The world’s largest crude oil exporter, Saudi Arabia, continues to keep close ties with Russia while the top oil consumer, the United States, pleads with major producers
OPEC+ enters a second and final day of meetings on Thursday with sources saying the group is unlikely to decide imminently to pump more barrels to the market beyond August.
The United States is calling on all oil and gas producers, including the OPEC club of the largest oil exporters, to increase their output to rein in soaring gasoline prices, the US secretary of energy said on Sunday.
Oil prices edged down on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand offset worries about tightening supplies.
The OPEC+ group is currently pumping 2.6 million barrels per day (bpd) of oil below its target, and efforts to boost output per the monthly plans are “not encouraging,” the energy minister of one of OPEC’s top producers, the United Arab Emirates, said on Wednesday.
Although crude oil prices have for months stayed above $100 in the international market, a development rarely seen, it has not had any positive impact on the Nigerian economy
Oil prices hit US$120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.
Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.
The consortium of the world’s largest oil-producing countries agreed to boost fossil fuel production faster than expected Thursday as energy prices rise worldwide due to Russia’s drawn-out war in Ukraine.
The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change.