Oil-producing allies decided to increase output by a larger-than-expected amount in July and August. In both July and August, OPEC+ will boost output by 648,000 barrels per day. The group has gradually returned the approximately 10 million barrels per day it promised to withdraw from the market in April 2020. OPEC and its oil-producing partners … Read more
LONDON: Despite warning from analysts, US President Joe Biden finally announced the release of crude oil from the country’s strategic stockpile, a unilateral move first mooted by his Energy Secretary Jennifer Granholm in October, as he seeks to curb inflationary pressure in the US economy, Arab News reported. Gasoline prices nationwide are averaging about $3.40 a gallon, … Read more
OPEC on Thursday cut its world oil demand forecast for the last quarter of 2021 due to high energy prices, although the group stuck to its prediction of robust growth to above pre-pandemic rates in 2022. The Organization of the Petroleum Exporting Countries (Opec) said in a monthly report it expects oil demand to average … Read more
LONDON- Major oil producers on Thursday agreed to continue raising output moderately despite pressure from the United States and other big consumer nations to open up the taps much more decisively amid soaring prices. The 13 members of the Organization of Petroleum Exporting Countries and their 10 allies said in a statement that they reconfirmed “the … Read more
