The Latest Breaking News from OPEC

U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods while increasing calls on OPEC to raise oil production as he grappled with a politically damaging wave of inflation.

Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million barrels bpd by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that…

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $1.75, or 1.58%, to $112.65 per barrel by 1159 GMT, while US West Texas Intermediate (WTI)…

OPEC+ agreed on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China's coronavirus lockdowns threatened the outlook for demand. Ignoring calls from Western nations for accelerating output hikes, the group agreed to raise its…

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On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum, 

Oil markets have been fluctuating over fears of lost supplies from Russia because of the war in Ukraine

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The EU ban on Russian oil imports will likely lead to higher crude and gasoline prices, further upending energy markets.