OPEC

With unrelenting inflationary pressures and interest rate hikes, higher oil prices may prove the tipping point for a global economy already on the brink of recession, the International Energy Agency (IEA) said. Last week OPEC+, led by Saudi Arabia and Russia, announced to cut its oil production...

The Organization of the Petroleum Exporting Countries on Wednesday reduced its 2022 forecast for growth in world oil demand for a fourth time since April, stating oil demand will rise by 2.64 million barrels per day (bpd) or 2.7% in the year. This is down 460,000 bpd from its...

As the ‘No Oil Producing and Exporting Cartels’ (NOPEC) bill gained momentum among both parties, Senate Majority Leader Chuck Schumer (D-NY) said in his tweet that Saudi Arabia’s actions will long be remembered by Americans. “What Saudi Arabia did to help Putin continue...

The White House on Wednesday responded to OPEC+'s historic reduction of oil, to which President Joe Biden said he is disappointed in the shortsighted decision by the coalition to cut production quotas in the current uncertain macro and geopolitical environment. The White House also said ...

The United States is nudging the Organization of the Petroleum Exporting Countries and its allies, known as the OPEC+ nations, to avoid significant oil output cuts when President Joe Biden is seeking to prevent U.S. gasoline prices from rising, reported...

Oil prices soared over 3% on Monday morning in Asian trade after reports indicated the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are likely to consider an output cut of over a million barrels per day in the fresh trading week. Brent crude...

Oil prices fell in Asia trading on Wednesday, dragged by worries over potential rate hikes by the European Central Bank (ECB) and Federal Reserve this month, as well as extended COVID-led lockdowns in China. European Expectations: The ECB will announce its interest rate...

Oil prices rebounded slightly on Thursday morning in Asia trading after falling to multi-month lows earlier on the back of a sudden rise in inventories that signaled a fall in U.S. demand. What Happened: U.S. crude inventories rose by 4.5 million barrels to 426.6 million barrels in the week ended...

Oil prices fell on Monday morning in Asia trading ahead of a crucial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Wednesday that marks the conclusion of the 2020 output reduction pact. Weak manufacturing data from China and Japan also hung...

Oil prices rose marginally higher in Asia trading on Friday morning, driven by tight supplies and a weak dollar, as investors shifted their focus to a planned meeting between the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia next week. Price...

On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum, reports...

The worsening oil supply shortage in the wake of the Russian invasion of Ukraine has sent pump prices to record highs in recent weeks, sparking fears of a catastrophic global oil crisis and soaring inflation. Despite these concerns, the Organization of Petroleum Exporting Countries (OPEC) and other...

Each day, Benzinga will take a look back at a notable market-related moment that happened on this date. What Happened? On Dec. 22, 1973, OPEC announced it would be unilaterally raising the price of crude oil from $5.12 per barrel to $7 per barrel. Where Was The Market? The S&P 500 was...

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened: On Nov. 12, 1979, President Jimmy Carter halted Iranian petroleum imports in the name of national security. Where The Market Was: The S&P 500 traded at $103.51, and the Dow Jones...

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day in 1960, Iraq, Iran, Kuwait, Venezuela and Saudi Arabia joined to form the Organization of the Petroleum Exporting Countries. Where The Market Was: The Dow Jones Industrial...