Diesel Tops $4 per Gallon but Remains Below Year Ago Levels

The national average for diesel has topped $4.00 per gallon and currently sits at $4.15, up from $3.97 a week ago but below $5.22 last year, according to AAA data. The highest recorded average diesel price was $5.82 in June 2022.

Reductions in oil production have contributed to the rise in diesel prices. On Thursday, OPEC member Saudi Arabia signaled that they will extend their voluntary cuts of one million barrels of oil a day through the end of September. 

An official source from the Ministry of Energy noted that this cut is in addition to the voluntary cut previously announced...

Oil Prices Jump After Top Oil Exporter Saudi Arabia Announces Production Cuts

Oil prices jumped on Monday after Saudi Arabia, the world's top oil exporter, announced that it will implement a voluntary cut in its production of crude oil by one million barrels per day, according to the Ministry of Energy. The reduction will start in July for a month and can be extended. 

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) did not make any changes to its planned oil production cuts for this year. OPEC+ announced that it will limit...

WTI Oil Futures Continue to Decline Following Tuesday's Losses

The nearby West Texas Intermediate (WTI) crude oil futures contract closed at about $77 per barrel on Tuesday, a decline of 2.1% from the previous day’s settlement price. Yesterday’s loss followed two consecutive days of gains. 

WTI oil futures, the main oil benchmark for North America, are lower again so far Wednesday and have dipped below $76 per barrel as of this writing. Brent crude oil futures are also under pressure, with the June contract last down by 1.6% to $79.45 per barrel. 

In March, the total U.S. production of crude oil and natural gas liquids (NGL) declined by 0.4% month-over-month to 18.2 Mb/d, according to the American Petroleum Institute...