13 Jul 2021

OPEC+ stalemate threatens the pandemic recovery

The International Energy Agency has warned that the failure by major oil producers to agree on supply increases could elevate fuel prices. The elevated prices of fuel would spark inflation and would slow nations’ recovery from the coronavirus pandemic. The agency expects oil markets to tighten as demand increases after

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09 Sep 2020

Oil prices are collapsing after Saudi Arabia sends ominous signal

On Tuesday, US oil prices dropped 7%, representing crude oil’s worst day and lowest closing price in almost a quarter. At one point during the day, prices were down as much as 9% with an average of $36.76 a barrel. For the first time since late June, Brent crude fell

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13 Apr 2020

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

Russia, OPEC, and other oil-producing nations have announced on Sunday that they have finalized an unprecedented production cut. The cut consists of nearly 10 million barrels, which represents a tenth of the global supply. The measure aims to boost oil prices amid the coronavirus pandemic and a price war, according

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03 Dec 2018

Qatar to leave OPEC and focus on gas as it takes swipe at Riyadh

“Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group’s de facto leader Saudi Arabia and marring efforts to show unity before this week’s meeting of exporters to tackle an oil price slide. Doha, one of OPEC’s smallest

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22 Jun 2018

Opec to increase output by 1 million barrels per day, if Iran budges

Opec is nearing the completion of a deal that would see the group output an additional 1 million barrels per day. The group has been under pressure from many countries, including the US, China, and India, to increase output, a move that would reduce consumer prices. The ongoing talks have

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