OPEC

OPEC+ announced it would extend existing overall limits on oil production through 2025, attempting to ensure prices do not fall too low.

The unhappy COP28 climate alarmism summit in Dubai rolled into its final scheduled day on Tuesday without the crown jewel sought by hardcore activists: a worldwide agreement to phase out fossil fuels.

Russian strongman Vladimir Putin and Saudi Crown Prince Mohammed bin Salman said on Thursday that the two countries would pressure fellow members of OPEC+ to “adhere” to their agreements “in a way that serves the interest of producers and consumers,” a sign the two would join to pressure smaller member nations to keep production reduced.

Saudi Crown Prince Mohammed bin Salman gave Russian strongman Vladimir Putin a warm welcome to Riyadh on Wednesday, proclaiming him a “cherished guest” of the country and signing a variety of agreements on space, sports, investment, energy, defense, and tourism, among other subjects.

Former OPEC president Diezani Alison-Madueke has been charged with bribery offences, the UK National Crime Agency said on Tuesday.

Saudi Arabia and Russia, both members of the OPEC+ oil cartel and the two largest oil exporters in the world, announced deeper production cuts on Monday to push worldwide market prices higher. The cuts added up to a 1.5% reduction in the global supply of oil.

Saudi Energy Minister Prince Abdulaziz bin Salman said he “ignore[s]” concerns about the growing friendship between his country and China.

Saudi Arabia announced a million-barrel-per-day (bpd) oil production cut on Sunday that would begin in July, a policy change following a meeting of the OPEC+ oil cartel in which several members failed to meet their production quotas and one, the United Arab Emirates (UAE), announced a production increase.

Data from two top ship tracking firms revealed that shipments of Russian crude oil to China and India, Russia’s top two buyers, rose by ten percent in May to hit record levels despite the Biden administration’s pleas to cut down on Moscow’s prodigious income stream by respecting sanctions and price caps.

On Tuesday’s broadcast of the Fox Business Network’s “Kudlow,” host Larry Kudlow reacted to the announced oil production cut by OPEC+ by stating that Saudi Arabia and Russia are “equal partners” in the production cut, arguing that the cut’s timing

China’s state-run Global Times propaganda outlet celebrated on Tuesday the oil cartel OPEC+ announcing a significant cut in its production the day before, claiming it as a victory against “U.S. hegemony” and a “stern warning” to America that it had lost global influence.

The surprise decision on Monday by the oil cartel OPEC+ to dramatically cut crude production preceded indications from the administration of leftist President Joe Biden in late March that it was not interested in imminently refilling supplies depleted out of America’s Strategic Petroleum Reserves (SPR).

On Monday’s broadcast of the Fox Business Network’s “Bottom Line,” Sen. Markwayne Mullin (R-OK) reacted to OPEC+’s announcement that it will cut production by pointing to Saudi Arabia’s recent China-brokered deal with Iran and arguing that President Joe Biden’s energy

The Wall Street Journal, citing a Japanese government source, claimed on Sunday that Japan is now buying Russian oil above the $60 per barrel cap imposed by the Group of Seven (G7) nations and Australia in December to keep Moscow from using massive oil profits to finance its invasion of Ukraine.

The oil-producing country coalition OPEC+ announced dramatic production cuts on Sunday totaling 1.16 million barrels per day (bpd), sending oil prices surging on Monday morning.

The government of Saudi Arabia dramatically increased purchases of Russian diesel fuel this month, apparently for use at home while selling more expensive Saudi oil abroad, reports indicated this week.

Saudi Energy Minister Prince Abdulaziz bin Salman enthusiastically opposed policies to cap oil prices – apparently in reference to Western price caps on Russian oil – in an interview on Tuesday and asserted that Riyadh would not sell oil to any country that capped its oil’s price.

Rep. James Comer (R-TN), the top Republican on the Oversight Committee, announced Sunday in a letter the committee is investigating a New York Times report of a “secret deal to boost oil production” between the Biden administration and the Saudis to lower gas prices just before the midterm elections.

The Biden administration, through the Department of the Treasury’s Office of Foreign Assets Control (OFAC), issued a license to California-based Chevron on Saturday that allows the company to produce and export oil from Venezuela.

The emir of Qatar, Sheikh Tamim bin Hamad, made a point on Tuesday of getting himself photographed waving the flag of Saudi Arabia during the Saudi match against Argentina at the 2022 World Cup soccer tournament.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman asserted Monday his country and other OPEC+ member nations “remain ready to intervene” and again cut oil production if they deem it necessary – a rebuke of a report in the Wall Street Journal claiming the oil cartel was preparing to increase supply.

On Wednesday’s broadcast of CNN’s “Situation Room,” White House Press Secretary Karine Jean-Pierre stated that “parts” of the report by The New York Times that American officials believed they had a deal with Saudi Arabia on oil supplies that the Saudis

The left-wing newspaper New York Times claimed in a report on Tuesday, citing anonymous sources in American and Gulf Arab governments, that Saudi Crown Prince Mohammed bin Salman had promised leftist American President Joe Biden an increase in oil production but “duped” the White House.

President Joe Biden and his administration worked extensively to work out a secret deal with Saudi Arabia to ease oil and gas prices right before the midterm elections, even though the Saudis ultimately backtracked.

During an interview with ABC News on Wednesday released on Thursday, Secretary of State Antony Blinken reacted to the recent OPEC+ oil production cut by saying that because we’re in a period where we’re attempting to bring back economic growth,

Republican officials slammed President Joe Biden’s “reckless” intent to tap into U.S. oil reserves again — just weeks before midterm elections — in order to curb rising gas prices, describing the move as a “political Band-Aid” while accusing the president of “shamelessly compromising our national security for political gain.”

South African President Cyril Ramaphosa said during a visit to Riyadh this weekend that Saudi Arabia’s Crown Prince Mohammed bin Salman is interested in joining the BRICS coalition, a trade and security organization led by Russia and China.

President Joe Biden plans to release even more barrels of oil from the federal government’s strategic reserves to keep gas prices low before the midterm elections.

On Monday’s broadcast of the Fox Business Network’s “Mornings with Maria,” House Minority Whip Rep. Steve Scalise (R-LA) pointed out that French President Emmanuel Macron warned President Joe Biden that Saudi Arabia and the United Arab Emirates couldn’t really increase oil production

Saudi Defense Minister Prince Khalid bin Salman pronounced himself “astonished” by the barrage of attacks from the Biden White House last week accusing Riyadh of siding with Russia in the eight-year-old invasion of Ukraine, citing Ukrainian President Volodymyr Zelensky’s kind words towards the country as contradicting Washington.

President Joe Biden during a visit to Los Angeles on Thursday dismissed gas prices in California reaching nearly seven dollars a gallon.

During an interview aired on Thursday’s edition of NBC’s “Top Story,” White House NSC Coordinator for Strategic Communications John Kirby argued that the White House did not ask OPEC+ to delay cutting back oil production until after the midterms even

On Thursday’s broadcast of Bloomberg’s “Bloomberg Markets: The Open,” White House National Economic Council Director Brian Deese responded to questions on whether the Biden administration asked OPEC+ to delay its production cut for a month by stating that he didn’t

Russian media on Thursday boasted that Moscow stands ready to become a primary supplier of arms to Saudi Arabia if the Biden administration makes good on its threats to cut back on military sales to the Kingdom.

President Joe Biden has been accused of doing what President Donald Trump was impeached for allegedly doing: putting his own political interest ahead of the national interest by calling on the Saudis to hold off on cuts to oil production until after the midterms.

Saudi Arabia stressed their decision to back OPEC+ production cuts had nothing to do with the midterm elections in the United States.