iPath Pure Beta Crude Oil ETN

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The OPEC+ alliance has agreed to extend output cuts through next year, likely keeping prices high through the November presidential election.

OPEC agrees to keep oil production cut, likely maintaining high prices through November election

The OPEC+ alliance, which includes Saudi Arabia and Russia, two of the world's Top 3 oil producing countries, met in Riyadh, Saudi Arabia at the 37th OPEC and non-OPEC Ministerial Meeting. The group reaffirmed their commitment to the Declaration of Cooperation (DoC) and extended oil production levels until the end of 2025.

OPEC+ Extends Production Cuts Into Next Year

OPEC+ oil group awaits concrete interest rate cuts before factoring impact on demand: Saudi energy minister

OPEC+ agreed on Sunday to extend production cuts in an effort to support oil prices in the face of worries about global demand and rising U.S. output, but will begin to phase out some voluntary reductions after the third quarter.

OPEC+ agrees to extend oil-production cuts in effort to boost prices

The influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Sunday agreed to extend its official crude output agreement into 2025. The coalition will produce a combined 39.725 million barrels per day next year, according to a table published by the OPEC Secretariat.

Oil alliance OPEC+ extends production agreement into 2025

The deal comes the same day Saudi Arabia launches a share sale for Aramco, yielding billions for the country's economic transformation.

OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices

OPEC+ will likely prolong voluntary oil cuts into the third and possibly fourth quarters of 2024 and extend some cuts into 2025, two OPEC+ sources said ahead of the group's meeting on Sunday.

OPEC+ seen prolonging cuts in 2024 and into 2025, two sources say

Despite moving Sunday's oil output decision-making meeting online, several OPEC+ ministers plan to fly to Saudi Arabia's capital Riyadh, two OPEC+ sources said.

Some OPEC+ ministers heading for Riyadh for oil output meeting, sources say

As crude oil trading in May reaches its conclusion and OPEC+, a select group of Russia-led oil producers and the Organization of the Petroleum Exporting Countries (OPEC) spearheaded by Saudi Arabia, convenes to discuss its production levels, an interesting bit of data has emerged.

OPEC+ Gets Crumbs Of Comfort From 15% Uptick In India's Monthly Oil Demand

U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world's top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend.

US oil producers maintain modest growth as OPEC+ eyes extended cuts

Saudi Arabia has invited OPEC+ oil ministers to Riyadh to hold their June 2 policy meeting to discuss a complex deal that may extend deep oil production cuts into 2025, sources from the producer group told Reuters on Friday.

Saudi Arabia invites OPEC+ ministers to Riyadh for June 2 meeting, sources say

OPEC+ members on Sunday are expected to review voluntary output cuts of 2.2 million barrels per day. Oil market analysts generally agree that group will likely keep those cuts in place.

U.S. crude oil on pace for worst month of year ahead of weekend OPEC+ meeting

Oil futures were little changed early Friday, but were on track for their first monthly declines of 2024 as traders fretted over gasoline demand and awaited a weekend decision on production cuts by the Organization of the Petroleum Exporting Countries and its allies.

Oil prices steady as traders await OPEC+ decision on production cuts

Analysts have lowered their 2024 oil price forecast for the first time since February, reflecting lower risks to supply from ongoing wars in the Middle East and Ukraine, a Reuters poll showed on Friday, as markets gear up for a meeting of OPEC and its allies this weekend.

Oil price forecasts cut as supply risks trend lower

Saudi Arabia said Friday it will sell a second sliver of stock in its state oil giant Aramco worth billions of dollars, its first tranche since its initial public offering back in 2019.

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

The oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts tell CNBC, even as focus shifts from Middle East tensions to summer demand. Four OPEC+ delegates, who spoke anonymously because of the sensitivity of talks, told CNBC the 2.2 million-barrels-per-day supply reductions will likely be prolonged, with one noting that the alliance would avoid shifting approach at a time when oil prices are relatively stable.

Oil alliance OPEC+ could extend production cuts this weekend as focus shifts away from Middle East tensions, sources say

Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market.

Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise

OPEC+ is working on a complex deal to be agreed at its meeting on Sunday that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on Thursday.

OPEC+ working on complex oil cut extension deal for 2024-2025, sources say

Oil stocks fell by 4.2 million barrels — a greater decline than was expected.

U.S. Crude Oil Stocks Fall More Than Expected

Gasoline inventories increased by 2.0 million barrels, exceeding analyst estimates.

Crude Inventories Declined By 4.2 Million Barrels

U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending May 24, the Energy Information Administration said on Thursday.

US crude stocks fall, gasoline and distillate inventories rise - EIA

OPEC+ members that are making 2.2 million barrels per day of voluntary oil output cuts are discussing extending them until the end of the year, three OPEC+ sources said ahead of the group's meeting on Sunday.

OPEC+ discuss keeping voluntary oil cuts until year-end, sources say

U.S. crude oil is down 3.2% in May, its worst performance since December. Oil prices have traded in a tight range over the past month as inventories have stabilized, though soft economic data points to further downside risks, according to Barclays.

U.S. crude oil falls 3.2% in May, on pace for worst month of the year

Oil futures fell Thursday, feeling pressure as equities and other assets perceived as risky extended a selloff and traders awaited official data on U.S. inventories.

Oil prices sink as wider market selloff continues and traders await inventory data

ConocoPhillips is the latest to bulk up as investors pay up for size.

News for iPath Pure Beta Crude Oil ETN Stock (OIL)