In an attempt to reduce energy prices, the U.S. will release 50 million barrels of crude. Five other nations also will dip into stockpiles.
Tag: Organization of the Petroleum Exporting Countries
As Western Oil Giants Cut Production, State-Owned Companies Step Up
In the Middle East, Africa and Latin America, government-owned energy companies are increasing oil and natural gas production as U.S. and European companies pare supply because of climate concerns.
OPEC and Other Producers Will Meet to Decide Oil Output
OPEC Plus will stick with a production increase negotiated in July.
Oil Nations Again Fail to Reach Deal as U.A.E. Demands Higher Quota
Monday’s meeting never got started after attempts to mediate the dispute failed to make progress.
Why $4-a-Gallon Gas May Be Coming Your Way This Summer
The oil industry, known for boom-bust cycles, is resisting the temptation to pump more oil — for now.
Saudi Arabia Will Cut Its Oil Production, Allowing Russia’s to Grow
Oil prices rose to levels not seen since February. The two major oil producers had been moving in lock step since an April agreement to cut output.
Oil Prices Are Coming Back as Demand Rises
The U.S. benchmark reached $32 a barrel, a month after briefly falling below zero, but it’s still far from where it was before the pandemic.
Too Cold for an Oil Cut? Russia’s Move Reveals a Long-Running Bluff
Moscow long rejected OPEC’s pleas to reduce output, citing its frosty climate as an excuse. Now, facing a glut, the country is closing wells, many in the Arctic.
The Next Gauge of the Economy Will Be Corporate Earnings
The latest on stock market and business news during the coronavirus outbreak.
OPEC and Russia Agree to Cut Oil Production
The reductions for May and June were smaller than some investors and analysts had expected, and oil prices gave up earlier gains.