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"opec" tag
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Oil price jumps amid production cuts

An unexpected OPEC production cut announcement has pushed up the price of oil. Besides reducing the amount of oil for sale, the move could also play into the hands of Russia and refill its war...

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US orchestrates strategic oil reserve releases with China, India, UK

Washington has said it will release 50 million barrels of crude oil in an effort to bring down gas prices. India quickly announced it would also release 5 million barrels. The Biden administration on Tuesday...

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OPEC+ oil strategy risks derailing economic recovery from pandemic

The top oil producers have been holding back on a major production boost even as oil prices soar amid a supply crunch. With natural gas and coal prices at record highs, the oil price bump...

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Biggest ever oil production cut by OPEC and its allies

A previous standoff with Mexico was resolved as the deal was announced just hours before Asian markets opened on Monday. The cuts will be gradually eased until April 2022. OPEC, Russia and other oil-producing nations...

Saudi oil giant Aramco kicks off milestone IPO

Saudi Arabia has formally launched the initial public offering of stock in state-owned oil giant Aramco. The long-awaited IPO is part of plans to move the kingdom away from oil dependency. Saudi Aramco, the national...

Uncertainty over oil price goes beyond possible cut to Saudi supply

It’s been a turbulent few days on international markets for oil investors. Yet while Saudi Arabian supply may be restored quickly, the attacks have raised questions that may impact the price of oil in the...

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Qatar exit exposes OPEC’s decreasing relevance

As Qatar leaves OPEC, a Troika of Saudi Arabia and non-OPEC members Russia and the US are likely to press ahead with their own interests. So, are the days of OPEC dominance numbered? When the head...

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Donald Trump vs. OPEC: What can he do to bring down oil prices?

Donald Trump’s pledge that the US “won’t put up with high oil prices for much longer” has led to speculation about how he may try to force OPEC’s hand. Skepticism abounds over whether the price...

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OPEC members fail to agree on production freeze

Tehran will not participate in an output cap agreement to stabilize oil prices, said Iran’s oil minister. Analysts warned that OPEC’s failure to strike a deal could have a severe impact on oil markets. Qatar’s...

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After Messy Price War, OPEC Gets the Blues, Can’t Figure Out How “to Live Together” with US Shale Oil

OPEC Secretary General Abdalla Salem El-Badri admitted on Monday that the price war has backfired. While it still controls about 40% of global oil production, OPEC has been losing market share to US and Canadian producers....

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Saudi Arabia to reduce its reliance on oil

In a bid to shore up the Middle East nation’s finances battered by the global slump in crude prices, Saudi King Salman has pledged to diversify the country’s economy and veer off its heavy dependence...

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Oil: WWJD–What would JD Rockefeller have Done?

Many observers conclude OPEC is dead. Oh, its demise has been claimed before, but after the oil cartel failed to provide a quota (output goal) in last week’s statement, the claim has been given new...