The Latest Breaking News from OPEC

The President of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan, discussed in a telephone call on Wednesday with Russian President Vladimir Putin the relations between the two countries and ways to promote friendship and cooperation, WAM news agency reported. The two officials also discussed regional and international matters…

U.S. Special Climate Envoy John Kerry on Wednesday hailed the decision to hold next year’s COP28 climate summit in OPEC member the United Arab Emirates, saying fossil fuel economies should be encouraged to lead the transition to clean energy.

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Oil markets swung into a massive redrawing of trade routes Monday as EU's embargo of Russian oil took full effect.

Russia is one of the largest producers of crude oil, and it provides more than a third of Europe’s oil imports.

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.

The price cap on Russian oil agreed by the European Union (EU), G7 and Australia is set to come into force on Monday. It aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

Rolling coverage of the latest economic and financial news, as CBI warns UK faces recession and a lost decade without a government growth plan