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DUBAI, United Arab Emirates — Saudi oil giant Aramco on March 10 reported it made $121 billion in profit last year, down from its 2022 record because of lower energy prices.

Supply is back in the driver’s seat for global crude markets, as rising production from non-OPEC+ nations including the U.S. may outstrip global demand that’s growing at a slower pace.

Exports of U.S. crude are nearing a record of 6 million barrels a day — flooding the market with oil and weighing on prices from Europe to Asia.

The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Nov. 30, expanding some output cuts into next year.

California pump prices fell below $5 a gallon for the first time since July, following national levels lower but still the highest in the country.

The record number of supertankers sailing toward the shores of the U.S. is getting ever larger, as there are 51 ships headed to the nation’s ports over the next three months.

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Sept. 5 to extend their voluntary oil production cuts through the end of this year.

The Biden administration announced July 7 that it is purchasing 6 million barrels of crude oil for the Strategic Petroleum Reserve as it continues to slowly refill the emergency stockpile.

Some of the largest oil producers in Canada are objecting to potentially rising costs and fees to ship their crude on the expanded Trans Mountain pipeline.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.