OPEC and non-OPEC partners on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite U.S. pressure to pump more. Oil prices have fallen to roughly $80 a barrel from over $120 in early
The G7 group of industrialised powers agreed on Friday to implement a price cap on Russian oil imports as they seek to dial up sanctions on Moscow over its invasion of Ukraine. The move comes as heavy fighting continues in areas close
Saudi Arabia says it won’t bear any responsibility for a shortage in global oil supplies after attacks by Yemen’s Iran-backed Houthi rebels affected the kingdom’s production The Associated Press FILE – A photographer takes pictures of the Khurais oil
Aramco’s net income increased by 124% to $110 billion in 2021, compared to $49 billion in 2020. It cited higher crude oil prices, stronger refining and chemicals margins, and the consolidation of its chemicals business, SABIC’s, full-year results. Aramco benefitted
MELBOURNE, March 10 (Reuters) – Oil prices rebounded on Thursday after the United Arab Emirates said it is committed to major producers’ pact to add 400,000 barrels per day of supply monthly, hours after UAE’s ambassador to Washington said his
The oil and gas terminal at the Port of Odessa in Odessa, Ukraine, on Saturday, Jan. 22, 2022. Christopher Occhicone | Bloomberg | Getty Images U.S. crude oil surged more than 8% in early trading on Sunday evening as the
Oil pipelines, pumping rigs, and electrical transmission lines dot the landscape along California’s “Petroleum Highway” (Highway 33) running along the northwestern side of the San Joaquin Valley on April 24, 2020, near McKittrick, California. George Rose | Getty Images News
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas. Nick Oxford | Reuters Oil could hit $100 per barrel next year as demand outstrips supply, according to Bank of America. The firm identified
Oil prices hit their highest in four months after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of global supply. At the start of trading, Brent crude jumped 19% to $71.95 a barrel, while the
TOKYO (Reuters) – Oil prices rose around 1% on Friday, steadying after an overnight plunge following U.S. President Donald Trump’s move to impose more tariffs on Chinese imports, intensifying a trade war that has hit global growth. Brent crude slumped