Free Republic

It is déjà vu for major oil producers, who are again considering steeper production cuts. It took only a month after the Hamas attacks on Israel unleashed a punishing war for oil prices to fall below their pre-Oct. 7 level. The steep drop in oil prices last week, with Brent crude briefly dropping to $77 per barrel, led to speculation that the Organization of the Petroleum Exporting Countries and allied producers (OPEC+) will decide to cut production at its next meeting. OPEC’s last-minute decision to delay the meeting, now scheduled for Nov. 30, will only add to the speculation. U.S....

LONDON, March 8 (Reuters) - Sky-high oil prices resulting from a potential Russian oil import ban could force governments to pour more cash into fossil fuel subsidies to shield consumers from rising energy bills, rather than use the money to fight climate change. Even before Russia's invasion of Ukraine, rising energy costs had triggered a wave of subsidies despite countries agreeing to rein them in at the COP26 climate conference in November. "The last thing that governments want to do is increase any subsidies for fossil fuel use but they have to be sensitive to the price shock," said Ben...