HOUSTON — The American oil industry may have dodged a bullet.Russia and Saudi Arabia — which only a month ago hoped to undercut American producers — have retreated from threats to pump more oil into the already-saturated market. Acknowledging that the gamble was hurting themselves as well, they instead announced this past week that they had tentatively … [Read more...] about As Russia and Saudi Arabia Retreat, U.S. Oil Industry Avoids the Worst
Oil & Gas
Mexico throws OPEC's historic oil production cut into doubt ahead of G-20 meeting
The logo of the Organization of the Petroleum Exporting Countries (OPEC) at the headquarters. Omar Marques | LightRocket | Getty Images Oil producer group OPEC and its allies failed to comprehensively secure a deal to take a historic amount of crude off the market on Thursday, after Mexico balked at the suggested production cuts. An energy alliance of some of the world's … [Read more...] about Mexico throws OPEC's historic oil production cut into doubt ahead of G-20 meeting
OPEC and Russia Agree to Cut Production by 10 Million Barrels a Day
The Organization of the Petroleum Exporting Countries, Russia and other countries reached a tentative agreement on Thursday to temporarily cut production, according to a person with knowledge of the matter.OPEC and the other oil-producing countries agreed to cut about 10 million barrels a day, or about 10 percent from normal production levels, in May and June, said this person, … [Read more...] about OPEC and Russia Agree to Cut Production by 10 Million Barrels a Day
Oil jumps ahead of 'make-or-break' OPEC meeting
An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017. Akos Stiller | Bloomberg | Getty Images Oil prices moved higher on Thursday, ahead of a pivotal meeting in which OPEC and its allies, known as OPEC+, will discuss historic production cuts as the coronavirus pandemic continues to sap demand for crude. U.S. West Texas Intermediate traded … [Read more...] about Oil jumps ahead of 'make-or-break' OPEC meeting
Shocking drop in wholesale gas prices signals more refinery cutbacks and gasoline under $1
Wholesale gasoline prices are collapsing, a sign that more refineries will cut back or shut down and prices at the pump could sink to under $1 a gallon in more parts of the country, analysts said. In some sections of the Midwest on Wednesday, distributors were getting just about 10 cents for a gallon of unleaded gasoline mixed with ethanol. Prices of less than 20 cents a gallon … [Read more...] about Shocking drop in wholesale gas prices signals more refinery cutbacks and gasoline under $1