In a surprising move, OPEC+ will raise oil output by 137,000 bpd starting in November, amidst concerns of a looming supply glut. With differing opinions from major players like Russia and Saudi Arabia, the oil market faces uncertainty ahead.
A dramatic explosion at the Chevron refinery in El Segundo sent flames soaring into the sky. Fortunately, no injuries were reported, and officials confirmed there was no public threat. Witnesses described the terrifying scene as firefighting efforts continue.
Oil prices rebounded Monday as OPEC+ announced a modest output hike, despite looming sanctions against Russian crude. Analysts suggest this is a strategic shift in market dynamics as traders react to new developments.
In a surprising move, OPEC+ has decided to increase oil production by 137,000 bpd starting October, despite expectations of declining global demand. This strategic shift raises questions about market stability and pricing as winter approaches.
In a significant policy shift, OPEC+ is poised to increase oil production by 137,000 barrels next month. This move comes as key members, including Saudi Arabia and Russia, prioritize market share over price stability.
Chevron is pivoting from aggressive growth to focusing on profitability in the Permian Basin. With its recent $53 billion Hess deal, the company aims to streamline operations and maximize cash flow while maintaining stable production.
Stock markets in Asia experienced a downturn as U.S. officials hinted at tariff delays without clarity, while OPEC+ surprised with a larger-than-expected oil production increase, raising concerns about inflation and economic growth.
OPEC+ is set to ramp up oil production more quickly than anticipated, as the alliance led by Saudi Arabia responds to robust summer demand. This move aims to reclaim market share and unwind recent output cuts a year ahead of schedule.
Despite fears of an oil crisis following Israel's attack on Iran, crude oil prices have surprisingly stabilized. Learn why the market is resilient and what factors are keeping prices in check.
OPEC+ has announced a significant increase in oil production by 411,000 barrels per day for July, aiming to reclaim market share and address over-production among its members. This bold move has left analysts questioning the implications for crude prices and global supply.
