The Latest Breaking News from OPEC

WASHINGTON — President Joe Biden said there would be “consequences” for Saudi Arabia over the decision by OPEC+ to slash production, a move the administration says will benefit Russia by propping up oil prices.

President Joe Biden said Tuesday there will be "consequences” for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis.

Moves by Opec+ to reduce production seen as siding with Putin over the US just as midterms loom

OPEC+ decided to cut oil production by 2 million barrels per day starting next month.

The Saudi government praised on Tuesday the pivotal role played by OPEC+ in achieving balance and stability in the global oil markets, and consequently, supporting the world economy. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Jeddah. The ministers reviewed…

‘In light of the Opec decision, I think that’s where he is,’ says John Kirby, spokesman for Biden’s national security council

Fuel price increase is blow to drivers amid soaring domestic energy costs and other inflation

Russian President Vladimir Putin has hailed a recent decision by OPEC, Russia and other oil producing nations to limit production as key to stabilizing the global energy market, as he met the leader of the United Arab Emirates for talks on fostering economic ties

President Vladimir Putin said on Tuesday that Russia was not working against anyone on energy markets and was seeking a balance between oil supply and demand, a week after Washington criticised a decision by OPEC+ to steeply cut oil production.