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OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.

The U.S. sees oil production flatlining for most of this year before reaching a new record in early 2025. That would ease concerns about a supply glut that has weighed on prices.

The global oil market is looking increasingly local as militant attacks in the Red Sea and surging freight rates make supplies from closer to home more attractive.

The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, an Energy Department official said Dec. 4.

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.

A loaded liquefied natural gas tanker is stuck at an export terminal in Australia and will disrupt some shipments, adding to supply concerns ahead of the Northern Hemisphere winter.

WASHINGTON — Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. 

Oil buyers across the planet are facing some of the highest premiums for supplies they’ve seen in months — or longer — as dwindling stockpiles at the largest U.S. storage hub reverberate through markets from Asia to the Middle East to Europe.

DUBAI, United Arab Emirates — Saudi Arabia said Aug. 3 it will extend its production cut of 1 million barrels of oil a day through the end of September in its effort to boost energy prices.

California Gov. Gavin Newsom signed a new law that gives state regulators the power to penalize oil companies for making too much money, the first of its kind in the country.