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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.

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Oct 05

Watch 5:26
News Wrap: OPEC drastically cuts oil production to boost sagging prices

In our news wrap Wednesday, OPEC is drastically cutting oil production by two million barrels a day to boost sagging prices, Russian President Putin signed documents today to annex four regions of Ukraine as the Russian military is losing its…

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Oct 05

OPEC+ makes sharp production cut to boost prices; gasoline costs may rise

By David McHugh, Associated Press

The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices.

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Sep 05

OPEC+ makes small trim to world oil supplies as prices fall

By David McHugh, Associated Press

OPEC and allied oil-producing countries, including Russia, have made a small trim in their supplies to the global economy. The move Monday underlines their unhappiness as recession fears help drive down crude prices — and the cost of gasoline, to…

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Aug 11

WATCH: Jen Psaki holds White House news briefing

By Associated Press

President Joe Biden's administration is moving at home and abroad to try to address concerns about rising energy prices slowing the nation's recovery from the pandemic-induced recession.

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Jun 01

OPEC to increase oil output as global economy recovers

By David McHugh, Associated Press

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.

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Jun 06

OPEC, allied nations extend nearly 10M barrel cut by a month

By Jon Gambrell, Associated Press

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%…

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Apr 21

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…

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Apr 20

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…

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Apr 12

OPEC, oil nations agree to nearly 10M barrel cut amid virus

By Jon Gambrell, Associated Press

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.

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Full Episode
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