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The Latest Breaking News from OPEC

Global Oil Outlook: First Quarter in 2022 Russia-Ukraine Crisis drives continuous surge in crude oil price

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…

Bangkok Post

Six Powerful Energy Names That Are Fundamentally And Technically Sound

By Ajit Singh

Benzinga

Federal budget expected to ease cost-of-living pressures

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

The New Daily

From analysis to the latest developments in health,
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UAE energy chief doubles down on OPEC alliance with Russia

The United Arab Emirates’ energy minister has doubled down on an oil alliance with Russia that’s helped buoy crude prices to their highest in years as Moscow's war on Ukraine rattles markets and sends energy and commodity prices soaring

The Independent UK

Oil price volatility demands tax rethink

We are living in a time of unprecedented oil price volatility. On Feb 8, the world oil price (WTI Crude) was a little less than US$90 (3,030 baht) per barrel (dpb), but a month later the price jumped violently to 124 dpb.

Bangkok Post

Venezuela's opposition asks oil companies to stick to democracy

Venezuela's opposition leader Juan Guaido on Thursday called on energy companies with joint ventures in the country to stick to democracy, amid talks over the possibility of the United States easing oil sanctions on the OPEC member nation.

Reuters

What Will It Take For OPEC+ To Increase Its Oil Output?

The worsening oil supply shortage in the wake of the Russian invasion of Ukraine has sent pump prices to record highs in recent weeks, sparking fears of a catastrophic global oil crisis and soaring inflation.

Benzinga

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Oil price shocks have a long history, but today's situation may be the most complex ever

The world is in the grip of an oil price shock. In just a few months, prices have risen from US$65 a barrel to over $130, causing fuel costs to surge, inflationary pressure to rise and consumer tempers to flare. Even before Russia’s invasion of Ukraine, prices were climbing rapidly…

The Conversation

UAE Energy Minister Asserts Commitment to OPEC+ Agreement

The United Arab Emirates is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism, its energy minister said on Wednesday. “The UAE believes in the value OPEC+ brings to the oil market,” UAE Energy Minister Suhail al-Mazrouei said in remarks to WAM New Agency. OPEC+, comprising the…

Asharq Al-Awsat

Oil prices have crashed - but don't expect lower fuel bills any time soon

Slump comes after an intervention from the United Arab Emirates

Wales Online

Oil price tumbles after UAE official signals support for boosting production

The price of oil plunged on Wednesday, after a diplomat from the United Arab Emirates said the country was in favour of the oil-producing group OPEC increasing production. The ambassador's statement was followed by a tweet from the Emirati energy minister, who said the UAE would stick to current production…

France 24

War in Ukraine is changing energy geopolitics

Russia’s war against Ukraine will change the landscape of global energy and its geopolitics in profound ways. Pieces of this terrain have already begun shifting.

The Conversation

OPEC, allies weigh oil output amid high prices, Russian war

The leaders of OPEC and its oil-producing allies are deciding how much oil to put to release to the world

The Independent UK

Oil price jumps to nearly $114; natural gas prices reach record highs – as it happened

US and European shares push higher, while rouble drops 8% and Moscow stock exchange stays shut for third day, as Russia bombards Ukrainian cities

The Guardian - UK

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Asharq Al-Awsat

Abu Dhabi Crown Prince, Russian President Agree on Maintaining Energy Market Stability

Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, Sheikh Mohamed bin Zayed Al Nahyan held telephone talks on Tuesday with Russian President Vladimir Putin. Sheikh Mohammed stressed the need to maintain the stability of the energy market amid the crisis in Ukraine,…

Asharq Al-Awsat

Iraq Shuts Down Two Oil Fields with Half a Million bpd Capacity

Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day. The shutdowns curtail the ability of OPEC’s second-largest member to pump crude just as Russia’s invasion of Ukraine and tight supplies globally send prices soaring, according to Bloomberg on Monday.…

Asharq Al-Awsat

Saudi Arabia's Crude Oil Production Exceeds 10 Mn Barrels

Saudi Arabia's crude oil production increased by 110,000 barrels per day (bpd) on a monthly basis in December to 10.02 million barrels per day, according to recent data. Crude exports slightly dropped from 6.949 million bpd in November to 6.937 million bpd, according to monthly export figures submitted by Saudi…

Asharq Al-Awsat

Saudi Energy Minister: Kingdom Seeks Ensuring Immunity of Energy World’s Three Pillars

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that Saudi Arabia seeks to ensure the immunity of the three pillars of the energy world: securing necessary energy supplies, continuous economic development by providing reliable energy sources, and facing climate change. He underscored that these three pillars must be observed without…

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Asharq Al-Awsat

OPEC+ Would Seek to Bring Iran into Oil Supply Deal

OPEC+ will work to integrate Iran into its oil supply-limiting accord should agreement be reached on reviving its nuclear deal with world powers, sources close to the group said, seeking to avoid market share competition that could hit prices. A successful outcome to the talks could lift US sanctions on…

The Independent UK

Saudi Arabia keeps lid on oil output as US gas prices rise

Saudi Arabia is signaling it isn’t willing to pump more oil and won’t push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels

Asharq Al-Awsat

OPEC Head Sees 'No Immediate Solution' to High Oil Prices

There is no "immediate solution" to high oil prices, Bruno Jean-Richard Itoua, president of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday. The oil-producing countries' capacity to increase crude supply is curtailed by a lack of investment in the industry, said Itoua, who is also Congo’s minister…

Reuters

OPEC chief 'reasonably optimistic' Ukraine stability will be restored

OPEC Secretary General Mohammad Barkindo on Monday said he was "reasonably optimistic" that global leaders involved in the standoff between Russia and the West over Ukraine will be able to restore peace and stability.

Asharq Al-Awsat

OPEC+ to Stick to Policy Despite Oil Price Rally

OPEC+ will likely stick to existing policies of moderate output increases even as it expects demand to rise to new peaks this year and as oil prices trade near their highest since 2014. The group, which comprises of the Organization of the Petroleum Exporting Countries and allies led by Russia…

The Independent UK

OPEC+ decides oil output amid concern over Russia, Ukraine

Major oil-producing countries are deciding how much crude to pump to the world next month

Asharq Al-Awsat

OPEC Fund Provides $1.5 Bn in New Development Financing

The OPEC Fund for International Development committed $1.5 billion to global development last year, focused on helping its partner countries to increase economic resilience strengthen economic growth and job creation through support for micro, small and medium-sized enterprises (MSMEs). The OPEC Fund, which marked its 46th anniversary on 28 January,…

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