Category: Organization of the Petroleum Exporting Countries

In Surprise, OPEC Plus Announces Cut in Oil Production

The New York Times – Business:
Oil prices soared 7 percent on Sunday night after the group’s move to cut 1.2 million barrels a day.
In Surprise, OPEC Plus Announces Cut in Oil Production

The New York Times – Business:
The move is an apparent effort to boost prices. Still, its significance may be slight, especially if the global economy slows.
EU Embargo of Russian Oil and G7’s Price Cap Take Effect

The New York Times – Business:
An immediate impact on oil supplies in Europe was not expected, partly because the embargo has been in the works for months.
Oil Prices Rise as the West Imposes a Cap on Russian Crude

The New York Times – Business:
Energy traders pushed crude prices higher on Monday following Europe’s embargo of seaborne Russian crude and a price cap by Group of 7 nations went into effect.
Amid Churning Oil Market, OPEC and Russia Leave Production Unchanged

The New York Times – Business:
The group, OPEC Plus, reaffirmed an output cut in October as “the right course of action” but outlined no further changes before an E.U. embargo of Russian oil begins on Monday.
OPEC and Russia to Meet as Global Forces Weigh on Oil Market

The New York Times – Business:
As the West moves to intercede in oil trading, OPEC Plus, led by Saudi Arabia, is expected to protect its own interests.
Oil Prices Slide as Investors Worry Energy Demand Is Slowing

The New York Times – Business:
The U.S. benchmark oil price fell below $80 a barrel on Friday, and gasoline prices in some states are now close to $3 a gallon.
Five Ways Sanctions Are Hitting Russia

The New York Times – Business:
Russia’s economy and residents have taken a battering, but the government continues to reap big revenues from energy sales. A partial European embargo on oil takes effect in December.
Saudis Find Sympathetic U.S. Ears at ‘Davos in the Desert’

The New York Times – Business:
A Saudi decision to support a cut in oil output infuriated Washington. But at an investment conference in Riyadh, there was plenty of praise for the kingdom.
A Secret, Failed Oil Deal: How the U.S.-Saudi Relationship Ruptured

The New York Times – Business:
Ahead of President Biden’s trip to Saudi Arabia this summer, his administration thought it had secured pledges of increases in oil production throughout the year. The opposite happened.
U.S. to Release Millions More Barrels of Oil to Contain Gas Prices

The New York Times – Business:
The Department of Energy will release 15 million more barrels from the Strategic Petroleum Reserve and plans additional releases this winter.