Tag: Organization of the Petroleum Exporting Countries

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 to try to make sure that last Friday’s sudden, sharp collapse in oil prices — a drop of more than 10 percent within a […]

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Biden to Tap Into U.S. Oil Reserves to Combat Rising Gas Prices

WASHINGTON — Working in concert with five other countries, President Biden on Tuesday ordered the release of oil from the nation’s emergency stockpile as Americans face rising gas prices amid a jump in inflation ahead of the holiday season, according to senior administration officials. The administration will tap into 50 million barrels of crude in […]

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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 because the miles cost too much in fuel. An auto repairman in Toms River, N.J., doesn’t go to restaurants as often. And an Uber Eats […]

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OPEC and Russia Will Ponder Oil Output Under Pressure From Biden.

With further climate pressures looming, the OPEC countries may prefer to reap high revenue, build their financial reserves and raise funds for investment in solar and wind power and other businesses that may eventually replace oil. OPEC and its allies may also have less room to increase production than is believed. The group is falling […]

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Oil and Gas Prices May Stay High as Investors Chase Clean Energy

HOUSTON — Americans are spending a dollar more for a gallon of gasoline than they were a year ago. Natural gas prices have shot up more than 150 percent over the same time, threatening to raise prices of food, chemicals, plastic goods and heat this winter. The energy system is suddenly in crisis around the […]

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Oil Prices Near a Three-Year High as an Energy Crunch Looms

Brent crude, the international oil benchmark, touched $80 a barrel on Tuesday for the first time in nearly three years amid growing signs of an energy crunch. Oil prices have leapt by about a quarter over the last month as fears of a looming tight market have overcome concerns about the Delta variant slowing the […]

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