The international benchmark fell to its lowest point since 2021 after a decision by Saudi Arabia and other producers to pump more crude surprised the markets.
Category: Organization of the Petroleum Exporting Countries
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Oil Prices Fall After OPEC Plus Affirms Plan to Raise Production
The Saudi-led cartel said its members would start gradually pumping more oil in April.
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Oil Markets Shrug Off Overthrow of Syria’s al-Assad
Traders appeared to be more concerned about tepid global growth and an oversupply from other producers than about Bashar al-Assad’s ouster.
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OPEC Plus Postpones Plan to Increase Oil Output for Three Months
The oil cartel had aimed to start opening the taps in January, but delayed in the face of weak demand and plans by other countries to raise production.
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With Oil Prices Weak, OPEC+ Postpones Increases Again
Saudi Arabia, which leads the group, appears wary of unsettling markets just before the U.S. presidential election on Tuesday.
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At a Glitzy Saudi Investment Forum, Almost No Mention of War
Saudi Arabia and its Gulf neighbors are seeking to reassure foreign investors that it’s still safe to do business amid the turmoil around the Mideast.
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Conflict Between Israel and Iran Adds to Oil Market Volatility
Israel and Iran are fighting at a time when prices are under pressure because of weak demand in China and concerns about oversupply.
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F.T.C. Clears Chevron’s Purchase of Hess With Board Condition
The Federal Trade Commission said the oil giant can acquire the smaller company as long as the chief executive of Hess does not join its board.
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OPEC Plus Delays Plan to Increase Oil Output
OPEC Plus will extend its cuts until at least December. Demand has weakened, and other countries, including the United States, are expected to continue to increase production.
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Why Oil Prices Remain Subdued
Despite war in the Middle East and political turmoil in Libya, investors are focusing on what look like ample global supplies.
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OPEC Plans a Gradual Unwinding of Production Cuts
The group announced after its meeting on Sunday that it would be extending production cuts into 2025 and laid out plans for phasing out voluntary cuts. Whether the strategy will work remains to be seen.
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OPEC to Meet Amid Signs of Waning Influence on Oil Prices
Major producers, including Saudi Arabia and Russia, are set to gather virtually on Sunday. They are expected to maintain production cuts amid signs of a softening market.