members Say
OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike.
September 21, 2021GovernmentBusinessFuel
OPEC+ Expected to Stick to Planned Output Hike
OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.
August 27, 2021GovernmentBusinessFuel
Oil Tops $75 a Barrel, Hitting 33-Month High
Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency warned of a deepening supply crunch.
July 13, 2021