The Latest Breaking News from OPEC

Iraq exports of oil reached $11.07 billion last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia's invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported "100,563,999 barrels for…

A flurry of summits this week across Dubai all focused in one way or another on climate change, or at least acknowledgement that the global energy transition is needed to keep temperatures from rising

Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR. Brent futures for May fell $5.47, or 4.8%, to $107.98…

Saudi Arabia and the UAE reiterated that OPEC+ has only a mission to "stabilize the market," adding that the alliance keeps politics out of its decision-making in favor of the "common good" of energy prices. Saudi Energy Minister Prince Abdulaziz bin Salman stressed that the focus is on balancing crude…

According to an energy expert, consumers will have to be ready for higher prices as Russia continues its war in Ukraine and disruptions to the global energy market persist, writes CNBC. Washington and its allies have imposed sanctions on Russia, including energy exports, which could lead to inflation. “What is the…

The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers' group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine.

The oil market has encountered severe changes in various aspects including price volatility and alternating trade flows since the end of February 2022, as Russia’s sudden invasion of Ukraine has caused more serious consequences than initially expected. The western nations’ initial estimation of the crisis was that it would only…

By Ajit Singh 

The government is expected to announce increases in spending across infrastructure, defence and directly to households to assist with economic pressures.