Saudi Arabia has made voluntary oil production cuts even as U.S. output and exports have climbed. – MarketWatch photo illustration/iStockphoto Saudi Arabia and its OPEC+ allies continue to throttle crude output in an effort to support oil prices, but the U.S. — with its record-high production and growing exports — is making that task particularly […]
By Florence Tan SINGAPORE (Reuters) – Oil prices dipped in early trade on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tensions in the Middle East. Brent crude fell 9 cents, or 0.1%, to $78.67 a barrel by 0057 GMT, while U.S. […]
ANDREWS, TX – JANUARY 20: An oil pumpjack works at dawn in the Permian Basin oil field on January 20, 2016 in the oil town of Andrews, Texas. Despite recent drops in the price of oil, many residents of Andrews, and similar towns across the Permian, are trying to take the long view and stay […]
Crude oil tankerGetty Images OPEC+ can’t cut oil output enough to push prices higher than where they’re at. According to one expert, that’s because the US is producing a record amount of oil. A softening economic outlook will hit oil demand next year. Oil prices have been edging higher this week, but there’s not much […]
Angola has announced it is leaving the oil producers’ organisation Opec over a dispute on output quotas. It follows last month’s decision by the 13-member cartel and 10 allied nations to further slash oil production in 2024 to prop up volatile global prices. Angola currently produces about 1.1 million barrels per day, of the 30 […]
Angola has announced it is leaving the Opec oil producers cartel after it battled with the group over lower production quotas this year. Diamantino de Azevedo, the African nation’s oil minister, said Angola “does not gain anything by remaining in the organisation”, according to state news agency Angop. The country joined Opec in 2007. Disagreements […]
By Robert Harvey LONDON (Reuters) -Oil prices fell by more than $1 a barrel on Thursday after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC). Brent crude futures were down $1.30, or 1.63%, to $78.40 a barrel by 1419 GMT, while U.S. West Texas Intermediate crude was lower by $1.19, […]
(Bloomberg) — Angola announced it’s leaving OPEC following 16 years of membership amid a dispute over oil production quotas, while the cartel tries to buoy global prices. Most Read from Bloomberg Luanda had rejected a reduced output limit imposed by the leaders of the cartel to reflect the country’s dwindling capacity. The decision to leave […]
Oil and Gas Drilling Rig over Offshore PlatformGetty No matter how much OPEC cuts oil output, other countries will “fill the hole,” a senior equity trader said. A surge of supply from non-OPEC nations like US, Brazil, and Guyana has surprised oil markets this year. “We’re looking at 2024 and we’re concerned that the market […]