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Apr 03 2023
Saudi Arabia and half a dozen other members of OPEC+ announced on Sunday that they plan to cut up to a combined 1.15 million barrels of oil a day from May until the end of 2023, calling the decision a “precautionary measure” aimed at ensuring market stability.
The unexpected move comes six months after a decision to cut production by two million barrels a day, also through the end ofCNSNews.com
Oct 05 2022
The OPEC+ group of oil-producing nations agreed Wednesday to slash oil production by 2 million barrels per day as it seeks to stabilize global oil prices after months of decline, delivering a major blow to the Biden administration ahead of the midterm elections.
Members of the group, which includes Saudi Arabia and Russia, are hoping to spur recovery and prevent volatility after oilWashington Examiner
Feb 03 2015
Right now the oil market is totally focused on finding a bottom for oil prices. However, according to OPEC's Secretary-General Abdulla al-Badri we've already hit bottom. Not only that, but he sees a real possibility that oil prices could explode higher to upwards of $200 per barrel in the future. He's far from the only one that sees a return of triple-digit oil prices.
Finding a bottomUSA TODAY
Jun 02 2022
Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.Reuters
Oct 11 2022
President Biden is reconsidering the US relationship with Saudi Arabia after the Riyadh-led OPEC+ cartel announced last week it will slash oil production by a total of 2 million barrels per day beginning next month.
The US and the Middle Eastern nation have long been strategic partners, with Saudi Arabia America’s third-leading source of imported oil, according to the State Department.New York Post (News)
Oct 11 2022
President Biden will "continue to re-evaluate" the U.S.' relationship with Saudi Arabia after a group of international oil exporters and Russia decided to significantly cut oil production in response to falling fuel prices, National Security Council spokesperson John Kirby told CNN on Tuesday.
Driving the news: The White House warned last week that Biden may support legislation aimed atAxios
Aug 13 2021
President Joe Biden’s latest policy push has us doing not just a double take but a triple take: The man who’s put roadblock after roadblock in the way of North American energy companies in pursuit of his vow to decarbonize the US economy is . . . begging OPEC to boost fossil-fuel production.
Why? The prez complains the high price of gas is hurting the post-pandemic economic recovery.New York Post (Opinion)
Nov 11 2021
Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday.
In a closely watched monthly market report, OPEC said global demand for oil would grow by 5.7 million barrels a day this year, 160,000 barrels a day less than it expected last month. The revision meansWall Street Journal (News)
Jul 07 2021
U.S. oil prices hit multi-year highs Tuesday after the group of oil-producing nations known as OPEC+ failed to reach an agreement to boost output.
The West Texas Intermediate futures, the U.S. benchmark, rose to $76.98 a barrel early Tuesday, the highest level since 2014, before falling slightly to $74.56 a barrel. Brent crude, the global benchmark, hit $77.84 a barrel early Tuesday,Washington Examiner
Oct 05 2022
A group of some of the world’s most powerful oil producers on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite calls from the U.S. to pump more to help the global economy.
OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrelsCNBC