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Saturday, August 24, 2019  Spokane, Washington  Est. May 19, 1883
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Stories tagged: OPEC


UPDATED: Mon., July 1, 2019, 7:39 p.m.

OPEC extends oil production cuts amid weaker demand outlook

OPEC on Monday decided to extend its deal to cut production for another nine months in an attempt to keep oil prices from sagging as the oil cartel faces a …


UPDATED: Mon., Sept. 24, 2018, 4:41 p.m.

Global oil prices spike to four-year highs

Global oil prices on Monday topped $80 a barrel for the first time in four years as a confluence of world events, including the renewed sanctions against Iran, stifle global …


UPDATED: Fri., Sept. 21, 2018, 5:30 p.m.

Rising oil prices haven’t hurt the U.S. economy so far

America’s rediscovered prowess in oil production is shaking up old notions about the impact of higher crude prices on the U.S. economy.


Security forces deploy in Iraq’s Najaf after day of protests

Iraqi security forces deployed on the streets of the Shiite holy city of Najaf on Saturday after a day of angry demonstrations over failing public services and high unemployment.


UPDATED: Fri., June 22, 2018, 4:51 p.m.

OPEC countries to pump more oil to contain price increase

The countries of the OPEC cartel agreed on Friday to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global …


UPDATED: Wed., May 23, 2018, 10:19 p.m.

Cantwell among senators urging President Trump to fight rising gasoline prices; Washington third highest in U.S.

With gas prices on the rise in the U.S., Sen. Maria Cantwell is urging President Trump to use all of his authority to stem the trend.


OPEC, allies extend production cut through 2018

The OPEC cartel and a group of allied oil-producing nations agreed Thursday to extend crude output cuts until the end of next year, continuing a policy that led to a …


Fossil fuels will be main energy source for decades, OPEC says

OPEC says growth in global oil demand will steadily lessen from an annual average of 1.3 million barrels a day between 2016 and 2020, to 300,000 barrels a day by …


OPEC said to discuss extending cuts by more than 3 months

OPEC and its allies are discussing extending by more than three months the oil production cuts that expire in March 2018, potentially prolonging them well into the second half of …


In blow to OPEC unity, Ecuador exits deal to cut oil output

Ecuador has dealt a blow to OPEC unity by announcing it will start raising oil production this month, arguing it needs the money.


UPDATED: Mon., May 29, 2017, 5:38 p.m.

Oil rises above $50 a barrel as OPEC cuts seen bringing stockpiles lower

Oil rose above $50 a barrel on expectations OPEC will succeed in bringing down inventories as the summer driving season kicks off in the U.S.


OPEC committee recommends nine-month oil-cuts extension

OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.


U.S. shale roars back at OPEC

OPEC may get its members to agree to continue to tamp down oil production, but it will be a Pyrrhic victory. The biggest threat to the 13-member group’s dominance has …


Libya says its oil production tops 800,000 barrels per day

Libya’s national oil company says oil production in the violence-plagued country has exceeded 800,000 barrels a day for the first time since 2014.


UPDATED: Fri., Jan. 20, 2017, 7:48 p.m.

Trump’s vow to break from OPEC oil imports echoes old refrain

President Donald Trump’s pledge to make America independent from OPEC isn’t a new refrain in Washington. It’s not an easy task. It would mean replacing about 3 million barrels a …


Analysis: Will oil producers’ cut have lasting impact?

It seems like a big deal. But the joint production cut from OPEC and non-OPEC countries – the first in 15 years – might push up the price of oil …


Saudi Arabia switches OPEC tack with eye on world’s top IPO

To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug …


Indonesia backs out of OPEC amid production cut

Indonesia has temporarily withdrawn from the Organization of the Petroleum Exporting Countries (OPEC) following the group’s decision to cut production by 1.2 million barrels of oil per day (bopd) next …


Rising oil prices not expected to drastically hurt U.S. consumers

OPEC’s decision to cut production gave an immediate boost to oil prices, but the impact on consumers and the U.S. economy is likely to be more modest and gradual.


OPEC agrees to cut output to push up oil price

OPEC has agreed to cut its oil production for the first time in eight years in an effort to boost crude prices.


Saudi-Iran rivalries could scuttle tentative OPEC deal

Up to this week, chances that OPEC countries would agree to their first cut in output in eight years were looking good. Now, not so much.


OPEC tries to salvage deal as Saudis say cut isn’t essential

OPEC ministers flew to Moscow and officials in Vienna started another round of talks in an effort to salvage an agreement on production cuts, just as Saudi Arabia said a …


Saudis said to quit Russia talks as OPEC deal no closer

Saudi Arabia pulled out of planned talks with non-OPEC nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal …


Iraq will participate in OPEC oil-production cuts, al-Abadi says

Iraq, the second-largest oil producer in OPEC, will shoulder part of the burden of output cuts outlined by the group in September, Prime Minister Haider Al-Abadi said.


Vladimir Putin optimistic about OPEC deal; Russia ready to freeze output

Russian President Vladimir Putin said he sees no obstacles to an OPEC agreement this month after oil exporters made major progress in overcoming differences as he reaffirmed Russia is willing …


Oil bets are biggest in 9 years amid OPEC, Trump volatility

Money managers, producers and consumers made the biggest bets on West Texas Intermediate crude prices in nine years, amid signals more volatility is coming.


OPEC reopens talks on oil cuts without Iran, Iraq ministers

OPEC and Russia will meet in Doha on Thursday for another round of talks without ministers from Iran and Iraq, the two countries that pose the biggest obstacle to a …


OPEC can’t succeed alone, as cuts would barely drain surplus

Even if OPEC defies a skeptical market by implementing output cuts in full, it still won’t drain the ocean of surplus oil already pumped from the ground.


Iraq balks at joining OPEC cuts, making output deal harder

Iraq threw an obstacle in OPEC’s path toward a final deal to stabilize oil markets when it balked at joining efforts to trim output to prop up crude prices.


OPEC reaches preliminary accord to curb oil production

OPEC nations reached a preliminary agreement Wednesday to curb oil production for the first time since the global financial crisis eight years ago, pushing up prices that had sunk over …