By DAVID McHUGH AP Business Writer FRANKFURT, Germany (AP) — Oil cartel OPEC and allied producing countries are sticking with cautious increases in the amount of oil they send to the global economy, a decision likely to support prices that are near seven-year highs amid fears of a Russian military move against Ukraine. The alliance of OPEC members led by …
WASHINGTON (AP) — President Joe Biden on Tuesday ordered 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India and the United Kingdom. The move is aimed at global energy markets, but also at U.S. voters who are coping with higher inflation and …
FRANKFURT, Germany (AP) — Caution about the pandemic took the upper hand Thursday at a meeting of the OPEC oil cartel and allied countries, as they left most of their production cuts in place amid worry that coronavirus restrictions could still undermine recovering demand for crude. Many analysts had expected a small production increase as the price of oil has …
Oh what a difference a few months can make. In April 2020, West Texas Intermediate oil fell to an unheard of price of -$37.63. On Tuesday and Wednesday, WTI reached $50 per barrel. As of close on Wednesday, WTI crude on oilprice.com was $50.46. Buoyed by the announcement by Saudi Arabia it was cutting production by 1 million barrels per …
FRANKFURT, Germany (AP) — OPEC and allied countries including Russia agreed Thursday to increase oil production by 500,000 barrels a day from January and said they would meet monthly to decide further output levels, gingerly adding more crude to a global economy still suffering from the COVID-19 pandemic. The decision followed days of wrangling over whether to increase output early …
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s energy minister said Monday that global energy producers have the ability to tweak an agreement on production cuts that could be extended through the end of 2022, signaling the anticipation of continued weakened demand for oil as the coronavirus pandemic peaks again in Europe and the United States “OPEC has been and …
The historic drop in oil prices on Monday got President Trump’s attention. On Tuesday, Trump tweeted the following: “We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will …
FRANKFURT, Germany (AP) — A clash of the oil titans – Saudi Arabia and Russia – is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States. In the short term, oil prices fell by the most in one day since the 1991 Gulf War. …
NEW YORK (AP) — Oil prices are plunging as a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude. Brent crude, the international standard, lost $9.50, or 20.1%, to $35.77 per barrel, as of 7:58 p.m. Eastern time on Sunday after earlier touching its lowest price since 2016. Benchmark U.S. …
NEW YORK (AP) — Exxon Mobil brought in $69 billion in revenue in the second quarter, down from last year’s $73.5 billion. Some of the benefits of rising crude prices, up 22% this year, were offset by natural gas prices, which have fallen almost 24% over the same time frame. The nation’s largest oil company said Friday that its profit …
