United States gasoline prices have declined on average 16 cents to US$ 3,403 a gallon, while gas prices have declined 43 cents over the past 30 days, and are US$ 1.01 cents higher than a year ago.
The price of gas at pumps for drivers worldwide might soon go up once again after OPEC+ countries at a meeting in Vienna agreed on to deepest production cut since the Covid-19 pandemic.
The Organization of Oil Exporting Countries (OPEC) Monday decided to cut their output of crude and put on sale on international markets 100,000 bpds less daily as fears of a recession keep bringing down the price of crude.
During the first five months of the year Europe has overtaken Asia as the biggest buyer of US crude, having imported 213.1 million barrels, while Asia imported 191.1 million barrels, Bloomberg reported, citing Census Bureau data. This is the first time in six years that Europe has been a bigger buyer of U.S. crude than Asia.
The OPEC+ alliance is solid and the tight cooperation between Russia and Saudi Arabia has never been stronger, said Russian Foreign Ministry Sergey Lavrov, following a meeting with his Saudi counterpart Prince Faisal bin Farhan Al Saud, and ahead of this week´s OPEC+ meeting to consider output levels.
OPEC Secretary-General Mohammed Barkindo has visited Venezuela to strengthen bilateral ties between the rich oil-producing South American country, which is one of the 13 countries that make up the Organization of Petroleum Exporting Countries (OPEC).
OPEC oil production increased by just 57,000 barrels per day (bpd) in March from February, as African members’ struggles to pump more crude partially offset increases at the core OPEC members of the Middle East, reports Tsvetana Paraskova for Oilprice.
The OPEC+ alliance is set to approve this week another 400,000 bpd increase in monthly production targets, despite the fact they have been supplying below the announced volume. Russia and OPEC's de facto leader Saudi Arabia manage the OPEC+ group, which has been running supply to the market since the beginning of 2017
As crude prices steadily climb to US$ 100 a barrel, Middle Eastern OPEC producers have no plans to increase production beyond their OPEC+ quotas, a gathering of ministers this weekend has made clear. The energy minister of the biggest oil producer in the cartel, Saudi Arabia, said that the pandemic had taught oil-producing nations one thing, and that was caution, writes Irina Slav for oilprice.com.
By Tsvetana Paraskova for Oilprice.com – In the shortest meeting so far in its history, OPEC+ decided on Wednesday to increase the collective production by 400,000 barrels per day (BPD) in March, keeping unchanged the plan to boost output and pushing Brent above US$ 90 per barrel again with the per-usual modest production hike.