The Latest Breaking News from OPEC

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $1.75, or 1.58%, to $112.65 per barrel by 1159 GMT, while US West Texas Intermediate (WTI)…

OPEC+ agreed on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China's coronavirus lockdowns threatened the outlook for demand. Ignoring calls from Western nations for accelerating output hikes, the group agreed to raise its…

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On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum, 

London (AFP) - Stock markets rallied Thursday after the Federal Reserve played down chances of an even bigger US interest rate hike in the near future.

Oil markets have been fluctuating over fears of lost supplies from Russia because of the war in Ukraine

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Vienna (AFP) - OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China. 

The EU ban on Russian oil imports will likely lead to higher crude and gasoline prices, further upending energy markets.