At a recent charity event held by J.P. Morgan Chase in San Francisco, activists attempted to “take over” by protesting the financing of the oil and gas industry. When doing so, they wore and used products only made possible by the industry, industry insiders note. Stop The Money Pipeline, a coalition of groups committed to…
Activists Protesting Oil Industry Use Products Only Made Possible by Petroleum, Energy Insiders Note
Oil Heads for Weekly Gain After OPEC+ Cut Despite Economy Headwinds
October 7, 2022
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LONDON—Oil rose about 1 percent on Friday and was headed for a second consecutive weekly gain supported by OPEC+’s decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates. The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of…
Democrats Float an End to US Troop Protection for Gulf Nations After OPEC+ Production Cut
Some Democrats are floating the idea of removing U.S. troops from Saudi Arabia and the United Arab Emirates (UAE) over a recent decision by the Organization of Petroleum Exporting Countries plus Russia (OPEC+) to substantially slash oil production. Since President Joe Biden took office in January 2021, the cost of gasoline and other energy sources…
Saudi Arabia Surprises Markets by Holding Oil Prices Steady Despite OPEC+ Cuts
Just a day after OPEC+ roiled the White House with its decision to slash oil production by 2 million barrels per day, the cartel’s key decision-maker Saudi Arabia decided to hold crude prices steady for Asian markets and lower those for Europe, defying market expectations for increases. Saudi Arabia’s state-controlled Saudi Aramco left November prices…
Wall Street Boosts Oil Price Forecasts After OPEC+ Supply Cuts
Wall Street investment banks have raised their price forecasts for oil after OPEC+ moved to slash production by around 2 million barrels per day and squeeze supply in a snub to the Biden administration and its pleas to the cartel to pump more crude. While the White House reacted negatively to OPEC’s decision by accusing…
Oil Near Three-Week High on Cuts to OPEC+ Output Targets
October 6, 2022
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LONDON—Oil prices held near three-week highs on Thursday after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrel per day (bpd), the largest reduction since 2020. Brent crude futures edged down 16 cents, or 0.2 percent, to $93.21 per barrel by 1020 GMT after settling 1.7…
Manchin Calls on US to Bolster Energy Sector After OPEC+ Slashes Production
Sen. Joe Manchin (D-W.Va.) is repeating his calls for the United States to increase its energy production after the Organization of Petroleum Exporting Countries plus Russia (OPEC+) made a decision to reduce its own output. Since President Joe Biden took office in January 2021, the cost of gasoline and other energy sources to consumers has…
Biden Releasing 10 Million More Barrels of Oil From US Strategic Petroleum Reserve After OPEC Cut
President Joe Biden’s administration will release 10 million more barrels of oil from the U.S. Strategic Petroleum Reserve following an OPEC+ announcement Wednesday that the cartel will slash oil production. That decision was announced hours after the Organization of the Petroleum Exporting Countries (OPEC+) confirmed it would cut oil production by 2 million barrels per…
Oil Maintains Most of Recent Gains Ahead of OPEC+ Meeting
LONDON—Oil inched lower on Wednesday after gains in recent days ahead of the OPEC+ producers’ meeting later in the day. Brent crude was down 23 cents, or 0.3 percent, at $91.57 a barrel at 0839 GMT while U.S. West Texas Intermediate (WTI) crude fell 32 cents, or 0.4 percent, to $86.20 a barrel. Both contracts…
Oil Prices Rise Ahead of OPEC+ Meeting on Strong Demand
LONDON—Oil prices rose on Tuesday on strong demand, while upcoming sanctions on Russian oil also lent some support to prices. Brent crude was up 79 cents, or 0.9 percent, to $89.65 per barrel by 1054 GMT after gaining more than 4 percent the previous day. U.S. crude futures rose 60 cents, or 0.7 percent, to…
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