OPEC

In a show of continued cooperation, Saudi Arabia and Russia, two of the world’s largest oil exporters, have deepened oil supply cuts in an effort to bolster flagging prices, Reuters reports. Strengthened Alliance The move is part of the OPEC+ alliance, which includes the Organization of the...

U.S. oil stocks are poised to capitalize on a tightening global crude market as a result of recent developments at the OPEC+ summit. The combination of Saudi Arabia's commitment to implement additional output cuts and the extension of voluntary cutbacks by OPEC+ nations has created a favorable...

OPEC+ has agreed on output cuts into 2024.  On Sunday, Reuters reported that Saudi Arabia's energy ministry will extend its voluntary oil cut of 500,000 barrels per day (bpd) until the end of 2024. Russia has also agreed to extend its voluntary oil production cut of 500...

Haitham Al-Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has reportedly said the alliance will welcome Iran's full return to the oil market when sanctions are lifted. Al-Ghais, who is visiting Tehran for the first time, stated Iran has the capacity to...

Saudi Energy Minister, Prince Abdulaziz bin Salman, warned oil speculators to exercise extreme caution in order to avoid being squeezed by the OPEC+ as was the case in April when the cartel enacted an unexpected supply cut. “I keep advising them that they will be ouching, they did ouch...

Despite the sharp declines experienced by oil prices in recent weeks, Goldman Sachs (NYSE: GS) reiterated its forecast for Brent prices of $95 by December 2023 and $100 for April 2024. Supply deficits are expected to surge in the second half of the year, the firm predicts. The...

U.S. markets have been trading in the flat zone over the last two days as investors and traders weighed in on a mixed set of corporate earnings. Next, week Exxon Mobil Corp (NYSE:XOM) and Southwest Airlines Co (NYSE:LUV) are scheduled to report their quarterly earnings. It would be interesting to...

Oil prices climbed in Wednesday's session, with a barrel of WTI crude reaching $82.50, after the Bureau of Labor Statistics reported lower-than-expected inflation in March and following remarks by the U.S. Energy Secretary Jennifer Granholm, who expressed intentions to return...

Investors' expectations for the Federal Reserve's next moves are facing hours of uncertainty as a result of the events that rocked markets Monday.  OPEC+ announced voluntary production cuts of 1.16 million barrels per day, sending oil prices up 7% today, the greatest daily rise in a...

Analysts on Wall Street are becoming far more bullish on oil prices, after OPEC+ announced voluntary output cuts totaling 1.66 million barrel per day. The cuts will come into effect starting in May and are expected to last until the end of 2023. Saudi Arabia stated that the production cut is a...

The U.S. on Sunday criticized the surprise oil output cuts by Saudi Arabia and other OPEC+ countries. What Happened: The Biden administration said the oil output cuts were not advisable given the uncertain market conditions.  "We don't think cuts are advisable at this...

OPEC+, a consortium comprising 22 oil-producing nations, announced Sunday an unexpected production cut that will likely give a further boost to oil prices bouncing off their recent lows. What Happened: The combined cut announced by the oil consortium will be around 1.16 million...

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, reportedly said on Monday that decisions by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are not politicized and are based on market fundamentals, adding that the alliance is sufficiently...

Former Treasury Secretary Lawrence H. Summers expressed his concerns in October 2022 over the decision of OPEC+ after the alliance reduced its output by 2 million barrels per day, a decision that has not gone well with the Biden administration. “This is not good news from OPEC. It...

On CNBC, Matt Smith of Kpler said people are expecting very strong demand for oil amid reopening in China, which could send the oil prices into triple digits, but he believes that there’s a very "bumpy road" to get there. Kpler said although he sees strength in oil prices and oil...