OPEC to increase oil output as global economy recovers
Saudi Arabia's energy minister, the de facto leader among member countries, said that there were still "clouds on the horizon" despite recovering demand and the economy rebound in many countries.
OPEC, allied nations extend nearly 10M barrel cut by a month
Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10%…
Watch 4:08
The cascading economic effects of plummeting oil prices
The collapse of the global oil market reflects a broader drop in demand across all areas of the economy, as business activity during the pandemic remains near a standstill. What caused this historic decline in oil prices, and what does…
Watch 4:40
Troubled global oil market tanks amid pandemic’s drop in demand
Economic damage from the novel coronavirus pandemic has knocked the bottom out of the oil market. The cost of benchmark U.S. crude oil, for delivery in May, actually fell below zero -- dragging down the entire stock market. And in…
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.
In our news wrap Friday, members of OPEC, along with Russia and Mexico, agreed to cut global oil production by up to 10 million barrels a day, or a tenth of the world supply. It’s an effort to stabilize oil…
Oil-producing countries including those of the OPEC cartel and Russia are trying to limit a crash in prices that, while welcome for consumers, has been straining government budgets and pushed energy companies toward bankruptcy.
Russian President Vladimir Putin says he supports cutting oil production by about 10 million barrels a day to shore up falling prices.
For many of the oil-rich countries, 2020 was already off to a miserable start, but they took a beating on Monday-- a barrel of oil now costs half what it did at the beginning of the year. What happened?…
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