The Latest Breaking News from OPEC

Turkey’s foreign minister slams US for ‘bullying’ Saudi Arabia after OPEC+ announced oil production cuts.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman and the director of China's National Energy Administration Zhang Jianhua on Friday stressed the importance of stable long-term supplies to crude oil markets, the Saudi state news agency SPA reported. The two agreed to continue cooperation efforts to maintain stability in oil…

The Biden administration plans to release 15 million barrels of oil from the U.S. strategic reserve to counter recent production cuts announced by OPEC+ nations

The Biden administration blames Saudi Arabia for the move, which the U.S. claims will strengthen Russia.

New steps from Group of Seven countries to cap Russian oil sales at an enforced low price will not be replicated against OPEC producers, whose plans to cut output have irked consumer countries, a United States Treasury official told Reuters.

Analysts say shared interests will sustain ties despite Washington’s promise of ‘consequences’ over oil production cuts.

The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haitham al-Ghais said on Tuesday that OPEC+ alliance took an unanimous decision to cut oil output as a pre-emptive measure to prevent a crisis. Speaking at the African Energy Week in South Africa, al-Ghais said the heads of delegations unanimously decided…

The Biden administration will sell another tranche of oil from the national reserve in December to put a damper on gasoline prices.

Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertainties. Malaysia joins other OPEC+ countries this week in backing a steep cut to the group's output target. "OPEC+ countries collectively took into consideration…