Opec-Plus

American crude production climbed to a fresh 2022 high last week in the wake of political prodding to boost output amid global supply/demand imbalances. However, domestic demand eased even as prices slid lower, leaving the outlook for U.S. output murky. Production for the week ended Aug. 5 climbed by 100,000 b/d to 12.2 million b/d,…

OPEC-Plus, the consortium of global oil producers led by Saudi Arabia in partnership with Russia, agreed on Wednesday to only a modest increase in production next month. The decision suggests the cartel is focused more on the specter of declining demand amid recession warnings than on U.S. President Biden’s plea for greater output to address…

American crude production rebounded last week, returning to its 2022 peak level just as President Biden visited Saudi Arabia to urge the Kingdom to ramp up Middle East output. After reaching a 2022 high of 12.1 million b/d in June, U.S. output fell to 11.9 million b/d for the period ended July 15. That marked…

Oil output in the United States declined for a second consecutive week, dashing hopes that production would keep pace with summer demand and ease pressure on inventories and prices. After climbing to a 2022 high of 12.1 million b/d in June, U.S. output fell to 11.9 million b/d for the period ended July 15. That…

The oil-rich consortium of countries known as OPEC-plus on Thursday affirmed its intentions, first signaled earlier in June, to ramp up production in July and August. It is targeting output growth of 648,000 b/d both months.  If the cartel could meet its goals, the group’s average crude generation would climb to nearly 44 million b/d…

After reaching 2022 highs in April, U.S. oil producers posted a modest decline in activity last week, while demand also ticked down amid high prices, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the period ended May 6 totaled 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report. That was down…

OPEC and an allied group of oil-producing countries on Thursday agreed to extend a measured pace of production increases through June. The cartel said in a brief statement that a modest bump next month would support a balanced global market by the end of June. Specifically, OPEC-plus said it would target a 432,000 b/d increase…

Russia’s war in Ukraine threatens global crude supplies, but a resurgence of the coronavirus in China is curbing demand as the United States and other countries prepare to release oil from strategic reserves. The result: volatile prices. Brent crude prices on Tuesday climbed more than 6% to about $104/bbl intraday following OPEC Secretary General Mohammad…

President Biden has banned imports of Russian oil and natural gas in a move that at once compounded already severe sanctions against the Kremlin and amplified the specter of record high energy prices amid a raging war in Ukraine. “Russian oil will no longer be acceptable at U.S. ports,” the president said in televised remarks…