At a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday in London, the oil cartel voted on a modest production increase and announced that the organization is not to blame for the disruptions and price increases since Russia invaded Ukraine in late February.
Some of the members of OPEC are near or already at production capacity, so even higher quotas will not add to global supply.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday recent attacks on Saudi oil facilities by Yemen’s Houthi terrorists have compromised Riyadh’s ability to supply the globe with sufficient energy, the Associated Press reported.
Saudi Arabia raised its oil prices in markets across the world on Monday, in some cases to all-time highs, as many customers remain reluctant to buy deeply discounted oil from heavily-sanctioned Russia. The Organization of Petroleum Exporting Countries (OPEC) is due to meet on Thursday to discuss production for May, when analysts expect more price hikes could occur.
Aramco, also known as the Saudi Arabian Oil Co., announced Sunday its net profit doubled last year as global growth recovered from the coronavirus downturn.
Give up your car and start walking. That’s an order. The International Energy Agency (IEA) on Friday directed global governments to urgently cut oil supply to domestic consumers and encourage compliance with its call for lowered consumption.
President Muhammadu Buhari apologized “to all sections of the society” in a statement Wednesday for Nigeria’s increasingly critical shortages of gasoline and other petroleum fuel products, as well as a rotting electric grid that collapsed twice this week, leaving the entire country in the dark.
Airlines in Nigeria warned this week that they were days away from running out of jet fuel, and business groups demanded the government act to stabilize petroleum product availability nationwide, Nigeria’s Vanguard reported on Wednesday, as Africa’s largest oil producer struggles to refine any of its supply.
On Saturday’s broadcast of the Fox News Channel’s “Fox News Live,” Rep. Brad Sherman (D-CA) stated that only “the last 75 cents” of the increase in gas prices is due to Russia, but the rest is due to OPEC, oil
Down more than 10 percent on news that UAE will encourage OPEC to pump more oil.
Libya’s state-run National Oil Corporation (NOC) announced on Monday that militia fighters shut down the Sharara oil field, the largest in the country, plus another vital oil field at el-Feel.
Josh Mandel said oppression of political dissidents in Canada was a “beta test” for incoming persecution of their American counterparts.
President Joe Biden’s energy policies are driving up oil prices, which will result in Americans paying the most for gasoline in nine years.
OPEC and allied oil producers agreed to increase production in February because they see demand remaining strong.
Democrat Sen. Joe Manchin (D-WV), chairman of the Senate Energy and Natural Resources Committee, urged President Joe Biden to restore the Keystone XL pipeline after the administration released 50 million barrels of oil from the Strategic Petroleum Reserve (SPR).
The White House announced Tuesday that Biden would release 50 million barrels of oil from the reserve to combat high gas prices.
The president appeared frustrated that some Americans continue blaming his environmental agenda for higher gas prices, dismissing it as a “myth.”
Texas Gov. Greg Abbott (R) denounced President Joe Biden’s Energy Secretary Jennifer Granholm after she said on Sunday that she hopes gas prices do not increase to $4 per gallon.
House Minority Leader Kevin McCarthy (R-CA) led a roundtable discussion with fellow GOP congressmembers and energy stakeholders Wednesday on how pursuing American energy independence would help to alleviate increased gas prices.
The Saudis, Russians, and other members of the oil cartel have rejected President Joe Biden’s request that they produce more oil to lower U.S. gasoline prices.
Ryan Zinke said Joe Biden took America from “energy dominance” to being “held hostage by foreign entities for our energy needs.”
Texas Gov. Abbott reacted to President Biden and his administration asking OPEC for more oil while shutting down domestic energy production.
Rep. Dan Crenshaw (R-Texas) is calling out President Joe Biden and his administration for blaming the increase in gas prices on an unstable global oil market after putting in place policies to kill historic gains in domestic energy production, including shuttering the Keystone XL Pipeline and pausing oil/gas exploration and production on public lands.
The White House acknowledged Wednesday that President Joe Biden was not trying to increase domestic oil production to help lower gas prices. Jen Psaki argued that gas prices were higher than they were in 2020 but still around normal.
His Fraudulency Joe Biden is blaming high energy prices on people of color instead of himself, even though he’s worked overtime to increase prices on everything, most especially energy.
Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, crowed at Thursday’s OPEC meeting that the American energy revolution is over, OPEC would soon regain control over oil markets, and “Drill, baby, drill is gone forever.”
Former Saudi Oil Minister Ahmed Zaki Yamani, who died Tuesday, was an architect of the 1973 oil embargo and widely misreported by Arab-language media, including CNN’s Arab edition, to have been the first Secretary-General of the Organization of Petroleum Exporting Countries (OPEC). Arab News reported Wednesday that the claim of him serving as Secretary-General was false and attributed it to Yamani’s page on the Arabic Wikipedia, which has included the false claim since the page’s creation in 2005.
BAGHDAD — Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects. Egypt and Lebanon face a blow as their workers in the Gulf send back less of the much-needed dollars that help keep their fragile economies afloat.
President Donald Trump should impose tariffs on Saudi Arabia’s oil exports to the U.S. in response to the kingdom’s dumping of oil during record-low global prices of the commodity caused by coronavirus-related economic shutdowns, said Spencer McGowan, founder of McGowan Group Asset Management and host of NetWorth Radio.
A battle over oil production waged in recent weeks between Saudi Arabia and Russia ended after President Donald Trump helped broker a deal.
President Trump announced the U.S. will replenish its Strategic Petroleum Reserve to ensure energy security during the coronavirus outbreak.
Despite media reports, the oil and gas industry does not seek a bailout in the wake of the coronavirus outbreak.
Saudi Arabia is evidently very serious about the oil price war it launched this week, signaling that its national oil company Saudi Aramco will hit a record high production level of 12.3 million barrels per day in April.
An eruption of protests in Ecuador against socially conservative economic measures resulted in the death of an injured young protester Sunday after fellow participants in the outrage blocked his ambulance.
The Ecuadorian government announced on Wednesday that it will leave the Organization of the Petroleum Exporting Countries (OPEC) at the end of this year in order to increase their export revenue.
A national energy strategy to reduce carbon dioxide emissions yielded from the burning of fossil fuels requires the use of nuclear energy, determined Deputy Secretary of Energy Dan Brouillette, offering his analysis in a Tuesday interview on SiriusXM’s Breitbart News Daily with host Alex Marlow.
Inspectors for the International Atomic Energy Agency (IAEA) on Monday confirmed a statement by Iranian Foreign Minister Mohammad Javad Zarif that Iran has violated the 300 kilogram limit on stockpiling enriched uranium established by the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA).
A source in the Persian Gulf region “familiar with Saudi plans” told Bloomberg News on Wednesday that Saudi Arabia has received “moderate requests from customers for shipments next month, including from former buyers of Iran’s oil.”
President Donald Trump praised the U.S. 3.2 GDP increase released Friday for the first quarter of 2019 as much higher than expectations.
President Donald Trump challenged former Secretary of State John Kerry Monday for speaking to Iranian leaders as they struggle with tough policies from the Trump administration.
