The Latest Breaking News from OPEC

Oil reversed losses to trade near $116 as OPEC+ ministers agreed to boost supply increases by around 50%, after prices dropped on reports U.S. President Joe Biden is likely to visit Saudi Arabia this month and that the kingdom is ready to pump more crude.

The S&P 500 reversed higher 0.7% while the Nasdaq composite was up a meaty 1.4%. The Dow Jones Industrial Average climbed 0.3%. Indexes were near session highs at midday.

U.S. officials are planning a trip for President Joe Biden to the Middle East later this month to meet Gulf allies, which could put him in the same room with Saudi Crown Prince Mohammed bin Salman, sources said on Wednesday.

Thursday’s meeting of oil-producing nations will be first since EU imposed sanctions on Russian crude

Foreign ministers of Gulf Cooperation Council countries will hold a regular meeting on Wednesday at the headquarters of the GCC Secretariat in Riyadh. The top diplomats will discuss several reports, strategic dialogues with countries and global blocs, in addition to the latest regional and international developments. Russian Foreign Minister Sergei…

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

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.

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

Heading into the US summer driving season, Americans are fueling up but how long before they have to hit the brakes?