Ramping up production when demand is still weak could have major consequences on a relatively stable oil market.
OPEC countries, plus Russia, met Monday amid fears that the next wave of the pandemic will pummel demand.
Oil's recovery will depend on how the pandemic plays out, and whether there will be a second wave of illness.
Demand for oil is falling so quickly that even a reduction in supply will take some time to affect markets.
How bloody the shakeout becomes likely depends on how long crude prices stay in the basement.
There was talk that OPEC and Russia might together cut the world's supply of oil by one million barrels a day.
Members of the OPEC coalition of oil producers meet tomorrow in Vienna to discuss an excess of oil supply. The group will be joined by Russia on Friday for further talks. That combined group, known as OPEC-Plus, previously agreed to reduce production in order to keep prices up. Now, there’s too much oil with nowhere […]
A look at what a drone strike on oil reserves in Saudi Arabia could mean for consumers.
Russia has leveraged its oil and gas market power to enhance its influence in the Middle East, just as the U.S. is pulling back from the region.
When OPEC decides to restrict global oil supply and raise prices, it can become very tempting for some nations, particularly smaller producers, to break the pact and sell more oil. OPEC members and allies are currently meeting in Azerbaijan, and the monitoring committee has been reviewing the “percentage of conformity” for each nation. Essentially, it […]