The analysts (including myself) and journalists who cover the global oil markets sometimes mistake market developments for a game of Risk with two or more masterminds playing for mastery of the board.
Newsweek's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Developments in this update
3 dated developments, oldest first, newest marked. Each is named by one outlet's own headline; open its reports to see every outlet that covered it.
OPEC+ makes big oil cut to boost prices; pump costs may rise
Headline from WFMZ Allentown ·
Names this update
No, OPEC's Oil Production Cut Isn't Joe Biden's Fault
Headline from Newsweek ·
Newest
OPEC+ cuts leave Biden with few tools left to ease consumers’ pain
The 23-member alliance has decided to reduce production by 2 million barrels per day. The move could increase crude oil prices and aid Russia, which is grappling with Western attempts to reduce its financing.
The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices. The move Wednesday could deal the struggling global economy another blow and raise
By Alex Marquardt, Natasha Bertrand and Phil Mattingly, CNN The Biden administration has launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter.
President Biden has spent much of the past few years turning Saudi Arabia into an adversary. During the campaign he promised to turn the Middle Eastern country into a pariah state in retaliation for t...
The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise…
The U.S. Oil & Gas Association on Wednesday suggested that President Biden is now forced to turn to the U.S. oil industry after tapping out strategic reserves and OPEC+ cut production.
Major oil producers led by Saudi Arabia and Russia were set to meet Wednesday as reports said they were mulling an output cut of up to two million barrels per day in a bid to prop up slumping prices.
WASHINGTON (Reuters)—President Joe Biden called on his administration and Congress to explore ways to boost U.S. energy production and reduce OPEC's control over energy prices after the cartel's "shortsighted" production cut, the White House said on Wednesday.
American Petroleum Institute President Mike Sommers discussed the Biden administration's energy policies and their impact on the U.S. economy on 'America's Newsroom.'
Wednesday's meeting of the 24 OPEC+ oil-producing countries comes when much of the world is battling soaring energy costs. A cut in oil production is backed by Saudi Arabia and could benefit Russia.
In a further humiliation for the administration, this move comes after a “full-court press” from the administration against OPEC+ countries, warning them not to cut production …...
OPEC+ members, including Saudi Arabia and Russia, are meeting Wednesday, and a cut in oil production is a possibility. This would raise gas prices again for U.S. consumers after a record high this summer.
VIENNA/LONDON (Reuters) - OPEC+ agreed on its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.
"The alignment within OPEC+ is strong, politically and with regard to oil," expert Abhi Rajendran told Newsweek. "The U.S. was never going to crack that."
Saudi Arabia, Russia and other top oil producers agreed on a major cut in production on Wednesday to boost crude prices -- a move denounced by the United States as a concession to Moscow that will further hurt the global economy.
