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Surprise OPEC Move May Complicate Fed's Strategy

Decision to limit output expected to raise gas prices, along with fears about inflation

(Newser) - Oil prices soared nearly 6% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year, per the AP . The move by members of the so-called OPEC+ group of oil exporting...

The Saudis Appear to Be Betting on Trump
The Saudis Appear
to Be Betting on Trump

The Saudis Appear to Be Betting on Trump

Move to cut oil supply could be taken as a 'humiliation' for Biden ahead of midterms

(Newser) - Saudi Arabia claims the decision by the Saudi-led alliance of oil-exporting countries to slash oil production , which means driving up prices and boosting Russia's coffers amid its war in Ukraine, is a purely economic move. But onlookers say there's an ulterior motive—specifically, a plan to get former...

Biden Says There Will Be 'Consequences' for Saudis

Saudi-led alliance accused of aiding Russia by cutting oil production

(Newser) - President Biden said Tuesday there will be "consequences" for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis. Biden suggested he would soon take action, as aides announced that the administration is reevaluating its...

White House Slams 'Short-Sighted' Oil Cartel Move

OPEC+ decides to cut production to boost oil prices

(Newser) - The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections. Energy ministers cut production by a larger-than-expected...

OPEC Alliance Agrees to Boost Oil Production

Move by group that includes Russia may bring modest relief to sky-high prices

(Newser) - The OPEC oil cartel and allied countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and inflation. The decision Thursday steps up the pace by the alliance, known as OPEC Plus,...

OPEC, Russia Make 'Unprecedented' Oil Move

A tenth of global supply is going bye-bye

(Newser) - OPEC, Russia, and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. The cartel and other nations agreed to allow Mexico to...

A Big First for OPEC as One Nation Pulls Out

Qatar will be leaving the oil cartel in January, the first time a Mideast nation has done so

(Newser) - The tiny Arab nation of Qatar announced Monday it will withdraw from the Organization of the Petroleum Exporting Countries, or OPEC, in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha....

Oil Price Soars After OPEC, Russia Deal
How Russia, OPEC
May Have Just
Driven Up Gas Prices

How Russia, OPEC May Have Just Driven Up Gas Prices

Deal cuts output for first time in 15 years

(Newser) - It's a victory for international agreement, but not for consumers: OPEC nations and Russia have managed to overcome their differences because of their common desire to drive up oil prices, Reuters reports. They have agreed on their first joint output cut since 2001, a move that sent the price...

Eyeing Oil Prices, Russia, Saudis Agree to Freeze Output

OPEC members Qatar, Venezuela also on board—but they want Iran, Iraq as well

(Newser) - Russia's energy minister said Tuesday his country has agreed with OPEC members Saudi Arabia, Qatar, and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak following an unexpected, closed-door meeting in the Qatari capital of Doha. The Wall Street ...

Why Oil Prices Keep Hitting New Lows

US oil prices briefly dipped under $50 a barrel today

(Newser) - Wonder whether gas prices will hold at their incredible $2.20 national average? Based on today's news, filling up the tank won't get harder over the next few weeks, the Wall Street Journal reports. US oil prices dipped below $50 a barrel for the first time in nearly...

Saudi Oil Chief: Cheap Oil Isn't a Conspiracy

As neighbors worry Saudis are depressing prices

(Newser) - Saudi Arabia's oil chief today dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize. The kingdom, which is dependent on oil revenues, is able to...

Iran: We're Going to Produce Way More Oil

Even if it means tanking global crude prices

(Newser) - Following an initial nuclear deal between Tehran and the West, Iran is planning to ramp up its oil production, its oil minister says. "We will produce 4 million even if the price drops to $20," says Bijan Namdar Zanganeh. That's about a sixth of the current price,...

Iraq's Oil Production Hits New Heights

With Iran sanctions rising, Iraq oil needed for world supply

(Newser) - Iraq may be crippled by mismanagement and violence , but it does have one huge bright spot these days—oil. Iraq's crude oil production is up 20% this year to the tune of 2.5 million barrels a day, reports the New York Times . Oil provides 95% of government revenues...

Americas Replacing Mideast as World's Oil Source

Production is up from Canada to the US to Brazil

(Newser) - Gas and oil production is booming from Canada to Argentina, and that shift away from the Middle East has the potential to change the United States' geopolitical calculations significantly, reports the Washington Post . Even the US has been able to boost its petroleum production by 1.7 million barrels per...

When Gadhafi Falls, Oil Prices Will Fall With Him
When Gadhafi Falls,
Oil Prices Will Fall With Him

When Gadhafi Falls, Oil Prices Will Fall With Him

And stocks could 'soar': David Kotok

(Newser) - If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million...

OPEC Shocks Market, Leaves Production Flat

Investors had been expecting a rise

(Newser) - Crude prices are headed north this morning, after OPEC surprised the market by keeping production flat instead of ramping it up, the Wall Street Journal reports. Nymex crude is currently up almost 2%, above $100 a barrel, after being down ahead of the announcement. OPEC's secretary-general told reporters that...

Ahmadinejad Retreats in Ayatollah Feud

President appears to be losing power struggle with supreme leader

(Newser) - Mahmoud Ahmadinejad will not attend an OPEC summit next month, noteworthy only because it's being read as a signal that he's losing his power struggle with the nation's supreme leader, Ayatollah Khomeini, reports the New York Times . Ahmadinejad had announced earlier this month that he would go...

Trump: Let's Just Seize Iraq's Oil

'We're reimbursing ourselves'

(Newser) - Donald Trump has an interesting concept of how the world’s oil markets work: In an interview with George Stephanopoulos on ABC , Trump opined that the reason oil was so high was because “We don’t have anybody in Washington that calls OPEC and says, ‘Fellas, it’s...

Trump: I Wish I Didn't Have to Consider Presidential Run

But he just loves this country too much not to

(Newser) - Donald Trump was quite the braggart on CNN’s State of the Union today. Highlights from Politico:
  • Trump is better than Romney: “Mitt Romney is a basically small-business guy, if you really think about it,” Trump said , adding that he is “much bigger than this man and

Gas Prices Are Insane —Everywhere Else
 Gas Prices Are Insane 
 —Everywhere Else 

Gas Prices Are Insane —Everywhere Else

As US drivers complain, those overseas think we're lucky

(Newser) - Gas prices are climbing again, which means people are complaining, which means it's time for a spate of stories showing how relatively cheap gas remains in the US. Here's a rough estimate of world prices per gallon, courtesy of CNN :
  • US: $3.53
  • Norway: $9.28
  • Europe: Between $7.50

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