Dec 5, 2019

OPEC and Russia near deal on deeper crude cuts, reports say

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OPEC's moment of decision on oil production cuts

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the 177th OPEC meeting in Vienna, Austria, on Dec. 5. Photo: Joe Klamar/AFP via Getty Images

OPEC and Russia are deciding next steps in their three-year effort to restrict production in order to prop up prices, during their two-day meeting currently underway in Vienna.

Why it matters: It will reveal how Saudi Arabia and Russia, the OPEC+ group's dominant players, will continue grappling with soft global demand and the rise of U.S. shale production.

Go deeperArrowDec 5, 2019

OPEC is still having a hard time exerting its sway amid U.S. oil boom

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud on Dec. 5. Photo: Joe Klamar/AFP via Getty Images

A new International Energy Agency report underscores why oil markets haven't been hugely impressed with last week's OPEC+ decision to deepen their output curbs.

Driving the news: The agency's latest closely watched monthly report projects that global oil stockpiles could increase by 700,000 barrels per day in the first quarter of 2020.

Go deeperArrowDec 12, 2019

OPEC+ to gather as challenges mount

OPEC Secretary General Mohammed Barkindo shakes hands with Russian President Vladimir Putin at the 2019 Russian Energy Week forum. Photo: Alexey Nikolsky/Sputnik/AFP via Getty Images

OPEC and Russia — among other allied producers — will gather in Vienna late this week to decide the future of their supply-limiting deal.

Why it matters: The OPEC+ group is struggling to prop up prices amid growing supplies from the U.S. and elsewhere, as well as rather soft demand and trade conflicts.

Go deeperArrowDec 2, 2019