OPEC and its buddies gathered for a two-day meeting in Vienna over the weekend.
After Western sanctions piled onto Russia’s economy because of the Ukraine invasion, the country slashed its oil prices, leading to increased buying interest from nations like China and India. In May, China’s imports from Russia surged 80% on year to US$10.27 billion. But aside from Russia,
When Russia invaded Ukraine, the price of oil shot up. Since then, countries have been trying to get that price under control so the rest of the world can buy oil like usual again and not pay a surcharge on our Uber trips. Many countries have tapped into their own
The price of oil is plunging right now, and it isn’t just because of the situation in Ukraine. The price of oil went up when most of the world stopped buying it from Russia, driving down supply. But now, it’s looking like Russia is willing to help finalize
* Let’s talk about oil. On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC+) met for a total of 13 minutes. * And on Thursday, the head of the International Energy Agency (IEA) – which represents the United States and other major oil-consuming economies – said to reporters: “In a word, it
The backstory: * Before we start – just because this is a “good to know and get out of the way” fact – the Organization of the Petroleum Exporting Countries, aka OPEC, is a group of 13 countries that account for over 80% of the world’s extractable oil reserves. * The group was
President Joe Biden is trying pretty hard to get those prices down. One of the ways he’s doing this is by tapping into the Strategic Petroleum Reserve (SPR) and releasing 50 million barrels of crude oil into the market. What’s OPEC? * Before we start, just because this is