OPEC+ agreed steep oil production cuts, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted

OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness

U.S. crude and fuels stocks posted surprising declines in the most recent week as fuel demand rose and refiners cut runs, the Energy Information Administration said

Global oil stocks are set to rise next year amid weakening demand and a stronger U.S. dollar, executives at an oil conference said, adding that OPEC will have to cut output to reduce supply if they want prices to remain supported

Vaca Muerta is producing a record 91 million cubic meters of gas per day and in December will exceed the ceiling of 308,000 barrels of oil per day, said Omar Gutiérrez, governor of the Argentine province of Neuquen

OPEC and its allies led by Russia agreed to a small oil production cut to bolster prices that have slid on fears of an economic slowdown

Russia’s oil output has exceeded expectations in the wake of the war in Ukraine but Moscow will find it increasingly difficult to uphold production as Western sanctions begin to bite, the head of the International Energy Agency (IEA) said

High energy prices could almost double oil producers’ free cash from operations this year to $1.4 trillion, money that can be used to finance a shift to renewable fuels, pay down debt or reward investors, according to a study

Benchmark Brent oil climbed above $100 a barrel after Saudi Arabia suggested this week that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn

Potential OPEC+ production cuts mooted this week by Saudi Arabia may not be imminent and are likely to coincide with the return of Iran to oil markets should it clinch a nuclear deal with the West