BRUSSELS—European Union officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output and as the EU considers potential sanctions on Russian oil. OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to cool prices which reached a…
EU Meets OPEC Amid Calls for Oil Output Increase
April 11, 2022
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Business & Economycommoditieseconomic policiesEUEuropeInternationalMarketsOilOPECRussiaRussia-Ukraine WarUkraineWorld
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Biden to Release 180 Million Barrels of Oil From Reserve
March 31, 2022
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Business & EconomycommoditieseconomyExecutive BranchGasinflationJoe BidenMarketsOilOPECPoliticsRussiaStrategic Oil ReserveUSUS News
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President Joe Biden is announcing Thursday that the United States will release an unprecedented 180 million barrels of oil from the nation’s Strategic Petroleum Reserve (SPR) over the next several months. The oil will be put out into the market at a pace of one million barrels per day on average for the next six…
United Arab Emirates Maintains Alliance With Russia in OPEC+ Despite Western Pressure
March 29, 2022
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Business & Economyeconomic policieseconomyEuropeMarketsMiddle EastOPECRussia-Ukraine WarRussian sanctionsUAEUSWorld
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The United Arab Emirates will maintain its alliance with Russia in OPEC+ despite economic sanctions and pressure from Japan and Western nations, said UAE Energy and Infrastructure Minister Suhail al-Mazrouei. Russia is the leader of OPEC+, a group of 10 oil-exporting nations that are not part of the official OPEC but that work with the…
National Security Expert: US Needs to Act, Not React
March 10, 2022
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Business & Economyeconomic policieseconomyfossil fuelinflationjames carafanoMarketsOPECPolicies & ImpactsPoliticsUSUS News
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Retired U.S. Army Lt. Col. James Carafano, a national security expert at the Heritage Foundation, said the United States needs to act quickly and decisively to ensure our national security, not react to what our adversaries, such as China and Russia, decide to do. “You never want to be in a situation where the enemy gets to…
OPEC+ Sticks to Oil Output Plans
March 2, 2022
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Business & EconomycommoditiescrisisEuropeInternationalMarketsOilOPECoutputRussia-Ukraine WarUkraineWorld
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DUBAI/LONDON—OPEC+ oil producers agreed on Wednesday to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude even as crude prices rocketed higher. Oil prices shot above $110 a barrel this week, hitting peaks not seen since 2014, as…
OPEC+ Signals It Will to Stick to Plan Despite Ukraine Invasion
LONDON—Saudi Arabia on Tuesday reaffirmed its commitment to an OPEC+ agreement with Russia in the oil markets despite widening sanctions on Moscow and global outrage over its military assault on Ukraine. The Organization of the Petroleum Exporting Countries and its allies led by Russia—a group known as OPEC+—have been unwinding historic production cuts they instated…
Surging Global Oil Prices Hitting Aussie Households at the Pump
February 14, 2022
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AustraliaAustralian Institute of PetroleumBusiness & EconomyinflationInternationalInternational Energy AgencyOPECWorld
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The surge of global oil prices is showing no sign of subsiding as political tensions escalate between Russia and Ukraine, further hitting the wallets of Australian motorists. Brent crude oil, the international benchmark for oil prices, hit a seven-year high on Monday, trading at above $95 (A$133) a barrel, and experts expect it to soon…
Oil Prices Take a Breather, OPEC+ Sticks to Output Plans
LONDON—Oil prices eased on Thursday following weak U.S. payrolls data and some profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases. Brent crude fell 61 cents, or 0.7 percent, to $88.86 a barrel by 0915 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was…
OPEC+ Declines to Alter Production Quota, Agrees to Small Planned Boost in Oil Production
The Organization of Petroleum Exporting Countries (OPEC) and its crude-producing allies, known collectively as OPEC-plus, have agreed to a modest boost in oil production in line with a previously agreed schedule, a decision that’s likely to support prices that are at near seven-year highs. At the OPEC and non-OPEC ministerial meeting on Feb. 2, held…
Oil Climbs Toward 7-year Highs on US Stock Draw, Eyes on OPEC+ Move
LONDON—Oil prices climbed on Wednesday toward last week’s seven-year highs as a draw in U.S. crude stocks confirmed strong demand and tight supplies, but investors remained cautious ahead of an OPEC+ meeting later in the day. Brent crude rose 23 cents, or 0.26 percent, to $89.39 a barrel by 1050 GMT, after easing 10 cents…
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