US, Saudi Arabia clash in public over oil cut, accuses Riyadh of boosting Russian interests
The United States has vowed to re-evaluate ties with the oil-rich kingdom since the cut, which was seen as a diplomatic slap in the face for President Joe Biden.
Oil prices up as OPEC+ decides to slash output
The Organization of Petroleum Exporting Countries (OPEC) and allies including Russia announced the production cut following its first meeting in person since March 2020.
EXPLAINER| How will OPEC+ cuts affect oil prices, inflation?
Oil producers are wary of a sudden collapse in prices if the global economy goes downhill faster than expected.
OPEC+ makes big oil cut to boost prices
In a statement, OPEC+ said the decision was based on the uncertainty that surrounds the global economic and oil market outlooks.
OPEC+ tipped to make big cut down in oil output amid inflation, soaring prices
A sizeable cut now looks on the cards, the question is whether it will be large enough to offset the demand destruction caused by the impending economic downturn.
OPEC+ agrees minuscule oil output rise despite Biden plea
The cartel led by Saudi Arabia and Russia decided to raise production by 100,000 barrels per day for September, much lower than previous increases.
OPEC+ may not be much help with high oil, gasoline prices
OPEC, on the other hand, could help lower prices by increasing production, in theory. But that doesn't mean it will, even as Biden has urged the group to do so.
US pump prices hit record as OPEC+ producers gather
Higher oil and gas prices have contributed to the inflation that is plaguing the US and Europe and sapping consumer purchasing power.
Russian isolation won't spark 'acute' oil supply crunch: IEA
After supply fell by nearly one million barrels per day in April, losses could widen to three million barrels per day in the second half of the year, the agency said.
OPEC+ to gradually increase flow as Russian war roils markets
The cautious approach from the OPEC+ alliance, which includes non-member Russia, will exacerbate a global energy crunch, with prices expected to rise further.
Russian war, China lockdowns roil oil markets as OPEC+ meets
The fluctuating and high oil prices are squeezing consumers in the U.S. and Europe with climbing inflation and the rising costs of driving and heating homes.
Boris Johnson in UAE, Saudi Arabia to press for more oil
His visit, though, is also about pressing these two major OPEC producers to pump more oil, which would have an immediate impact on Brent Crude prices that nearly touched $140 a barrel in trading.
India hopes for oil from Iran, Venezuela; higher output from OPEC+ to cool prices
It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier.
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