When oil prices fall, many costs for industry and agriculture, including chemicals and fertilizer, generally follow. And shipping becomes more economical. But when they rise sharply, as they did in […]
Organization of the Petroleum Exporting Countries
Trending topics and news from the Organization of the Petroleum Exporting Countries category
Back to news homeBiden will tap oil reserve, hoping to push gasoline prices down.
Energy experts said the reserve release would pack more punch if other countries, like China, also sold oil from their stockpiles. The International Energy Agency, an organization of more than […]
Soaring Cost of Diesel Ripples Through the Global Economy
Farmers are spending more to keep tractors and combines running. Shipping and trucking companies are passing higher costs to retailers, which are beginning to pass them on to shoppers. And […]
Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market
HOUSTON — Before its forces invaded Ukraine, Russia provided one out of every 10 barrels of oil the world consumed. But as the United States and other customers shun Russian […]
How US Energy Independence Has Been Shaken by the Russia-Ukraine War
While OPEC has increased production to accommodate a growing global thirst for energy as the Covid pandemic recedes, Saudi Arabia has dismissed pleadings by the Biden administration to ramp up […]
Why Are Oil Prices So High and Will They Stay That Way?
HOUSTON — Oil prices are increasing, again, casting a shadow over the economy, driving up inflation and eroding consumer confidence.Crude prices rose more than 15 percent in January alone, with […]
OPEC Faces Omicron Uncertainty and Rebellious Customers
One thing is for certain when officials from OPEC, Russia and other oil-producing countries meet by teleconference on Thursday to decide how much oil to produce in January.They will want […]
High Gas Prices Force Sacrifices, Like Travel and Dining Out
A driver in Belleville, N.J., cut his cable and downsized his apartment to save money for gas. A retiree in Vallejo, Calif., said he had stopped driving to go fishing […]
As Western Oil Giants Cut Production, State-Owned Companies Step Up
Kuwait announced last month that it planned to invest more than $6 billion in exploration over the next five years to increase production to four million barrels a day, from […]
Gas Price Increase Poses Challenge to U.S. Economy
Policymakers at the Federal Reserve have said they expect the increase in inflation to be short-lived, and they are unlikely to change that view based on an increase in energy […]