OPEC+

Canary LLC Chief Executive Officer Dan Eberhart has reportedly criticized President Joe Biden's administration for its failure to replenish the Strategic Petroleum Reserve, or SPR, at a time when oil prices were low. What Happened: “The train has left the station with the Saudis and OPEC...

Treasury Secretary Janet Yellen reportedly said the surprise OPEC+ oil production cut is an “unconstructive act” that will add uncertainty to the global growth outlook and burden consumers when inflation remains high. What Happened: “I think it’s a regrettable action that...

Allianz chief economic adviser and noted economist Mohamed El-Erian believes he couldn't remember a time when markets were so dismissive of the Federal Reserve's forward guidance. What Happened: El-Erian noted that the divergence between the central bank's stated 2023 interest-rate trajectory and...

Federal Reserve Governor Lisa Cook reportedly said inflation in the U.S. has started coming down but price pressures could keep emanating from a tight labor market, the war in Ukraine and the reopening of China. What Happened: "We certainly see tightening taking place," Cook said on Monday during...

U.S. markets ended mixed on Monday as Wall Street refused to pare gains made last week in response to The Organization of the Petroleum Exporting Countries and its allies announcing a surprise reduction in oil production by 1.16 million barrels per day beginning May. What Happened: Energy stocks...

U.S. equity markets are likely to face volatility this week as market participants are likely to weigh in on inflation concerns after The Organization of the Petroleum Exporting Countries and its allies announced a reduction in oil production by 1.16 million barrels per day beginning May, in a...

As The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, announced a reduction in oil production by 1.16 million barrels per day beginning May, the impact was visible not just in oil prices but other assets too, when trading commenced in Asia on Monday. What Happened...

Oil prices soared during Monday morning in Asian trade after The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed oil production by 1.16 million barrels per day beginning May, in a surprising move. What Happened: Saudi Arabia will voluntarily cut output by...

President Joe Biden has reportedly said there would be “consequences” for Saudi Arabia for collaborating with Russia to trim oil production, an indication that cracks have appeared in the relationship between the two long-time allies. What Happened: Biden told CNN...

On Sunday, the OPEC and the non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to maintain oil production targets at current levels, including an existing policy of reducing oil production by 2 million barrels per day. OPEC+ decided to continue its daily...

The decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to conduct its Dec. 4 meeting virtually indicates there is little likelihood of a policy change, Reuters reported, citing a source. A virtual meeting also highlights the pending European Union deal on a...

Saudi Arabia has hinted that the Biden Administration had suggested delaying the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to reduce its production output by a month, which it believed “would have had negative...

With the Energy Select Sector SPDR Fund (ARCA: XLE) up roughly 45% year-to-date, shopping for energy stocks may prove to be more difficult when searching for more upside. The OPEC + coalition announced the reduction of more than 2 million barrels of oil per day and with the...

U.S. Treasury secretary Janet Yellen has criticized the supply cut decision made by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, calling it “unhelpful and unwise” for the global economy. What Happened: Yellen, in an...

Jim Cramer on Thursday said that a significant driver of inflation is the consumer’s desire to spend money in the reopening economy and this is something that is not reflected in the data observed by the Federal Reserve and Wall Street, according to CNBC. “They don’t care about...