Oil Production

According to an OPEC report released in August, OPEC member-states (excluding Iran, Libya, and Venezuela) participating in the OPEC+ deal lowered oil production in July by 912,000 barrels per day to 22.6 million barrels per day,...

Saudi Arabia announced on Monday that it would extend a voluntary cut in oil output, while Russia indicated it would limit exports as major producers moved to prop up falling prices. Riyadh’s decrease of one million...

President Joe Biden said Monday at a global climate meeting that “we only have a small window before us” to reduce emissions from the burning of oil, gas, and coal, which he described as a “existential...

Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said Friday. Putin said Russia was willing to make agreements within the framework of the OPEC+ group...

Venezuelan oil production crashed to a new 30-year low of 1.5 million barrels a day in June, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday. The South American nation earns 96 percent of...

News Hour: The Organization of Petroleum Exporting Countries (OPEC) agreed on Wednesday to cut oil production in a surprise move aimed at boosting stubbornly weak crude prices. The news triggered an immediate spike of more than...