The pullback, at the behest of the Saudi government and made with little comment, probably reflects a more subdued outlook for demand of Saudi Arabia’s oil.
Category: Organization of the Petroleum Exporting Countries
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Angola to Quit OPEC in Dispute Over Oil Production Levels
Officials have been unhappy after the oil cartel, led by Saudi Arabia, pushed Angola and other countries to accept lower production ceilings.
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Oil Producers Back Climate Deal Despite Fossil Fuel Language
At the United Nations climate conference, the final statement included elements that pleased oil and gas producers.
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Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears
American oil production is hitting record levels, delivering economic and foreign policy benefits but putting environmental goals further out of reach.
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Oil Producers Fail to Agree on More Production Cuts
Oil prices fell after OPEC Plus’s year-end gathering failed to produce substantial cuts in output. But the group said Brazil, an oil giant, was expected to join.
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In a Shaky Oil Market, OPEC Has Bitter Decisions to Make
Anticipating a drop in demand for 2024, major producers, led by Saudi Arabia, are trying to reduce supply.
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U.S. Gas Prices Drop Ahead of Thanksgiving Travel
With OPEC Plus members in disarray over production levels, oil prices have fallen nearly 20 percent in three months.
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Oil Prices on a March Toward $100 a Barrel
Analysts have raised their forecasts for oil prices, as they try to understand Saudi Arabia’s intentions with recent production cuts.
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Gas Prices Have Crept Higher This Summer, a Challenge for the Fed
Now at their highest level in 11 months, they can complicate the Federal Reserve’s campaign to rein in inflation.
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Oil Prices Jump on Extension of Production Cuts by Saudi Arabia and Russia
The move reflected renewed efforts by the two major exporters to bolster the price of crude.