The Latest Breaking News from OPEC

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer…

There was a time when entry-level buyers had their choice of fuel-efficient hatchbacks, powered by frugal four-cylinder engines and boasting names like Colt, Rabbit, Omni, Horizon, Chevette and Sentra. And while most might consider the humble econobox to be a vestige of the 1980s, a relic of the long-forgotten OPEC…

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud stressed on Tuesday that OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting. In an interview with the Saudi Press Agency (SPA), he added: “As I have emphasized multiple times, in…

Russian Deputy Prime Minister Alexander Novak met on Wednesday with Venezuela's oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela's outstanding debts to Russia.

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will…

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

The OPEC+ alliance plays an instrumental role in supporting market stability, said OPEC Secretary General Haitham Al Ghais on the sixth anniversary of the group’s formation. The Declaration of Cooperation (DoC) is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue, Al…

Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday that the ongoing global developments have proven that OPEC+ has taken the right decision. The collective efforts of the group have led to what he described as the “miracle” in 2020. OPEC+ is keen on being regulators of the market…

Beijing and Riyadh say they will ‘firmly support each other’s core interests’ during an official visit by Xi Jinping.

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.