Organization of the Petroleum Exporting Countries
U.S., Allies Vow to Protect Ukraine’s Infrastructure From Russian Attacks
MÜNSTER, Germany — The Group of 7 nations announced Friday that they would work together to rebuild critical infrastructure in Ukraine that has been destroyed by Russia’s military and to defend such sites from further attacks. Top diplomats from the countries have discussed sending more defensive military equipment to Ukraine to help it ward off […]
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Biden will tap oil reserve, hoping to push gasoline prices down.
Energy experts said the reserve release would pack more punch if other countries, like China, also sold oil from their stockpiles. The International Energy Agency, an organization of more than 30 countries, will meet Friday and may recommend further releases from national reserves. Russian oil exports normally represent more than one of every 10 barrels […]
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Republicans Wrongly Blame Biden for Rising Gas Prices
WASHINGTON — As gas prices hit a high this week, top Republican lawmakers took to the airwaves and the floors of Congress with misleading claims that pinned the blame on President Biden and his energy policies. Mr. Biden warned that his ban on imports of Russian oil, gas and coal, announced on Tuesday as a […]
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Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market
HOUSTON — Before its forces invaded Ukraine, Russia provided one out of every 10 barrels of oil the world consumed. But as the United States and other customers shun Russian crude, the global oil market faces its greatest upheaval since the Middle East tumult of the 1970s. An energy price shock will probably last as […]
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Oil prices climb as Ukraine crisis deepens.
Oil prices jumped on Monday, as President Vladimir V. Putin’s saber-rattling order to put his country’s nuclear forces on high alert overshadowed hopes for negotiations between Russia and Ukraine. The announcement by President Volodymyr Zelensky that a Ukrainian delegation would meet with a Russian delegation near the Ukraine-Belarus border for talks “without preconditions” was viewed […]
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How US Energy Independence Has Been Shaken by the Russia-Ukraine War
While OPEC has increased production to accommodate a growing global thirst for energy as the Covid pandemic recedes, Saudi Arabia has dismissed pleadings by the Biden administration to ramp up output further. Even as demand for fossil fuels continues to rise, investments by major Western oil companies in oil and gas exploration and production have […]
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Why Are Oil Prices So High and Will They Stay That Way?
HOUSTON — Oil prices are increasing, again, casting a shadow over the economy, driving up inflation and eroding consumer confidence. Crude prices rose more than 15 percent in January alone, with the global benchmark price crossing $90 a barrel for the first time in more than seven years, as fears of a Russian invasion of […]
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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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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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