OPEC

Crude oil production cuts by oil-exporting countries are starting to take a toll on global inventories and U.S. gasoline prices. read more >

The countries participating in production cuts, which have gradually piled up since October 2022, have pointed to goals of balancing the oil market. read more >

Residential customers can expect a 69.5 cent rate per cubic foot of natural gas, down 43% from last winter’s rate and down nearly 27% from last summer. read more >

The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for travel and industry. read more >

President Joe Biden withdrew 180 million barrels from the Strategic Petroleum Reserve starting in March, bringing the stockpile to its lowest level since the 1980s. read more >

It is not yet clear how much Russian oil the two sanctions measures could take off the global market, which would tighten supply and drive up prices. read more >

He rejected the notion that politics played a role in his latest action. read more >

Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic. read more >

As the calendar turns to fall, an eased energy crisis is turning fierce again worldwide with ominous headlines at every turn. read more >

The decision for October rolls back a mostly symbolic increase of 100,000 barrels per day in September. read more >

The move comes after President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil production from the cartel to draw down high prices at the pump. read more >

High gasoline prices have eased somewhat in recent weeks. But diesel has remained chronically high, with American refineries operating near capacity. read more >

The increase of 648,000 barrels per day in August still leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic and runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas. read more >

The additional 648,000 barrels per day will offer modest relief to the global economy. read more >

"You can't ramp up if you can't find qualified people to do it," a New Mexico lawmaker said. read more >

The group's leaders chose to increase oil production by 400,000 barrels per day in April. read more >

While many industries have yet to fully bounce back, the gradual reopening of the economy ushered in a swell of demand. read more >