Saudi Arabia and other major oil producers say they will cut oil production by 1.15 million barrels per day from May until the end of 2023. The Saudi Energy Ministry said Sunday that its cuts of 500,000 barrels per day were in addition to a reduction ann
Saudis Press for Big Cut in OPEC ProductionSAUDI ARABIA, the world's biggest oil producer, intends to demand a significant cut in output when Opec meets later this month, in a bid to halt a further slide in oil prices.Harrison, Michael...
Saudi Arabia said Tuesday it will keep its latest round of oil production cuts in place until December, putting more upward pressure on oil prices which are trading near 10-month highs. Key Takeaways Saudi Arabia extended a production cut of 1 million barrels per day until December....
Saudi Arabia's oil minister dismissed the possibility Tuesday that major oil-producing countries will cut production to stabilize slumping crude prices. Anagreement between OPEC and non-OPEC countries to freeze production, however, still remains on the table. "A freeze is the beginning of a proces...
BERKELEY HEIGHTS, N.J. (AP) — The Latest on President Donald Trump and Saudi oil production (all times local):
OPEC says it does not have any oil price target and its policy decisions are to prevent volatility by balancing supply and demand. "(The cut) clearly reflects the angst and frustration amongst producers, particularly of Saudi Arabia, of sliding prices," Tamas Varga from PVM brokera...
Oil prices rose above $58 a barrel Thursday after Saudi Arabia signaled its support for an OPEC production cut designed to halt a precipitous fall in prices and send a message to a skeptical world market. Ministers from the Organization of the Petroleum Exporting Countries, meeting in Doha, Qat...
More important for the long term is the shift of power in the oil market. The Saudis were not able to force the US shale industry out of business. The pain has been considerable, especially to the services sector but in the end the companies were able to cut costs in the US and else...
The US oil industry is still struggling to recover from Hurricane Ida. It is now around a week since the storm made landfall in the US Gulf, and yet there is still a significant amount of offshore crude oil production offline. The latest data from the Bureau of Safety and Environmental En...
Major oil producers were expected to discuss compliance of agreed production cuts. The West Texas Intermediate for September Delivery added 1.55 dollars to settle at 47.89 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 1.62 dollars to close at...