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Dec 29 2023
Oil prices are on pace to close out the year about 10% lower as bearish sentiment has taken over due to worries that the market is oversupplied from record production outside OPEC.
The West Texas Intermediate contract for February gained 10 cents, or 0.14%, to trade at $71.87 to barrel on Friday. The Brent contract for March rose 12 cents, or 0.16%, to trade at $77.27.
Apr 03 2023
OPEC+ surprised markets on Monday by cutting oil production by 1.16 million barrels per day, causing crude oil prices to rise sharply.
The Details: The production cuts will run from May to the end of 2023. About half of the cuts, 500,000 barrels per day, will come from Saudi Arabia alone; a Saudi official called the move “a precautionary measure aimed at supporting the stability of theWashington Post Forbes Fox News (Online News)
Dec 13 2023
On Wednesday, the UN's COP28 meeting wrapped up with a major success: Despite a bruising fight with OPEC nations, the closing agreement included a call for a transition away from fossil fuels. There's still plenty here for various parties to dislike, but this is the first agreement that makes the implications of the Paris Treaty explicit: We can't limit climate change and continue to burnArs Technica
Oct 22 2022
Energy, the lifeblood of an industrialized economy, is growing increasingly precarious as of late. Geopolitical ploys, environmentalist movements, and a global financial crisis have upended the global energy order, and this shift is being felt from Ukraine to Utah. Facing a production cut from OPEC+, rising inflation, and a string of toss-up midterm elections next month, President Joe BidenMarketWatch Associated Press Washington Examiner
Nov 30 2023
Former Secretary of State Henry Kissinger, one of the most influential statesmen of the 20th century, has died at age 100.
Kissinger served as secretary of state under Presidents Richard Nixon and Gerald Ford from 1969 to 1977. While in the position, he played a central role in opening up relations with China, beginning detente with the Soviet Union, ending the war in Vietnam, assistingWashington Examiner
Oct 11 2022
Key Facts: National Security Council spokesman John Kirby suggested Tuesday that President Joe Biden was re-evaluating relations with Saudi Arabia after OPEC+ approved its largest oil production cut since the start of the pandemic.
Key Quotes: “I think the president’s been very clear that this is a relationship that we need to continue to re-evaluate, that we need to be willing toCNN (Online News) New York Post (News) Axios
Jun 02 2022
OPEC+ announced Thursday that it had agreed to increase oil output by over 50% in July and August, from 400,000 to 648,000 barrels per day.
The change could potentially help ease global oil prices — which surged after the European Union’s recent partial embargo on Russian crude oil — and it could relax fears of a looming “1970s-style energy crisis.” OPEC+, the international oil cartelReuters The Guardian Washington Examiner
Oct 18 2023
In just 1,000 days, Green New Dealer in Chief Joe Biden has turned America’s strategic energy dominance into a strategic energy subservience that now gravely threatens our economic and national security. We now run the risk of prolonged stagflation and being drawn into wars in Ukraine, Israel, Iran and the Taiwan Strait.
When I was a doctoral student in economics at Harvard UniversityWashington Times
Oct 05 2022
OPEC+ agreed Wednesday to cut its oil output by 2 million barrels per day, despite pressure from the U.S. to keep production high. In response, President Joe Biden said he would release 10 million additional barrels from strategic reserves to stabilize gas prices.
The move by OPEC+ could raise global gas prices and provide an economic boost to Russia. Oil prices hit three-week highsNPR (Online News) CNBC New York Post (News)
Aug 31 2023
Gabon’s new military leader sought to justify the military takeover of the OPEC member state as the deposed president appealed for help from his supporters. Hours after seizing power in the Central African nation, the junta appointed General Brice Nguema — a cousin of ousted President Ali Bongo — as transitional head. Nguema said the decision to remove Bongo was motivated by the president’sBloomberg