Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year’s historic crash and said the U.S. shale industry is thankful for its efforts. “They’ve Continue Reading
Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery Continue Reading
Oil prices climbed on Thursday despite the surprise decision by OPEC+ to increase production, a decision that has been seen as promising for demand. Oil prices rose despite OPEC+’s decision Continue Reading
The OPEC meeting came and went without much of a hitch. But while market analysts and the media had assumed that a rollover of the current level of production cuts Continue Reading
After months of preaching caution and saying the time was not right to raise oil production, OPEC and its partners abruptly agreed April 1 to loosen their quotas and add Continue Reading
The OPEC+ ministerial meeting is discussing gradual production increases over the next three months, sources say, while the group was still debating as of 11:10 a.m. EDT on Thursday how Continue Reading
Oil prices gave up earlier gains and turned lower as of 11:39 a.m. EDT on Thursday, after reports emerged that Saudi Arabia was offering to gradually ease its additional unilateral Continue Reading
The Opec+ oil alliance decided on Thursday to increase output gradually from May as pressure mounts from inside and outside the producers group to release more barrels on to the Continue Reading
OPEC’s crude production rose last month as rebounding supplies from Iran and Libya complicated the group’s efforts to keep global markets in balance. The Organization of Petroleum Exporting Countries boosted output Continue Reading
OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.Before Thursday’s meeting, the cartel had been widely expected to maintain Continue Reading
