Drivers can expect relief at the pump in the coming year as economists forecast that Donald Trump’s initiatives to boost US oil production will drive down prices.
OPEC Oil Output Increases in November, Driven by Libya
OPEC’s oil production increased for the second consecutive month in November, driven by Libya’s rebound following the resolution of a political crisis.
Oil prices climb as OPEC+ cartel postpones key meeting
Oil prices surged on Thursday morning following news that the OPEC+ cartel had postponed its upcoming meeting to next week.
Russia cuts off Austria gas supplies from Saturday
Chancellor Karl Nehammer said today that Austria’s gas storage facilities are 93% full, leaving the country well-prepared to handle the suspension of Russian gas supplies.
Benchmark Brent crude continued to decline towards $70 per barrel
Analysts warn that oil prices could drop to their lowest levels since the pandemic if Middle East tensions continue to ease.
Russia Asserts No Friction With OPEC+ Despite Exceeding Oil Production Quotas
Vladimir Putin’s top oil advisor stated on Thursday that there was no friction with the OPEC+ oil cartel despite Russia exceeding its crude production quotas.
Oil prices rise amid supply worries following Russia’s decision to reduce production.
On Monday, oil prices increased following the Russian government’s directive to reduce production amidst ongoing tensions between Russia and Ukraine, impacting the energy industry.
Oil prices soar to a three month high amid global production shortfall.
Oil prices have reached their highest level in three months, following a warning from an industry body about extended supply cuts by the OPEC cartel until year’s end.
Exxon finalizes £48bn acquisition to become the leading shale oil producer.
Exxon Mobil is set to acquire Pioneer Natural Resources in a deal valued at $59.5bn (£48.4bn), positioning it as the premier global shale oil producer.
Gas prices spike due to concerns over a potential sabotage-induced leak on subsea pipeline
UK gas prices experienced a sharp rise after Finland’s government suspected that a leak in an underwater pipeline resulted from “external interference”. Finnish President Sauli Niinisto announced that along with
UK gas prices have jumped to their highest level in four months after Israel field closure
UK gas prices have soared to a four-month peak following the shutdown of a major Israeli field in the Mediterranean Sea.
Gas prices rise as Israel halts production at Tamar field
European gas prices rose following Israel’s decision to halt production at its Tamar field due to the severe attacks originating from Gaza.