President Trump has announced that a deal has been reached that will see Saudi Arabia and Russia reduce their oil production to stabilize world markets. According to The Hill: President Trump on Thursday said global oil production could drop by 10 million to 15 million barrels in light of talks between Russia and Saudi Arabia. Russia, however, is reportedly denying
The Trump administration plans to buy millions of barrels of oil as the oil industry continues to slump amid supply and demand issues. According to The Hill: The U.S. government will buy 30 million barrels of oil from producers amid a financial downturn for the industry. The Department of Energy (DOE) announced Thursday it would
The price of oil is at the lowest point it has been since 2003 according to new reports. According to The Hill: U.S. oil prices reached their lowest point since 2003 on Wednesday as the coronavirus has reduced demand in countries around the world. The prices fell for a third session, with U.S. crude Clc1
By 1600 Staff It’s summer, which means demand for gas is peaking for the year. As Russia and OPEC play the same old games with oil output to increase the price, President Trump is working behind the scenes to increase oil production, but until then, he may opt to open up reserves. According to OilPrice.com
U.S. Will Be the World’s Largest Oil Producer by 2023, Says IEA By Sarah Kent and Timothy Puko The Wall Street Journal March 5, 2018 The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday.