OPEC

2022 - 10 - 5

OPEC : 33rd OPEC and non-OPEC Ministerial Meeting (OPEC)

The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC ...

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Image courtesy of "NPR"

Russia and Saudi Arabia announce massive cuts to oil output ... (NPR)

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling ...

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Image courtesy of "The Washington Post"

OPEC and its allies move to slash oil production by 2 million barrels ... (The Washington Post)

The cut, led by Russia and Saudi Arabia, could add to inflation pressures and undercut efforts to help Ukraine.

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Image courtesy of "CNBC"

OPEC+ to cut oil production by 2 million barrels per day to shore up ... (CNBC)

Oil prices have fallen to roughly $80 a barrel from over $120 in early June amid growing fears about the prospect of a global economic recession.

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Image courtesy of "Aljazeera.com"

OPEC+ plans major oil production cut despite US pressure (Aljazeera.com)

Energy ministers from the OPEC cartel, whose leading member is Saudi Arabia, and allied non-members, including Russia, are meeting in person at the group's ...

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Image courtesy of "CNN"

Inside the White House's failed effort to dissuade OPEC from cutting ... (CNN)

The Biden administration launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil ...

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Image courtesy of "CNBC"

Time for U.S. to reevaluate Saudi relationship, Sen. Chris Murphy ... (CNBC)

OPEC+'s plans to cut oil production is a "mistake" and there needs to be a re-evaluation of the alliance between the Saudis and the U.S. said a U.S. ...

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Image courtesy of "CNN"

OPEC announces the biggest cut to oil production since the start of ... (CNN)

The group of major oil producers, which includes Saudi Arabia and Russia, announced the production cut following its first meeting in person since March 2020.

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Image courtesy of "Forbes"

White House Freaks Over OPEC Plan To Cut 2 Million Barrels Per Day (Forbes)

Today the oil ministers of OPEC member nations gathered in Vienna for the first time in 2.5 years and agreed to cut their oil production volumes by 2 ...

Senator Markey to Introduce OPEC Accountability Act as Oil Cartel ... (Ed Markey)

Washington (October 5, 2022) – Amid the news today that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Participating Countries ...

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Image courtesy of "Politico"

OPEC oil output cut fuels Dems' gas price fears (Politico)

After nearly 100 days of declining prices at the pump this summer, a handful of states are seeing an increase that is lifting the national average higher.

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Image courtesy of "BNN"

Oil extends rally as OPEC cuts output, Russia mulls reduction - BNN ... (BNN)

Now Showing. 4:10. Crude oil seeing a 'bear market bounce': BI strategist McGlone · Up Next. 6:53. The fact OPEC+ is meeting in person means they're serious ...

OPEC Cuts Anger Western Leaders As Oil Prices Rise Yet Again (Ship & Bunker)

The oil price rally continued for a third straight day on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) lived up to analytical ...

government to sue members of OPEC for manipulating the energy market. Meanwhile, oil was also supported on Wednesday by an Energy Information Administration report showing that U.S. [defended](https://www.cnbc.com/2022/10/05/oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.html) the output cuts, saying his organization intended to provide "security [and] stability to the energy markets." [criticized](https://www.foxbusiness.com/politics/us-oil-industry-mocks-biden-opec-announces-production-cuts) president Joe Biden for having no other options to counter rising gas prices than to turn to the oil industry he has persistently attacked. The mainstream media's take on OPEC's motivation to enact so deep a cut is that the cartel is concerned about the outlook for energy demand in the face of rapidly tightening monetary policies. The oil price rally continued for a third straight day on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) lived up to analytical expectations and

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Image courtesy of "Forbes"

OPEC Thumbs Its Nose At President Biden (Forbes)

Oil prices have been rising since the pandemic-related production disruption in 2020. That price rise accelerated when Russia invaded Ukraine. In an effort to ...

At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices." Further — at least with the Saudis — they would probably rather deal with Republicans. Their objective is to maximize the value of the oil they have in the ground. Further — with 35% of the world’s 2021 oil production — OPEC holds the trump card. OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels. To the extent that the SPR drawdown reduced oil prices, it cost OPEC money.

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