• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s flagship crude grade is…

U.S. Drilling Activity Continues to Drop Off

U.S. Drilling Activity Continues to Drop Off

The total number of active…

Editorial Dept

Editorial Dept

More Info

Premium Content

Mixed Messages From OPEC+ Keep Markets On Edge


On Thursday, US benchmark July crude oil futures prices declined after Russian Deputy Prime Minister Alexander Novak suggested that there might not be any additional production cuts by OPEC+ in their upcoming meeting. Novak expressed doubt about the likelihood of further cuts, referring to previous decisions made regarding voluntary reductions in oil production by certain countries.

Contradictory Statements Fuel Uncertainty for OPEC+ Meeting

The recent statements from key OPEC+ producers have been contradictory, creating uncertainty about the outcome of the next meeting. Earlier in the week, oil prices received support when Saudi Arabia's energy minister cautioned investors against betting on lower oil prices, leading some to speculate that OPEC+ might consider implementing more output cuts in their June 4 meeting. However, it now appears that OPEC+ producers themselves are being affected by the decline in oil prices.

Just a week before Prince Abdulaziz's remark, Russian President Vladimir Putin stressed the necessity of oil production cuts to maintain a certain price level.

Oil Price Losses Limited Amid Optimism Over Potential US Spending Deal

Despite the initial drop, oil price losses were limited later in the trading session due to optimism surrounding a potential deal between US President Joe Biden and top congressional Republican Kevin McCarthy. The deal aims to reduce spending and raise the government's debt ceiling, which currently stands…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News