saudi arabia

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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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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