US lawmakers are considering a legislation that would pave the way for suing OPEC for manipulating oil prices. But changing market conditions could save the global oil cartel.
Organization of the Petroleum Exporting Countries (OPEC) said they would cut 800,000 barrels per day for six months from January, causing a sharp spike in oil prices.
Crude prices have been falling since October because major producers — including the US — are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand.
Doha wants to keep its role as the world’s leading LNG producer independent of the oil cartel’s politics, which has come to be influenced by non-member Washington.
The Russian economy’s dependence on oil and gas exports makes it vulnerable to fluctuating prices.
The latest forecast from the US Energy Information Administration predicts that US output will grow next year to 11.8 million barrels a day, its highest since 1970.
Trump says Saudi Arabia’s expanded production would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.
Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, incorporates five new members into its board including its first woman executive.
Turkish Foreign Minister Mevlut Cavusoglu welcomed US Secretary of State Rex Tillerson holding talks focusing on the future of the relations between two NATO allies.
US Secretary of State Rex Tillerson says the US is “ready to talk any time North Korea would like to talk" but they will not accept preconditions.
US Secretary of State Rex Tillerson will hold talks with top Chinese leadership to discuss implementation of UN resolutions on North Korea.
The Texas coast, home to nearly one-third of the US oil refining capacity, has been ravaged by the most powerful hurricane to hit the state since 1961, but oil stock levels are high enough to avert a major impact.
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