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OPEC+ is expected to prolong oil output cuts into the second half of the year as it seeks to stave off a global surplus and shore up prices. Saudi Arabia and its partners have been keeping roughly 2 million barrels-a-day offline this year, and will meet on June 1 to consider whether to continue. Crude prices soared last month on fears that conflict in the ...
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Scott Sheffield, the founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. The Federal Trade Commission said Sheffield exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of ...