Category: Organization of the Petroleum Exporting Countries

OPEC Plus, in Symbolic Gesture, to Increase Oil Production

The New York Times – Business:
The announcement came days after the United Arab Emirates withdrew from the group. The higher output will have little effect on global supplies.
Why the U.A.E. is Quitting OPEC

The New York Times – Business:
The United Arab Emirates is walking away from OPEC this May. The New York Times’ energy reporter, Rebecca Elliott, breaks down how the war with Iran provided the perfect opening for the U.A.E. to go solo.
Loss of Emirates Further Weakens OPEC’s Influence

The New York Times – Business:
The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.
What Is OPEC, and How Does the Oil Cartel Influence Petroleum Prices?

The New York Times – Business:
The group of oil-producing countries supplied more than 25 percent of the world’s oil before the war in Iran. Its members have influenced energy markets through the years.
OPEC Plus Warns of Slow Recovery After War in Iran

The New York Times – Business:
The group of influential oil exporters also said it was increasing its production quotas, a largely symbolic move.
The Oil Shocks of the ’70s Changed the World. Will the Iran War Do the Same?

The New York Times – Business:
Gas lines and quadrupling oil prices freaked out American consumers. But the oil crises also transformed global finance.
Stock Market Investors Brace for Iran War Fallout

The New York Times – Business:
Wall Street has largely shrugged off geopolitical upheaval in recent years. But the United States’ war against Iran comes at a more precarious time for the stock market.
U.S. and Israeli War With Iran Will Likely Send Oil Prices Soaring

The New York Times – Business:
Prices of oil and other commodities are expected to jump when trading resumes on Sunday, but how long they will stay high will depend on what the United States, Israel and Iran do next.
Venezuela’s Oil Riches Are Years Off, but Winners and Losers Will Emerge

Companies that already have operations in the country stand to benefit, but those that have profited from a standoff between Caracas and Washington could lose out.
OPEC Plus Signals Cautious Approach to Oil Production

Eight members of the oil cartel agreed on Sunday to a small increase but said they would now pause in adding more oil, reflecting market concerns about an oversupply.
Exxon’s and Chevron’s Profits Fall as Oil Prices Stay Low

But the companies and other large oil producers are continuing to increase production because drilling still remains profitable.
Oil Prices Dropped 19%, Helping Drivers, but Squeezing the Industry

Oil prices have fallen sharply this year as global supply remains strong and demand has been slow to grow.