The Latest Breaking News from OPEC

Lawmakers said OPEC's move to cut oil production underscores the need to break from fossil fuels, but they disagree on how.

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices. Energy ministers cut production by 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of…

Cartel curbs production by 2m barrels a day despite strong US pressure, further squeezing supplies

OPEC and Russia are looking to prop up prices that have fallen greatly since early June.

OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.

A cut in oil production is on the table when OPEC oil-producing countries meet Wednesday

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

Tesco’s half-year profits have fallen 10% as the supermarket giant grapples with the impact of “significant” cost inflation.

Oil cartel and allies including Russia make biggest cut in output since the start of the pandemic, despite pressure from the White House