Tag: Organization of the Petroleum Exporting Countries

Saudi Arabia to Extend Oil Production Cut by a Month

Media Library

In a move to support oil prices, Saudi Arabia said Thursday it would extend its decision to cut oil production by one million barrels a day for another month, to September. Oil prices have recovered strongly in recent weeks partly because of smaller stockpiles of fuel in the United States, but China’s tepid economic recovery has kept oil prices under pressure for most of the year. Saudi leaders need oil prices to stay high because the money from energy sales pays for government spending and ambitious plans to diversify the…

Oil Prices Slide as Investors Worry Energy Demand Is Slowing

Chin@Strategy

HOUSTON — Saudi Arabia is slashing oil exports. U.S. crude oil in storage is dropping. Members of the European Union will soon sharply reduce how much fuel they buy from Russia. Those developments would normally send oil prices sharply higher. Yet oil prices have been sliding. The U.S. benchmark, West Texas Intermediate, fell to about $80 a barrel on Friday from more than $90 at the start of the month. The global supply of oil appears to be falling, but many oil traders think that demand is heading down even…

Your Friday Briefing: Biden Releases Oil Reserves

Chin@Strategy

Good morning. We’re covering global energy challenges, missile deception in North Korea and the wild world of Wikipedia. War roils global energy access On Thursday, the White House announced a plan to release up to 180 million barrels of oil from U.S. strategic reserves, the largest release since it was created, hoping to push gas prices down. Oil prices, which had been surging since the fighting in Ukraine began, fell modestly on expectations of the announcement. But diesel prices are still soaring. At the same time, OPEC and its allies,…