Business is pretty good in America's busiest oil patch. Prices are high enough to turn a profit and then some. But instead of going wild, producers have been aiming for something new: Discipline.
The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.
Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.
Royalties on oil and natural gas, along with lease payments on millions of acres of land, are helping the University of Texas, which is in second place, narrow the gap with Harvard.
The weakening economy around the world will drive down demand for oil in the coming months, according to OPEC, while the U.S. government warns that households will pay more for heat this winter.
The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.
The national average price of gasoline has fallen below $4 a gallon. These are four key factors that could determine what happens next with prices at the pump.
In his visits to Israel and Saudi Arabia this week, President Biden will aim to keep the oil flowing and lock in progress on the Middle East's simmering conflicts.
The EU chief concedes that that getting all 27 member countries — some of them highly dependent on Russia for energy supplies — to agree on oil sanctions will be extremely difficult.
