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The Latest Breaking News from OPEC

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

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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

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

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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…

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…

Asharq Al-Awsat

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

The Independent UK

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…

Asharq Al-Awsat

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.

Reuters

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…

Asharq Al-Awsat

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

The Independent UK

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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,…

Asharq Al-Awsat

Top Oil Producers to Meet amid Record Crude Prices

The world's top oil-producing countries will meet on Wednesday to discuss a further increase in output, while crude prices have reached seven-year highs rattled by geopolitical tensions. Part of their regular meetings since the Covid-19 pandemic shook markets, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC)…

Asharq Al-Awsat

OPEC Chiefs Withstood the Test of Major Historical Events

Successive personalities have occupied the position of Secretary-General at the Organization of the Petroleum Exporting Countries (OPEC), a 13-country organization that underwent major pivotal historical events in the global arena.

Asharq Al-Awsat

Saudi Energy Minister Says OPEC+ Has Done a Lot to Stabilize Global Energy Markets

Saudi Energy Minister Prince Abdulaziz bin Salman said the Organization of Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+, have "done a lot" to stabilize global energy markets. Speaking about energy security at the Abu Dhabi Sustainability Week Summit at Expo 2020 in Dubai, the minister added:…

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