Iran hopes to bring an additional 1 million barrels of oil per day back online in the coming months if a deal can be signed, a volume that would crush oil prices.
Consumer spending rose just 0.1 percent in February, the Commerce Department reported Monday. A harsh winter helped put a damper on consumer spending, but so did higher gas prices and consumers choosing to boost their savings or pay down debt rather than go shopping.
Installed capacity of energy storage is expected to more than triple over the next five years, according to a new report.
Algeria is in talks with other oil producing countries in an effort to reverse the nearly nine-month plunge in oil prices that have take a toll on major energy exporters.
US crude oil output may fall by half this year, according to a projection by the oil cartel OPEC. That goes against what many predict will be a slowdown in production growth – but not an overall drop.
A domestic oil glut helped bring US crude prices inline with the global benchmark. But in the last month or so, the spread between the two has widened again.