OPEC

U.S. markets have been trading in the flat zone over the last two days as investors and traders weighed in on a mixed set of corporate earnings. Next, week Exxon Mobil Corp (NYSE:XOM) and Southwest Airlines Co (NYSE:LUV) are scheduled to report their quarterly earnings. It would be interesting to...

Oil prices climbed in Wednesday's session, with a barrel of WTI crude reaching $82.50, after the Bureau of Labor Statistics reported lower-than-expected inflation in March and following remarks by the U.S. Energy Secretary Jennifer Granholm, who expressed intentions to return...

Investors' expectations for the Federal Reserve's next moves are facing hours of uncertainty as a result of the events that rocked markets Monday.  OPEC+ announced voluntary production cuts of 1.16 million barrels per day, sending oil prices up 7% today, the greatest daily rise in a...

Analysts on Wall Street are becoming far more bullish on oil prices, after OPEC+ announced voluntary output cuts totaling 1.66 million barrel per day. The cuts will come into effect starting in May and are expected to last until the end of 2023. Saudi Arabia stated that the production cut is a...

The U.S. on Sunday criticized the surprise oil output cuts by Saudi Arabia and other OPEC+ countries. What Happened: The Biden administration said the oil output cuts were not advisable given the uncertain market conditions.  "We don't think cuts are advisable at this...

OPEC+, a consortium comprising 22 oil-producing nations, announced Sunday an unexpected production cut that will likely give a further boost to oil prices bouncing off their recent lows. What Happened: The combined cut announced by the oil consortium will be around 1.16 million...

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, reportedly said on Monday that decisions by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are not politicized and are based on market fundamentals, adding that the alliance is sufficiently...

Former Treasury Secretary Lawrence H. Summers expressed his concerns in October 2022 over the decision of OPEC+ after the alliance reduced its output by 2 million barrels per day, a decision that has not gone well with the Biden administration. “This is not good news from OPEC. It...

On CNBC, Matt Smith of Kpler said people are expecting very strong demand for oil amid reopening in China, which could send the oil prices into triple digits, but he believes that there’s a very "bumpy road" to get there. Kpler said although he sees strength in oil prices and oil...

The index futures point to a sharply higher opening on Tuesday, as the November consumer price inflation report came in notably below October levels and the consensus expectations. U.S. stocks launched into a strong rally on Monday, capitalizing on bargain-hunting following recent losses. Oil...

President Vladimir Putin's point man on energy and Russian Deputy Prime Minister Alexander Novak said even if Russia has to trim production, it will not sell oil subject to a Western price cap, Reuters reported on Sunday. The Group of Seven (G7) ...

On Sunday, the OPEC and the non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to maintain oil production targets at current levels, including an existing policy of reducing oil production by 2 million barrels per day. OPEC+ decided to continue its daily...

A 44-year-old German economist and lawyer, Armin Steinbach, has decided to sue OPEC for damages that include 50 euros, plus interest, alleging that the group was operating "an illegal cartel," inflating the price of the gasoline and heating oil he buys, according to an opinion piece...

The Organization of the Petroleum Exporting Countries (OPEC) has said in its 2022 World Oil Outlook that global oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045. The world economy is expected to more than double...

The Saudi defense minister and King Salman's son, Prince Khalid bin Salman on Sunday refuted claims by the U.S. that more than one OPEC member had felt coerced by Saudi Arabia into the decision to trim the oil output and that the kingdom is supporting Russia. “...