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…

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.

Saudi Arabia snubs Biden by advocating OPEC cut oil production by 2 million barrels per day.

The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months.

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.