ENERGY

By Tsvetana Paraskova of OilPrice.com

The energy ministers of heavyweight OPEC+ producers dismissed the bearish market reaction to the group’s latest oil production plan, saying that market participants and analysts will realize soon that the alliance did the right thing in communicating its intentions.

While OPEC+ extended this weekend most oil output reductions into 2025, it said it could begin unwinding some voluntary cuts after the end of the third quarter of (more…)

By Tsvetana Paraskova of OilPrice.com

The United States could accelerate the pace of buying crude to refill the Strategic Petroleum Reserve (SPR), as all four sites would be available by the end of the year after a maintenance period, U.S. Secretary of Energy Jennifer Granholm told Reuters in an interview.

“All four sites will be back up by the end of the year, so one could imagine that pace would pick up, depending on the market,” Secretary Granholm said, commenting on (more…)

By Irina Slav of OilPrice.com

A group of House Democrats have called on the Department of Justice to launch a probe into the oil industry, accusing the two largest U.S. energy companies of a conspiracy to keep fuel prices high.

In a letter sent to the Department of Justice by Rep. Jerrold Nadler and signed by nine more House members, the group claimed that the record profits that Exxon and Chevron reported last year were proof they were conspiring against Americans by keeping (more…)