The Latest Breaking News from OPEC

Oil producers from the OPEC+ group meet on Wednesday to agree to the next step in their market management. For the first time in a year, there is no clear policy for them to rubber stamp. That could make for an interesting (virtual) gathering.

Kuwait’s Haitham Al-Ghais assumed on Monday his new role as Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), following the late outgoing chief, Mohammad Barkindo. Al-Ghais affirmed his determination to work for the advancement of the international organization, especially considering the concerns surrounding the global energy market. In an…

High diesel prices are driving up the cost of everything, from groceries to Amazon orders and furniture

Saudi Foreign Minister Prince Faisal bin Farhan stressed on Tuesday the Kingdom's commitment to the stability of energy markets. The Minister said Saudi Arabia is focused on maintaining the stability of oil markets through OPEC+, asserting that dialogue within the group is very active and responds to the requirements of…

We’d better hope the forecasters at OPEC have got their numbers wrong. If they haven’t, then the members of the oil producer group may struggle to supply as much crude as the world will need next year.

Increase will keep up the pressure at pumps, where drivers have faced record petrol and diesel prices

Brent crude prices pushed past $100 per barrel after US president Joe Biden failed to secure output hike agreements with the world’s top oil exporter

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand. Brent crude futures for September settlement rose 69 cents, or 0.7%, to $101.85 a barrel by 0421…

Taming Volatile Oil Markets Requires a New Kind of Government Intervention