OPEC

OPEC

OPEC’s Lackluster Quota Hike Won’t Solve Oil Market Tightness

Yesterday, OPEC and its partners led by Russia agreed to increase their combined oil production by 100,000 bpd in September. Reports note that the decision follows calls from the U.S. and other big consumers for more oil. However, 100,000 additional barrels daily will probably not be enough to lower prices much further. The production increase …

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Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build

Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build

Sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant Register now for FREE unlimited access to Reuters.com Register U.S. crude, gasoline stockpiles rise unexpectedly – EIA OPEC+ decides on small 100,000 bpd increase to output target U.S. had …

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Saudis thumb nose at Biden's request to boost oil output

Saudis thumb nose at Biden’s request to boost oil output

President Biden’s trip to Saudi Arabia was deemed a failure by analysts after oil-producing states announced Wednesday that they would boost output by just 100,000 barrels a day starting next month — a drop in the bucket compared to America’s vast energy needs. The Saudi-led Organization of Petroleum Exporting Countries and its allies announced the modest increase in supply following …

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