OPEC

Insight Major oil-producing countries led by Saudi Arabia and Russia agree to maintain their current output levels at a meeting, ahead of fresh sanctions against Moscow coming into force, sources say. Oil prices have declined since October due to slower Chinese and global growth and…

Analysts warn a recession looms in the West from inflation and subsequent interest rate hikes, as well as food and oil supplies being affected by Russia-Ukraine conflict. We don’t owe it to anybody but us,” Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud said to applause.…

Gas prices on October 03, 2022 in San Bruno, California.Photo: Justin Sullivan (Getty Images)It can be hard to understand what the hell is going on with the global energy market. Since Russia’s invasion of Ukraine in March, the news has been a non-stop churn of confusing updates about oil prices, gas supply, and a stew of acronyms (OPEC? SPR?). The whole thing can be intimidating to think about, even to energy reporters and folks who think about this issue professionally. “It’s one of the most confusing and…

Crude oil pipes at the Bryan Mound Strategic Petroleum Reserve site near Freeport, Texas.Photo: Department of Energy (AP)On Wednesday, the Biden administration announced that it would pull an additional 15 million barrels of oil out of the nation’s Strategic Petroleum Reserve (SPR) to help juice up oil supplies and keep gas prices low in the face of the global energy crisis.The 15 million barrels, which will be delivered in December, arethe final part of an extended release that has been going on since May. After this…

President Biden's planned announcement to draw down from strategic reserves comes after Saudi Arabia-led cartel's decision had Washington saying Riyadh sided with Moscow and pledging consequences for supply cuts of 2 million barrels a day. Biden releasing 15 million barrels would not cover even one full day’s use…

Islamabad says it stands with Riyadh "in the wake of statements made against the kingdom", and hails the oil cartel's decision to cut production by two million barrels a day. Pakistan's reaction comes days after US President Joe Biden expressed "doubts" over the safety of Islamabad's nuclear programme at a…

Fast News The energy ministry in Oman says that the decision by OPEC to cut oil production by 2 million barrels per day was necessary to reassure the market and stabilise it. Oman's energy ministry said the decision is based on market data and its variables.…

WASHINGTON—The U.S. and its partners are rushing to hammer out an agreement on a level for a price cap on Russian oil in the next couple of weeks as they seek to contain global oil costs in the wake of a production cut by the Organization of the Petroleum Exporting Companies and its Russia-led allies.The Group of Seven large advanced democracies, along with Australia, are working to put into place a plan ahead of a Dec. 5 deadline that would bar the use of financing, insuring and shipping services for Russian oil…

Ignoring months of lobbying by the White House, Saudi Arabia and other US allies in OPEC+ moved last week to slash the amount of oil on global markets. The countries of OPEC+ — a cartel of oil-producing nations — announced on October 5 that they would be decreasing the cartel’s production quota by 2 million barrels per day. The decision will likely drive up energy prices, causing more pain for an already slowing global economy. US officials expressed acute frustration with the cuts. President Joe Biden this week said…

Issues such as oil production, price cap, Ukraine-Russia conflict, and new global financial challenges drive G20 members away from consensus, as another meeting ends without a joint communique. G20 faces "many challenges", with "escalating geopolitical conflicts, a war in Ukraine which exacerbated and worsened…