Sep 05 Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December By Jon Gambrell, Associated Press The dual announcements from Riyadh and Moscow on Tuesday said the two countries would trim 1.3 million barrels of crude out of the global market. Continue reading
Aug 03 Saudi Arabia extends daily oil production cut through September to boost energy prices By Associated Press The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. Continue reading
Jun 04 OPEC+ member countries consider more production cuts as oil prices slump By David McHugh, Associated Press The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. Continue reading
Dec 05 European Union implements Russian oil price cap to limit Kremlin war chest By David McHugh, Associated Press The impact may be blunted because Russia has been able reroute much of its European seaborne shipments to China, India and Turkey, although at steep discounts. Plus, the price cap is near what Russian oil already cost. Continue reading
Dec 05 Ukrainian infrastructure again hit by latest round of Russian missiles By Jamey Keaten, Associated Press Russia has unleashed what Ukrainian authorities called the latest “massive missile attack” across their country, striking homes and buildings, killing civilians, and disrupting electrical power and water supplies in areas. Continue reading
Dec 03 Russia rejects $60-per-barrel cap on its oil, warns Western countries of cutoffs By Jamey Keaten, Associated Press Russian authorities rejected a price cap on the country's oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Continue reading
Nov 01 Watch 7:13 Oil companies post massive profits as consumers feel squeeze from high gas prices By William Brangham High gas prices are on the minds of Americans a week before the election. At the same time, oil and gas companies are reporting record-breaking profits. President Biden lashed out and called for a new windfall tax if companies don't… Continue watching
Oct 31 WATCH: Biden compares oil firms to war profiteers, talks of windfall tax By Zeke Miller, Seung Min Kim, Associated Press President Joe Biden on Monday accused oil companies of “war profiteering” as he raised the possibility of imposing a windfall tax on energy companies if they don't boost domestic production. Continue reading
Oct 08 Watch 5:48 Why gas prices are rising across the country again Major oil-producing countries, including Saudi Arabia and Russia, have announced that they are cutting oil production by 2 million barrels per day. Americans will soon feel the effects of that decision when they fill up their gas tanks, but the… Continue watching
Oct 06 How will OPEC+ cutbacks affect oil prices, inflation? By David McHugh, Associated Press Oil cartel OPEC and its allies are cutting production. And that means oil prices are likely going up. The OPEC+ alliance says they're trying to support prices against future sagging demand from an uncertain and slowing global economy. Continue reading