The Latest Breaking News from OPEC

RAC says its a question of when, not if, prices increase

Brent crude futures remained near $93 today as traders evaluated OPEC’s controversial move to cut oil production by two million barrels a day from next month.

As the ASX finishes where it started, Saudi Arabia and Russia are on a collision course with the West after major producers cut oil production to drive up prices. The move could further increase energy prices, plunge the global economy into recession, and help Russia in its war in Ukraine.

A major oil cartel has announced the biggest cut in production in years which could push up fuel prices around the world while bolstering Russia's war in

Oil producers’ announcement could drive up costs at worst possible time for Democrats

The cartel has decided to cut oil production by two million barrels a day. The decision was made to control prices which have fluctuated wildly due to the war in Ukraine.

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…

OPEC+ agreed to cut its collective output limit by 2 million barrels day, stoking tensions with the U.S. as the cartel seeks to halt a slide in oil prices caused by the weakening global economy.