OPEC

Top OPEC Official Blames High Gas Prices On Global Shift To Renewable Energy

The Organization of the Petroleum Exporting Countries (OPEC), the powerful organization that oversees Middle Eastern oil production, blamed high gasoline prices on the shift toward renewable energy worldwide. “I have talked about a new premium that is emerging in the energy markets that I term the transition premium,” OPEC Secretary General Mohammed Barkindo told CNBC…

OPEC+ Smacks Down Joe Biden, Will Not Produce More Oil as He Begs For More Supply

OPEC+ just delivered another blow to Joe Biden as Afghanistan falls to the Taliban. OPEC and its allies do not plan to pump more oil despite Joe Biden begging for them to increase production. The Biden Administration last Wednesday begged OPEC to boost production as gas prices rise. “The president recognizes that gas prices can…

Biden Begs OPEC to Boost Oil Production to Combat Rising Gas Prices After Canceling Drilling and Keystone Pipeline

Biden Begs OPEC to Boost Oil Production to Combat Rising Gas Prices After Canceling Drilling and Keystone Pipeline Tap here to add The Western Journal to your home screen.

The Worrying Truth About The New OPEC+ Agreement

Authored by Cyril Widdershoven via OilPrice.com, OPEC+ has finally managed to reach a production cut agreement after several days of increased internal dissent. In its statement, the group reiterated a continued commitment to a stable market, the mutual interest of producing nations, the efficient, economic and secure supply to consumers, and a fair return on…

Saudis Raise Crude Prices To Asia For First Time In 4 Months After OPEC+ Deal

Just day after OPEC+ reached an agreement to ease production curbs (in order to keep UAE happy) but assess production levels monthly in order to ensure that oil prices don’t slide after reaching an 8 month high on covid vaccine optimism, Saudi Arabia raised oil pricing for customers on Sunday for its main market of Asia….

Oil Prices Drop After OPEC+ Reaches Deal, Will Boost Output In January

Update (1155ET): OPEC+ has finally reached a deal on a small hike of 0.5MM barrels/day in January, along with a monthly review of global market conditions and whether adjustments must be made, sending oil prices sliding as investors are forced to revise their supply forecasts. As the factious talks dragged on without a deal, the…

OPEC+ Fails To Agree On Output Hike Ahead Of Big Meeting With UAE, Kazakhstan Opposed

One day before a crucial OPEC meeting which could determine if oil trades above $50 or back under $40 in the coming weeks, a panel of OPEC+ ministers failed to reach an agreement on whether to delay January’s oil-output increase, leaving the matter unresolved before tomorrow’s meeting. According to Bloomberg – which cited an anonymous…

Will The UAE Withdraw From OPEC?

Authored by Julianne Geiger via OilPrice.com, OPEC has suffered immensely under the pandemic and subsequent oil demand loss, and its job could now become significantly more challenging as members mull the pros of staying with the group against the con of performing the dutiful and painful task of curbing production. And the UAE is said…