The average cost of a gallon of regular gasoline was about $3.81 on Tuesday, according to AAA – a historically high price for this time of the year. However, prices remain well below the record high of $5.01 notched in June 2022. More expensive oil – and gasoline – threaten to exacer...
Higher crude prices could translate to more expensive gas at the pump for U.S. households. As of Tuesday, the average cost of a gallon of gas nationwide was $3.81, little changed from $3.79 a year ago, when oil prices were at a similar level.5 U.S. gas prices hit an all...
Saudi Arabia on Sunday confirmed it would extend a production cut of 1 million barrels a day, which first took effect in July, through the end of December. Ina statementciting an Energy Ministry official, Saudi Arabia said it would extend the cut through next m...
Heavyweight oil producer Saudi Arabia will extend a 1 million barrel per day crude output cut into September, the state-owned Saudi Press Agency said.
And for a time, its fiscal breakeven oil price — what it needed a barrel of crude to cost in order to balance its government budget — was fairly comfortable, too. That's changing as the kingdom embarks on huge spending projects as part of Vision 2030, which aims to modernize its eco...
The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading Tuesday afternoon, a price unseen in the market since last November. The countries' moves likely will increase the cost for motorists filling up at the pump and put new pressure on Saudi ...
His comments come as oil prices have edged higher as his administration pushes U.S. allies to end oil purchases from Iran. The OPEC cartel recently agreed to pump 1 million barrels more crude oil per day. Trump's claim of a 2-million-barrel increase for Saudi Arabia alone does not ...
This statement is important on the part of the UAE, which has at least once threatened to withdraw from OPEC if it does not receive higher quotas. But the UAE's quota increase has come at the cost of some African member states being asked to give up some of their unused quotas. The ...
As long as the prices remain above $60 per barrel, US shale oil producers, as well as conventional off-shore producers, are making money. Shale has survived "Technological advances unlocking oil from tight rocks like shale has led to a drilling frenzy enabling a doubling of output in a deca...