OPEC
Vienna (AFP) - Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty. The plan to extend cuts to mid-2024 comes on top of previous cuts to both oil output and exports as some of the world's largest energy producers drive to push up market rates. Saudi Arabia's energy ministry said it would cut its production by one million barrels per day (bpd) from April to June (Q2), while Russia announced 471,000 bpd of cuts in Q2. "In order to ma...
AFP
Vienna (AFP) - A meeting of major oil producers got underway on Sunday to consider slashing output further in a bid to prop up prices, amid tensions between Riyadh and Moscow. The 13-member Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia is consulting with 10 other oil majors, including Russia, to review the grouping's future output policy. The in-person OPEC+ meeting opened at the group's headquarters in Vienna in the early afternoon, about three hours later than scheduled, a source close to the talks told AFP. Analysts had largely expected OPEC+ producers to main...
AFP
Washington (AFP) - US President Joe Biden promised "consequences" for Saudi Arabia after a Riyadh-led coalition of oil-producing nations sided with Russia to slash output. The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision to cut production by two million barrels a day from November, raising fears that oil prices could soar. "I'm not going to get into what I'd consider and what I have in mind. But there will be -- there will be consequences," Biden told CNN when pressed on possible responses in a rare televised interview. The Democr...
AFP
Washington (AFP) - US consumer prices jumped again in July, as spiking gasoline prices continue to fuel inflation, prompting the White House on Wednesday to call for oil producers to open the taps to boost supply. However, overall inflation came in at a slower pace than the prior month as some impacts of the pandemic shutdowns appeared to dissipate, according to government data released Wednesday. President Joe Biden hailed the report saying it showed signs of progress as prices begin to come down. The consumer price index (CPI) rose 0.5 percent last month, seasonally adjusted, after a 0.9 pe...
AFP
New York (AFP) - A boost in production agreed on by the world's leading oil producers is "simply not enough" to fuel the global economic recovery from Covid-19, US national security advisor Jake Sullivan said Wednesday. The increases agreed on by OPEC+ (the Organization of the Petroleum Exporting Countries and allies) last month "will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022," he said in a statement released by the White House. "At a critical moment in the global recovery, this is simply not enough," the statement said. "Competitive...
AFP
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