The Latest Breaking News from OPEC

UAE Energy Minister Asserts Commitment to OPEC+ Agreement

The United Arab Emirates is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism, its energy minister said on Wednesday. “The UAE believes in the value OPEC+ brings to the oil market,” UAE Energy Minister Suhail al-Mazrouei said in remarks to WAM New Agency. OPEC+, comprising the…

Asharq Al-Awsat · Mar 11, 2022

Oil prices have crashed - but don't expect lower fuel bills any time soon

Slump comes after an intervention from the United Arab Emirates

Wales Online · Mar 10, 2022

Oil price tumbles after UAE official signals support for boosting production

The price of oil plunged on Wednesday, after a diplomat from the United Arab Emirates said the country was in favour of the oil-producing group OPEC increasing production. The ambassador's statement was followed by a tweet from the Emirati energy minister, who said the UAE would stick to current production…

France 24 · Mar 10, 2022

Iraq Shuts Down Two Oil Fields with Half a Million bpd Capacity

Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day. The shutdowns curtail the ability of OPEC’s second-largest member to pump crude just as Russia’s invasion of Ukraine and tight supplies globally send prices soaring, according to Bloomberg on Monday.…

Asharq Al-Awsat · Feb 28, 2022

Saudi Arabia's Crude Oil Production Exceeds 10 Mn Barrels

Saudi Arabia's crude oil production increased by 110,000 barrels per day (bpd) on a monthly basis in December to 10.02 million barrels per day, according to recent data. Crude exports slightly dropped from 6.949 million bpd in November to 6.937 million bpd, according to monthly export figures submitted by Saudi…

Asharq Al-Awsat · Feb 21, 2022

Saudi Energy Minister: Kingdom Seeks Ensuring Immunity of Energy World’s Three Pillars

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that Saudi Arabia seeks to ensure the immunity of the three pillars of the energy world: securing necessary energy supplies, continuous economic development by providing reliable energy sources, and facing climate change. He underscored that these three pillars must be observed without…

Asharq Al-Awsat · Feb 21, 2022

OPEC+ Would Seek to Bring Iran into Oil Supply Deal

OPEC+ will work to integrate Iran into its oil supply-limiting accord should agreement be reached on reviving its nuclear deal with world powers, sources close to the group said, seeking to avoid market share competition that could hit prices. A successful outcome to the talks could lift US sanctions on…

Asharq Al-Awsat · Feb 18, 2022

Saudi Arabia keeps lid on oil output as US gas prices rise

Saudi Arabia is signaling it isn’t willing to pump more oil and won’t push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels

The Independent UK · Feb 17, 2022

OPEC Head Sees 'No Immediate Solution' to High Oil Prices

There is no "immediate solution" to high oil prices, Bruno Jean-Richard Itoua, president of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday. The oil-producing countries' capacity to increase crude supply is curtailed by a lack of investment in the industry, said Itoua, who is also Congo’s minister…

Asharq Al-Awsat · Feb 17, 2022

OPEC chief 'reasonably optimistic' Ukraine stability will be restored

OPEC Secretary General Mohammad Barkindo on Monday said he was "reasonably optimistic" that global leaders involved in the standoff between Russia and the West over Ukraine will be able to restore peace and stability.

Reuters · Feb 14, 2022