The Latest Breaking News from OPEC

Russia is preparing response to price cap that will ‘destabilise world energy markets’, Kremlin says

Putin thought he controlled the world’s energy supply. Now he’s just an impoverished warlord.

While fuel prices have dropped significantly since the record highs Britons had to pay over the summer, they still remain quite high.

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday. The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary. The announcement is…

Crown Prince Mohammed bin Salman hosts China's leader this week at a delicate moment in U.S.-Saudi ties, signalling Riyadh's resolve to navigate a polarised global order regardless of the wishes of its Western allies, analysts said.

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.

Oil prices are down, and demand is lagging

Iraqi oil minister Hayan Abdel-Ghani stressed OPEC members are committed to the agreed production rates until the end of 2023, a ministry statement said on Saturday. Abdel-Ghani made these remarks during a ministerial meeting of the member states of the Organization of the Petroleum Exporting Countries (OPEC) via video conference.

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the…