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The world's largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers.Having spent years curbing production - more than 5 million barrels a day (bpd) or 5% of world demand - eight OPEC+ countries made a modest output increase in April before tripling it for May, June and now July.They are spurring production despite the extra supply weighing on crude prices as group leaders Saudi Arabia and Russia seek to win back market share as well...

SummaryEight OPEC+ members met online OPEC+ cites steady economic outlook, healthy fundamentals Started unwinding output cuts in April For more detail on OPEC+ unwinding its cuts, see Explainer LONDON/MOSCOW, May 31 (Reuters) - The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers. Having spent years curbing production - more than 5 million barrels a day (bpd) or 5% of world demand - eight OPEC+ countries made an modest output increase in April before...

---Down 7.35% as I post this--- Eight key OPEC+ producers on Thuesday agreed to raise combined crude oil output by 411,000 barrels per day, speeding up the pace of their scheduled hikes and pushing down oil prices...The group was widely expected to implement an increase of just under 140,000 barrels per day next month.

Oil prices barely moved on Tuesday as investors weighed the impact of U.S. tariffs on countries buying oil and gas from Venezuela against the effect of tariffs on industries such as automobiles on the global economy and oil demand. Brent crude futures were up 1 cent at $73.01 a barrel by 0121 GMT. U.S. West Texas Intermediate crude rose 1 cent to $69.12. Both benchmarks gained more than 1 per cent on Monday after U.S. President Donald Trump announced a 25 per cent tariff on countries importing oil and gas from Venezuela. "Investors fear Trump's various tariffs could slow the...

EPA boss Lee Zeldin’s push to rescind the White House’s 2009 finding on greenhouse gases marks another great milestone on President Trump’s climate course correction. But it’s long past time for the entire West to admit it: The whole anti-carbon crusade declared in the 2015 Paris Climate Agreement has proved a disaster — wrecking economies and worsening lives without making a real difference on climate change. Here at home, the 2009 (Obama-era) “finding” declared that greenhouse gases endanger public health, and so provided a legal pretext for destructive “climate agenda” mandates on everything from power plants to cars to gas...

President Trump said after meeting with Indian Prime Minister Narendra Modi on Thursday that India will increase its purchases of American oil and military hardware, culminating in India’s purchase of the advanced F-35 fighter jet. “We’ll be increasing military sales to India by many billions of dollars. We’re also paving the way to ultimately provide India with the F-35 stealth fighters,” Trump said at a joint press conference with Modi. Trump also said the U.S. will become “a leading supplier of oil and gas to India” under a new agreement that will help reduce America’s trade deficit with India. The...

China and India have stopped buying Russian oil due to increased freight costs for tankers not subject to US sanctions. A representative from India's Bharat Petroleum Corp Ltd stated that the company has not received new supply offers for March, as is usually the case, and expects the volume of cargoes offered for the first month of spring to decrease compared to January and December. Typically, India receives offers for Russian oil supplies in the middle of each month. Traders noted that the premium for Russian ESPO crude oil has increased by $3-5 per barrel compared to ICE Brent, while...

A group of Republican-led states filed a lawsuit on Friday challenging a ban announced by outgoing Democratic U.S. President Joe Biden earlier this month on new offshore oil and gas development along most U.S. coastlines. The lawsuit seeks a reversal of Biden’s ban with declaratory and injunctive relief, according to a court filing that argued Biden did not have the authority to impose such a ban and that the power to do so rests with the U.S. Congress.

Iran International reports that Iran is trying to liquidate millions of barrels of oil stored in Chinese ports to prevent economic damage from anticipated sanctions under the incoming Trump administration. Sanctions have already significantly impacted Iran's ability to sell oil, as the USA has begun sanctioning a fleet of 'dark tankers' that formed a significant link in the Iranian supply chain. These vessels would engage in various illegitimate practices, including falsifying documents, changing their own identification beacons, and exchanging cargos on the high seas to conceal the Iranian origin of the oil. Although Iran intends to purchase additional, unsanctioned tankers...

Rising U.S. production and internal OPEC+ pressure limit the kingdom’s sway over prices. Trump is a new wild card.Saudi Arabia’s sway over the Organization of the Petroleum Exporting Countries long meant unquestioned dominance of the global oil market. Those days are over, at least for now. The kingdom is struggling to execute its plan to keep prices elevated. Higher prices would help pay for Saudi’s infrastructure-spending spree, including $1 trillion of projects designed to rapidly pivot the economy away from oil. It would also pinch drivers at the pump and contribute to risks that inflation could stage a global comeback.

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Saudi Arabia condemns “in the strongest terms” Israel’s decision to turn the Jerusalem headquarters of the UN’s Palestinian refugee agency into apartments. Last week, the Israel Land Authority said it was preparing plans to turn the Ma’alot Dafna complex into 1,440 housing units, after telling UNRWA it must evacuate the premises. The Saudi Foreign Ministry notes in an English-language statement “the Kingdom’s rejection of the continued blatant Israeli violations of international laws and resolutions…and its systematic political and military targeting of the United Nations agencies and its relief organizations. “The Kingdom also rejects the continued endangerment of the lives of...

The Biden-Harris administration openly admitted in early October that Iran has become enriched under its policies and leadership.... The Biden-Harris administration has seemingly eased sanctions against Iran in recent years, allowing the Islamic regime to rake in billions from oil revenues — and a new report from the administration itself published in October outlines exactly how much the regime has made.... During the Trump administration’s tenure and “maximum pressure” sanctions campaign against Iran, Tehran’s oil revenues fell from roughly $65 billion in 2018 to $28 billion in 2019, and even lower at $16 billion in 2020... When President Joe Biden...

President Biden said Thursday that the US is “discussing” the possibility of Israel bombing Iranian oil facilities as payback for a volley of nearly 200 rockets fired at the Jewish state on Tuesday — causing a spike in global crude prices. Biden said the oil strike option was under consideration when asked directly by a reporter as he left the White House. “We’re discussing that. I think that would be a little… anyway,” the retiring 81-year-old president said ... Within 45 minutes of Biden’s remark, crude oil futures spiked to about $74 per barrel from its opening price of $70.10,...

Saudi Arabia is prepared to abandon its $100-a-barrel crude oil price target as it moves to increase output, signaling its acceptance of lower prices, according to the Financial Times. This decision comes despite earlier production cuts by OPEC+ members, which sought to keep prices high. Brent crude prices dipped below $70 earlier this month, the lowest since December 2021. Despite this, officials plan to boost production starting December 1, potentially extending a period of reduced prices. This marks a shift from Saudi Arabia's previous focus on price stabilization. Saudi Arabia's ramp-up in oil production, especially if paired with lowered prices,...

He states that there will be “Rapid Approvals” for the following: —— new drillings, new pipelines, new refineries, new power and electric plants, and new reactors of all types (nuclear) —— “This will quickly reduce the prices of everything almost immediately.”

BENGHAZI, Aug 26 (Reuters) - Oilfields in eastern Libya that account for almost all the country's production will be closed and production and exports halted, the eastern-based administration said on Monday, after a flare-up in tension over the leadership of the central bank. There was no confirmation from the country's internationally recognised government in Tripoli or from the National Oil Corp (NOC), which controls the country's oil resources. NOC subsidiary Waha Oil Company, however, said it planned to gradually reduce output and warned of a complete halt to Libya's production, citing unspecified "protests and pressures". Another subsidiary Sirte Oil Company...

A long-profitable niche for American car makers has been the all-American muscle car. Low-slung, two door sedans with enormous horsepower, wide tires, aggressive styling and the low rumble of those powerful V-8 engines. There’s nothing quite like them, and they sell for a premium. Ford made the Mustang, Chevy the Camaro, and Dodge, the Charger and Challenger. They were initially designed to go fast in a straight line, but as technology improved and suspensions became more sophisticated, they began to hold their own on the racetrack as well as the drag strip, and their internal amenities began to rival luxury...

In the 2000s, former President Hugo Chávez of Venezuela bet his country’s economic future on a rising China, securing tens of billions of dollars in investments and loans-for-oil deals. It paid off at first. China voraciously consumed Venezuelan oil and financed infrastructure projects from a high-speed railway to power plants. The 2010s brought a reckoning. Oil prices fell, and growth in Chinese oil demand slowed along with its economy. Venezuela’s oil export revenues plummeted, from more than $73 billion in 2011 to $22 billion in 2016. Misrule by Mr. Chavez and his handpicked successor, Nicolás Maduro, and myriad other domestic...

The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year, with the IMF projecting GDP growth of 4.7% in 2025, a downward revision of 1.3 percentage points from April...Last year, the Kingdom's private-sector investments expanded by a brisk 57 percent, reaching a record high of 959 billion Saudi Riyals (254 billion dollars),...