International

U.S. President Donald Trump on Sunday welcomed a deal to cut oil production reached by the Organization of the Petroleum Exporting Countries (OPEC) and some other major oil producing countries, known as OPEC+, as it will save hundreds of thousands of U.S. energy jobs. “The big Oil Deal with OPEC …

Pressure mounted on Mexico on Saturday to agree on cuts to oil output that would set the seal on the biggest production deal in the industry’s history. The OPEC+ alliance led by Saudi Arabia and Russia was said to have made some progress on Saturday as negotiations with Mexico continued, …

The US stepped up pressure on Saudi Arabia to seal a historic deal to cut oil production as negotiations that President Donald Trump himself has brokered dragged on for a third day. Talks aimed at ending a price war that’s savaging the US oil industry and threatening petrostates’ budgets continued …

Republican U.S. senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday they had spoken with three officials from the kingdom and urged them to take concrete action to cut crude output. Saudi Arabia and Russia were close to finalizing a deal …

On Thursday, Riyadh, Moscow and other OPEC+ members and partners tentatively agreed to cut crude output by some 10 million barrels per day (bpd) over the next two months, with the deal requiring each country to cut about 23 percent of its output. Saudi state-owned oil giant Saudi Aramco has …

Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump’s mediation efforts to end a standoff with Mexico. The final G20 communique appeared to gloss over simmering divisions over energy policy, making no mention of output …

Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said on Friday, after marathon talks to counter a collapse in prices. The videoconference led by the Organization of the Petroleum Exporting Countries has been seen as the best chance …

Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse. The tentative deal came after strong pressure from U.S. President Donald Trump and American lawmakers, …

OPEC+ countries will discuss on Thursday the creation of a new agreement to reduce oil production with the possible participation of other major oil producing states to stabilize the situation on the market, which came under pressure from the novel coronavirus (COVID-19) pandemic. The meeting will be held in the …

The United States will return to being a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through the end of 2021. That’s what the U.S. Energy Information Administration (EIA) forecasts in its latest short-term energy outlook …