OPEC+ alliance boosts oil production as energy prices soar
2 years, 6 months ago

OPEC+ alliance boosts oil production as energy prices soar

Associated Press  

LONDON — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices. “The United States will continue to use all tools at our disposal to address energy prices pressures.” Biden administration officials have recently visited Saudi Arabia for talks on energy supplies and regional security issues. Instead the alliance’s statement merely mentioned reopening from COVID-19 lockdowns in “major global economic centers” and the end of seasonal maintenance work at refineries as justifications for the incremental increase. The price of crude makes up about half the price of gasoline at the pump in the U.S., and prices could go even higher as the summer driving season gets under way.

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History of this topic

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
2 weeks, 5 days ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
2 weeks, 5 days ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
2 weeks, 6 days ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Saudi Arabia is losing its iron grip on global oil markets
2 weeks, 6 days ago

Saudi Arabia is losing its iron grip on global oil markets

Live Mint  

Saudi Arabia’s sway over the Organization of the Petroleum Exporting Countries long meant unquestioned dominance of the global oil market. “They won’t be able to bring oil back online next year," said a Saudi official. “It’s really easy to be part of a cartel when a market is growing," said Jorge León, a Rystad Energy analyst who formerly worked for …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
4 weeks, 1 day ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
1 month, 1 week ago

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil

CNN  

CNN — President-elect Donald Trump may find the road to cheaper gas prices is a little rocky. Andy Cross/The Denver Post/Getty Images The United States produces more than 13.4 million barrels of oil each day and oil production is projected to increase to an estimated 13.6 million by the end of 2025 — the most oil produced by any country …

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
1 month, 3 weeks ago

Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again

Associated Press  

Oil prices are falling as the reality of weak global demand takes center stage again. The price of benchmark U.S. crude tumbled 6% Monday after a weekend retaliatory strike by Israel on Iran targeted military sites rather than the oilfields of the world's seventh largest producer of crude. This puts the price of a barrel of U.S. crude well under …

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East
1 month, 3 weeks ago

Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Global oil prices are falling …

Oil Prices Soar as Middle East Tensions Escalate
2 months, 2 weeks ago

Oil Prices Soar as Middle East Tensions Escalate

The Hindu  

Oil prices extend upward march on Mideast tensions, with Brent North Sea crude reaching close to $80 per barrel on Monday. The rise is partly attributed to concerns about geopolitical unrest in the Middle East, but also to hopes of stronger Chinese demand after Beijing recently announced major stimulus measures to boost its flagging economy.

Saudi minister warns of $50 oil as OPEC+ members flout production curbs
2 months, 3 weeks ago

Saudi minister warns of $50 oil as OPEC+ members flout production curbs

Live Mint  

The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel. But geopolitical tensions have persisted for months without meaningful effect on oil prices, and the declines have been frustrating for Saudi officials in part because other …

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
4 months, 2 weeks ago

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi oil giant Aramco reported …

Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel
5 months, 3 weeks ago

Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel

Live Mint  

Oil prices rose on Monday, fuelled by increasing summer demand optimism and the supply cuts by the Organisation of the Petroleum Exporting Countries. On Monday, Brent crude futures rose 0.81 per cent or 69 cents to $85.69 per barrel as of 13:36. Both the commodity contracts increased nearly 6 per cent in June, with Brent settling around $85 per barrel …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
6 months, 1 week ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag
6 months, 3 weeks ago

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia and allied oil …

Oil producers led by Saudis extended supply cuts amid slack prices
6 months, 3 weeks ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS
6 months, 3 weeks ago

What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS

India TV News  

The Organisation of the Petroleum Exporting Countries and its allies including Russia are known collectively as OPEC+ convened meeting on Sunday, June 2, and discussed their joint oil production policy. Because of its large market share, the decisions OPEC makes can affect global oil prices. After that development, OPEC+ reduced oil production by 10 million barrels a day, which is …

Opec cartel to extend cuts to oil output in bid to prop up prices
6 months, 3 weeks ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

Oil rises on Saudi Arabia’s decision to hike prices, brent crude at $83.39/bbl
7 months, 2 weeks ago

Oil rises on Saudi Arabia’s decision to hike prices, brent crude at $83.39/bbl

Live Mint  

Oil futures saw an increase on Monday following Saudi Arabia's decision to raise June crude prices for most regions. “Crude Oil prices are seen trading positive today after Saudi Arabia raised its official oil selling price for most regions, and on fading hopes of a ceasefire in the Israel-Hamas war, however, price gains look limited as supply from the middle-east …

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge
8 months ago

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge

Live Mint  

Brent crude futures have surged 13.4% this year so far to $87.26 per barrel, propelled by escalating tensions in the Middle East, OPEC supply cuts, attacks on energy infrastructure between Ukraine and Russia, and increased oil demand from major consuming nations, all of which have tightened the market. Iran is the third largest producer in the Organization of the Petroleum …

Petroleum minister discusses ongoing market volatility with Opec secretary-general
8 months ago

Petroleum minister discusses ongoing market volatility with Opec secretary-general

Live Mint  

New Delhi: Hardeep Singh Puri, India’s Union minister for petroleum and natural gas, on Friday discussed with Haitham Al-Ghais, the secretary-general of the Organization of the Petroleum Exporting Countries, the ongoing volatility in the energy market due to the Iran-Israel conflict. “As one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy …

Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl
8 months, 1 week ago

Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl

Live Mint  

Oil prices saw a downward drift on Monday, as the market seemed to minimize concerns about a wider regional conflict following Iran's weekend attack on Israel. “Crude oil dipped around $85 after Israel successfully defended itself from Iran's large-scale air attack over the weekend, and the US underlined its desire to prevent a larger Middle East conflict. The attack, labeled …

Oil prices subdued, energy security concerns escalate on West Asia tensions
8 months, 1 week ago

Oil prices subdued, energy security concerns escalate on West Asia tensions

Live Mint  

Global crude oil prices ticked lower on Monday as traders assessed the extent of damage and associated risks following Iran’s attack on Israel's military facilities. However, higher US crude oil stocks and strength in the dollar index limits gains of crude oil…If tensions further escalate in the Middle East, could certainly disturb global supply conditions and oil prices could boil …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
8 months, 1 week ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87
8 months, 3 weeks ago

Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87

Live Mint  

International crude oil prices rebounded and rose by more than $1 per barrel on Thursday, March 28, after falling for two consecutive sessions ahead of the policy decision by the Organisation of Petroleum Exporting Countries. Brent crude futures for May were last up $1.21, or 1.4 per cent, at $87.30 per barrel, while the more actively traded June contract rose …

OPEC+ Production Could be the Swing Barrels that Drive Prices
9 months ago

OPEC+ Production Could be the Swing Barrels that Drive Prices

The Hindu  

Crude oil prices have been rising year to date in 2024, with a stable trajectory.. OPEC+’s decisions on production quotas significantly impact global oil markets and energy prices. How do OPEC+ Quotas Impact Crude Oil Prices OPEC+ quotas can significantly impact crude oil prices due to the organization’s influence over global oil supply. When OPEC+ members agree to adjust production …

Oil prices rise on uncertainty over Gaza ceasefire, OPEC cut; Brent at $83/bbl
9 months, 3 weeks ago

Oil prices rise on uncertainty over Gaza ceasefire, OPEC cut; Brent at $83/bbl

Live Mint  

Oil prices rose on Tuesday, February 27, as the market focused on uncertainty over a potential Gaza ceasefire and some expectations that the Organization of Petroleum Exporting Countries will extend voluntary supply cuts in March. Back home, on the Multi Commodity Exchange, crude oil futures due for a March 19 expiry, was last trading 0.59 per cent higher at ₹6,504 …

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81
10 months, 3 weeks ago

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81

Live Mint  

Oil prices edged lower on Tuesday, January 30, extending a more than one per cent drop in the previous session on China's economic outlook, however the losses were kept in check by supply fears driven escalating tensions in the Middle East. Back home, on the Multi Commodity Exchange, crude oil futures due for a February 16 expiry, was last trading …

Why America is jittery ahead of Presidential polls
11 months, 3 weeks ago

Why America is jittery ahead of Presidential polls

Live Mint  

If one event dominates the coming year, it will almost certainly be the US presidential election. Moreover, some turncoat Democrats have loudly echoed Republicans in pushing the idea that inflation was due to the Biden administration’s spending on the pandemic recovery. That outcome alone would have substantially enhanced Biden’s prospects, had he been spared the Middle East turmoil. Looking ahead, …

Despite climate goals US oil boom shows, ‘World wants for more energy, not less’
1 year ago

Despite climate goals US oil boom shows, ‘World wants for more energy, not less’

Hindustan Times  

The world may be pushing for renewable energy and climate change action, but guess what? - Bob McNally, President of Rapidan Energy Group Surpassing Trump-era records Last month, weekly US oil production hit 13.2 million barrels per day, just edging past the previous record set during the Trump era. Despite geopolitical tensions affecting energy prices globally, America's oil is trading …

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts
1 year ago

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts

The Telegraph  

Vladimir Putin and the leader of Saudi Arabia have urged members of the Opec+ oil cartel to follow through with an agreement to cut supplies as oil prices plunge. The joint statement read: “In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the Opec+ countries in enhancing the stability of …

Some OPEC+ members will cut the oil that they send to the world to try to boost prices
1 year ago

Some OPEC+ members will cut the oil that they send to the world to try to boost prices

Associated Press  

LONDON — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks …

An unruly OPEC is causing problems for Russia and Saudi Arabia
1 year ago

An unruly OPEC is causing problems for Russia and Saudi Arabia

Live Mint  

The November meeting of the Organisation of the Petroleum Exporting Countries and its partners was meant to be a staid affair. After acquiescing to lower output quotas at their previous meeting in June, Opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. Saudi Arabia and Russia …

Oil price climbs as Saudi-led cartel agrees to cut production
1 year ago

Oil price climbs as Saudi-led cartel agrees to cut production

The Telegraph  

The price of crude oil fell after a cartel of oil-producing nations led by Saudi Arabia surprised the market by issuing a statement that failed to include an expected pledge to cut production by another million barrels per day. The online gathering of producers aimed to prop up the declining price of oil and has ended with an agreement to …

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023
1 year, 1 month ago

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023

Live Mint  

World's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC, to …

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more
1 year, 1 month ago

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more

Live Mint  

Crude oil benchmark Brent futures has moved sideways in the last one year - between November 2022 to November 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies as well as the Israel-Hamas war. The shock cut, led by Saudi Arabia, immediately drove crude oil prices 8 per cent higher to …

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl
1 year, 2 months ago

Oil ticks higher on optimism ahead of Biden’s Israel trip; Brent at $90/bbl

Live Mint  

Oil prices edged higher on Tuesday, October 17, ahead of a trip by US President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Back home, on the Multi Commodity Exchange, crude oil futures due for a October 19 expiry, was last …

US oil production hits all-time high, conflicting with efforts to cut heat-trapping pollution
1 year, 2 months ago

US oil production hits all-time high, conflicting with efforts to cut heat-trapping pollution

Associated Press  

United States domestic oil production hit an all-time high last week, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. And it conflicts with oft-repeated Republican talking points of a Biden “war on American energy.” The U.S. Department of Energy’s Energy Information Administration reported that American oil production in the first week of October …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 2 months ago

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns

Live Mint  

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. The Organisation of Petroleum Exporting Countries has stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 2 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

Saudi Arabia defends oil supply cuts as prices hit fresh high
1 year, 3 months ago

Saudi Arabia defends oil supply cuts as prices hit fresh high

The Telegraph  

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel. Oil prices have surged by more than 30pc since …

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl
1 year, 3 months ago

Oil sizzles at 10-month high on Saudi, Russia output cuts; Brent over $91/bbl

Live Mint  

Oil prices rose about 1 per cent on Tuesday, September 12, boosted by a tighter supply outlook, after oil producers Saudi Arabia and Russia extended their voluntary oil supply cuts till the end of the year. Back home, on the Multi Commodity Exchange, crude oil futures due for a September 19 expiry, were last trading higher by 1.73 per cent …

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut
1 year, 3 months ago

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut

News 18  

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi Arabia and Russia had “demonstrated …

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December
1 year, 3 months ago

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi …

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?
1 year, 3 months ago

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?

Live Mint  

Saudi Arabia will likely roll over the voluntary oil cut of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets pulling down global inventories further, according to analysts quoted in a report by news agency Reuters. Brent oil prices in July were up 14 per cent on the …

Oil pares gains as rate hike fears offset US crude inventory drop; check prices
1 year, 5 months ago

Oil pares gains as rate hike fears offset US crude inventory drop; check prices

Live Mint  

Oil gave up most of its earlier gains on June 28 as worries over further interest rate hikes and slowing demand offsets support from an industry report showing a larger-than-expected drop in US crude inventories. Back home, on the Multi Commodity Exchange, crude oil futures due for a June 16 expiry, was last trading lower by 0.39 per cent at …

Oil and natural gas prices rise after weekend of turmoil in Russia
1 year, 5 months ago

Oil and natural gas prices rise after weekend of turmoil in Russia

CNN  

Hong Kong/London CNN — Oil and natural gas prices climbed Monday, while wheat prices briefly spiked higher, as investors reacted to the weekend’s brief and chaotic insurrection in Russia. “Given that the short-lived event this weekend in Russia appears to have ended, we do not expect to see such a significant increase in oil prices,” analysts at Rystad Energy wrote …

Good news! Petrol, diesel prices to come down soon | Here is WHY
1 year, 6 months ago

Good news! Petrol, diesel prices to come down soon | Here is WHY

India TV News  

Petrol and diesel price cut: Consumers can get good news very soon regarding the petrol and diesel price cut. Depend on price of crude oil Oil companies' valuations appear reasonable but a sharp jump in crude prices during elections could pose risk to OMCs marketing earnings, the report said. However, OMCs marketing segment earnings could come under risk if Brent …

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction
1 year, 6 months ago

Oil Prices Slide on Economic Concerns Despite Saudi Output Reduction

News 18  

Oil prices eased on Tuesday as worries sluggish global economic growth could reduce energy demand outweighed Saudi Arabia’s pledge to deepen output cuts. Both crude benchmarks climbed higher for a third day in a row on Monday after Saudi Arabia, the world’s top exporter, said over the weekend that its output would drop by 1 million barrels per day to …

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers
1 year, 6 months ago

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers

Associated Press  

FRANKFURT, Germany — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, …

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July
1 year, 6 months ago

Oil Prices Rise 1 Percent on Saudi Plan to Deepen Output Cuts from July

News 18  

Oil prices rose by more than 1% on Monday after the world’s top exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day from July to counter macroeconomic headwinds that have depressed markets. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom’s output would drop to …

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