The Latest Breaking News from OPEC

FTSE 100 Live: Brent crude price falls, house market remains robust

Oil prices have retreated on speculation that Opec is paving the way for a potential boost to production.

Evening Standard · Jun 1, 2022

Russia's Lavrov to meet with GCC ministers in Riyadh on Wednesday -officials

Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with foreign ministers of the Gulf Cooperation Council countries (GCC), two Gulf officials said on Tuesday.

Reuters · May 31, 2022

Could a cartel of large energy consumers cut oil and gas prices?

Italy’s PM Mario Draghi suggests big consumers club together to limit how much is paid and raises idea of EU gas price cap

The Guardian - UK · May 30, 2022

OPEC Authorizes Iraq to Increase Output to 4.5 Mln Bpd

Iraq’s representative at OPEC said the organization had agreed to the country increasing its output to 4.5 million barrels of oil per day (bpd) starting from June, the state news agency (INA) reported on Saturday. There will be further increases of 50,000 bpd in output in each of the months…

Asharq Al-Awsat · May 15, 2022

World Leaders Pay Respects in UAE after Death of Sheikh Khalifa

World leaders began descending on the United Arab Emirates on Sunday to offer condolences on the death of President Khalifa bin Zayed Al Nahyan, who was succeeded by his half-brother Sheikh Mohammed bin Zayed. Sheikh Mohammed, now ruler of Abu Dhabi emirate, steered the Gulf state, an OPEC oil producer…

Asharq Al-Awsat · May 15, 2022

UAE president Sheikh Khalifa dies at 73

DUBAI: United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan, a pro-Western moderniser who had aligned the Gulf Arab state closer to the United States and its allies, died on Friday at age 73.

Bangkok Post · May 13, 2022

Saudi, UAE Ministers Warn against Capacity Decreasing in All Energy Sectors

The energy ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors as producers slash investment, causing everything from crude to diesel and natural gas to trade at or near record highs. “I have a lot of experience, but I've never…

Asharq Al-Awsat · May 11, 2022

Oil Rises as Supply Concerns Persist

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $1.75, or 1.58%, to $112.65 per barrel by 1159 GMT, while US West Texas Intermediate (WTI)…

Asharq Al-Awsat · May 6, 2022

OPEC+ Sticks to Existing Deal Despite Price Rally

OPEC+ agreed on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China's coronavirus lockdowns threatened the outlook for demand. Ignoring calls from Western nations for accelerating output hikes, the group agreed to raise its…

Asharq Al-Awsat · May 6, 2022

Morning Brief: Top Financial Stories Dominating on Thursday, May 5

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Benzinga · May 5, 2022