On Sunday, the Organization of the Petroleum Exporting Countries and their partners in OPEC+ agreed to extend a series of production cuts first announced last year. The duration of that extension, widely expected to cover the second half of 2024, will instead cover the rest of this year and all of 2025. In a sense, … Read more
Oil prices fell to their lowest level in four months on concerns over plans to increase supply even as demand cools. After falling 3 percent on Monday to below $80 a barrel, Brent crude was on the decline again yesterday, falling another 2 percent to $77. That was the second day of losses since the … Read more
Oil prices are under pressure as bearish sentiment increases as OPEC+ disappoints the market with its promise to extend voluntary cuts until the third quarter of 2024 and baseline cuts until the end of 2025. – Combining an in-person meeting in Riyadh with a hybrid online option for smaller producers, OPEC+ agreed to extend existing … Read more
Unlock the Editor’s Digest for free Roula Khalaf, editor of the FT, selects her favorite stories in this weekly newsletter. ConocoPhillips has agreed to buy rival Marathon Oil in an all-stock deal that values the Houston-based company at $22.5 billion, including debt, as a wave of consolidation continues to sweep through the U.S. oil patch. … Read more