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
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… Continue watching
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. Continue reading
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… Continue reading
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. Continue reading
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. Continue reading
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%… Continue reading
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… Continue watching
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… Continue watching
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. Continue reading