Oil Production

United States | US soon to leapfrog Saudis, Russia as top oil producer

United States – The U.S. is on pace to leapfrog both Saudi Arabia and Russia and reclaim the title of the world’s biggest oil producer for the first time since the 1970s. The latest forecast from the U.S. Energy Information Administration predicts that U.S. output will grow next year to 11.8 million barrels a day. … Continue reading United States | US soon to leapfrog Saudis, Russia as top oil producer

OPEC poised to extend oil production cuts to support prices

VIENNA/November 30, 2017 (AP)(STL.News) — Key OPEC oil ministers expressed preference Thursday for extending crude output cuts until the end of next year, strengthening expectations that the oil cartel will decide to continue pumping less oil for more dollars. Benchmark crude prices are now close to $60 a barrel, up almost 20 percent since a … Continue reading OPEC poised to extend oil production cuts to support prices

OPEC and allies likely to extend production cuts at meeting

VIENNA/November 29, 2017 (AP)(STL.News) — With bills rising for gasoline or heating oil, consumers around the world are paying the price for a decision by OPEC and Russia last year to cut production. The strategy is working for those oil-producing nations and will likely be extended at a meeting Thursday. Benchmark crude prices are now … Continue reading OPEC and allies likely to extend production cuts at meeting

2 Gulf oil ministers mum on issue of oil production cuts

DUBAI, United Arab Emirates/November 28, 2017 (AP)(STL.News) — Energy ministers from both Saudi Arabia and the United Arab Emirates dodged questions Tuesday about whether OPEC will extend the cartel’s oil production cuts, saying the decision will come at a planned meeting in Vienna later this week. OPEC agreed in September 2016 to cut daily production … Continue reading 2 Gulf oil ministers mum on issue of oil production cuts

OPEC and other nations extend output cuts

VIENNA/May 25, 2017 (AP)(STL.News) — An alliance of many of the world’s biggest oil-producing nations extended their agreement to cut output for an additional nine months, an effort to support prices that seems futile in the face of growing production from the U.S. Thursday’s decision by the 14-member OPEC cartel and 10 other countries led … Continue reading OPEC and other nations extend output cuts