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.
Tag: Organization of the Petroleum Exporting Countries
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.
Behind the Russia-Saudi Breakup, Calculations and Miscalculations
It was a marriage of convenience based on oil. When it came apart, it sent the markets reeling.
How a Saudi-Russian Standoff Sent Oil Markets Into a Frenzy
Moscow refused to accept production cuts to offset the effect of the coronavirus outbreak. Now Saudi Arabia is trying an alternative: inflicting pain.
OPEC Proposes a Large Cut in Oil Output
The cartel wants to take 1.5 million barrels a day off the market as the coronavirus outbreak curbs demand. But the assent of Russia and others is needed.
With Oil Prices Down 20%, OPEC Pushes for Stability
A meeting of oil ministers is trying to agree to cuts in output as the coronavirus outbreak slows economic activity.
OPEC Tries to Head Off Oil Glut as Coronavirus Saps Demand
A rise in oil prices on Monday suggested traders believe OPEC and Russia will agree on a new cut in oil production this week.
Saudi-Russian Alliance Is Strained as Coronavirus Saps Demand for Oil
OPEC is still trying to forge an agreement on new output cuts to sop up an oil glut.
OPEC Scrambles to React to Falling Oil Demand From China
As the coronavirus hits China’s economy, threatening fuel demand, policymakers are weighing an emergency meeting to discuss cuts to crude output.