OPEC+

Thursday’s trading session on Wall Street presents a mixed picture, characterized by notable fluctuations in major indices. While tech-heavy benchmarks like the S&P 500 and the Nasdaq 100 are experiencing declines, blue-chip stocks and small caps are treading the path of marginal gains....

Oil prices fell during afternoon trade on Friday, as OPEC+ was reported to be close to a deal that will bring more oil onto the market from African-producing members of the oil cartel. In mid-afternoon trade, Brent Crude was down 1.3% at $80.35 a barrel, while US West Texas Intermediate fell 2.4%...

In a show of continued cooperation, Saudi Arabia and Russia, two of the world’s largest oil exporters, have deepened oil supply cuts in an effort to bolster flagging prices, Reuters reports. Strengthened Alliance The move is part of the OPEC+ alliance, which includes the Organization of the...

Concerns over the global economy dragged oil prices on Tuesday afternoon Asian trade after a knee-jerk surge the day before in the aftermath of the unexpected production cut announced by Saudi Arabia. West Texas Intermediate futures maturing in July were trading 2.04% lower at $70.70 per barrel....

U.S. oil stocks are poised to capitalize on a tightening global crude market as a result of recent developments at the OPEC+ summit. The combination of Saudi Arabia's commitment to implement additional output cuts and the extension of voluntary cutbacks by OPEC+ nations has created a favorable...

The weekend belonged to the ratification of the budget bill after months of bickering and this is expected to bring much-needed calm to the financial markets. OPEC+, the oil cartel that controls much of the global crude supplies, also took the spotlight during the weekend that went past. Here...

OPEC+ on Sunday announced that it will limit combined oil production to 40.463 million barrels per day in 2024, with voluntary cuts announced by some of the members that were set to expire by 2023 extended to 2024. Saudi Arabia said it would implement an additional 1 million barrel per day cut for...

Oil prices rose by over $2 per barrel during Monday morning’s Asian trading session after Saudi Arabia reportedly announced it will cut production by an extra one million barrels per day in July. West Texas Intermediate futures maturing in July were trading 1.74% higher at $72.99 per barrel...

OPEC+ and its allies are aiming to reach a production agreement as they meet on Sunday to debate a new deal, possibly adjusting the countries’ output quotas and leading to a further cut in production, according to Reuters.  Once the consensus is reached, the new cut would...

Haitham Al-Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has reportedly said the alliance will welcome Iran's full return to the oil market when sanctions are lifted. Al-Ghais, who is visiting Tehran for the first time, stated Iran has the capacity to...

Oil prices continued to fall after registering close to a 3% decline on Thursday after Russia indicated The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, weren't likely to alter production levels at its next meeting. Russia's Deputy Prime Minister Alexander Novak...

Saudi Energy Minister, Prince Abdulaziz bin Salman, warned oil speculators to exercise extreme caution in order to avoid being squeezed by the OPEC+ as was the case in April when the cartel enacted an unexpected supply cut. “I keep advising them that they will be ouching, they did ouch...

The Department of Energy has issued a solicitation for sour crude oil as it seeks to purchase up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR) in continuation of the Biden-Harris Administration's three-part replenishment plan. The DOE said in a statement that it aims to...

Oil prices slipped during Monday morning Asian trade as concerns about demand at top oil-consuming nations U.S. and China negated positive factors like a reduction in oil supplies due to OPEC+ production cuts. West Texas Intermediate futures maturing in June were trading 0.46% lower at $69.72 per...

Concerns of slowing demand and expectations of further interest rate hikes have dragged the price of oil back to square one from the highs it attained earlier this month following the surprise production cut announcement by OPEC+. What Happened: Oil prices fell nearly 4% on Wednesday, extending the...