The Latest Breaking News from OPEC

OPEC does not control price of oil, says cartel chief

OPEC president talks to Al Jazeera about output cuts, price volatility, and the war in Ukraine and its effect on prices.

Al Jazeera · Jan 31, 2023

Saudi Crown Prince, Putin Discuss Cooperation within OPEC+

Prince Mohammed bin Salman, Crown Prince and Prime Minister, received on Monday a telephone call from Russian President Vladimir Putin. They discussed bilateral relations between their countries and ways of developing them in a number of fields. They also tackled issues of mutual concern. The Kremlin said the leaders discussed…

Asharq Al-Awsat · Jan 31, 2023

Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin

Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.

Reuters · Jan 30, 2023

Saudi Energy Minister: OPEC+’s More Accurate Predictions Are Due to Focusing on Market Fundamentals

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud stressed on Tuesday that OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting. In an interview with the Saudi Press Agency (SPA), he added: “As I have emphasized multiple times, in…

Asharq Al-Awsat · Dec 20, 2022

Russia discusses debt, energy stability with Venezuela

Russian Deputy Prime Minister Alexander Novak met on Wednesday with Venezuela's oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela's outstanding debts to Russia.

Reuters · Dec 15, 2022

OPEC Sees Robust Global Oil Demand Growth in 2023

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will…

Asharq Al-Awsat · Dec 14, 2022

Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

Asharq Al-Awsat · Dec 12, 2022

Haitham Al Ghais: OPEC+ Plays Instrumental Role in Supporting Market Stability

The OPEC+ alliance plays an instrumental role in supporting market stability, said OPEC Secretary General Haitham Al Ghais on the sixth anniversary of the group’s formation. The Declaration of Cooperation (DoC) is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue, Al…

Asharq Al-Awsat · Dec 11, 2022

Saudi Energy Minister: OPEC+ Members’ Collective Efforts Achieved the Miracle

Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday that the ongoing global developments have proven that OPEC+ has taken the right decision. The collective efforts of the group have led to what he described as the “miracle” in 2020. OPEC+ is keen on being regulators of the market…

Asharq Al-Awsat · Dec 11, 2022

China, Saudi Arabia strengthen partnership on energy, defence

Beijing and Riyadh say they will ‘firmly support each other’s core interests’ during an official visit by Xi Jinping.

Al Jazeera · Dec 9, 2022