Russia’s Deputy Prime Minister Alexander Novak has revealed a possible cutting down of oil output by around 500,000–700,000 barrels per day, early next year as a retaliatory response to price caps imposed by G7 nations on Russian crude exports. While speaking to the local Rossiya-24 TV channel, the deputy prime minister said the reduction by…
US Oil Output at Highest Level Since Before the Pandemic
In August, oil production in the United States rose to its highest level of output since the start of the COVID-19 pandemic, according to the U.S. Energy Information Administration (EIA). Oil output in August 2022 was at nearly 12 million barrels per day (bpd), the latest data from the EIA shows. This is up 6.2…
OPEC+ Oil Cut Came at ‘Worst’ Moment: US Official
The recent move by OPEC+ to decrease oil output came at the “worst possible moment” and will have “wide-ranging” impacts, according to a U.S. official. On Oct. 5, OPEC+, an alliance of oil-producing nations led by Saudi Arabia and Russia, reduced their oil output target for November by 2 million barrels per day. During her…
OPEC+ Oil Cut Came at ‘Worst Possible Moment’: US Official
The recent move by OPEC+ to decrease oil output came at the “worst possible moment” and will have “wide-ranging” impacts, according to a U.S. official. On Oct. 5, OPEC+, an alliance of oil-producing nations led by Saudi Arabia and Russia, reduced their oil output target for November by 2 million barrels per day. During her…
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