The Latest Breaking News from OPEC

Nigerian authorities have announced that the Secretary-General of the Organization of Petroleum Exporting Countries has died

Organization of the Petroleum Exporting Countries (Opec) secretary-general Mohammad Barkindo, an oil industry veteran who steered the group through the creation of the Opec+ alliance, has died in his native Nigeria, according to officials.

OPEC's Secretary-General Mohammad Barkindo has died, Mele Kyari, the chief executive of Nigerian National Petroleum Corp said on Wednesday. Barkindo, who was 63 years old, was due to step down at the end of this month after six years as OPEC's secretary-general, Reuters reported. "We lost our esteemed Dr.

Oil prices fell on Monday, paring gains from the previous session, as fears of a global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia. Brent crude futures for September slipped 36 cents, or 0.3%, to $111.27 a…

Fluctuating Chinese demand has contributed to this year's volatility in international oil prices. But the latest evolution on the supply side will have immediate geopolitical and financial implications that go well beyond the oil market. Specifically, Saudi Arabia has returned as the most important swing producer and thus the most…

OPEC+ agreed on Thursday to stick to a planned oil output hike this summer but avoided discussing policy from September onwards as prices have risen on tight supplies and worries that the group has little ability to pump more. The group, which comprises the Organization of the Petroleum Exporting Countries…

Oil prices eased on Friday as lingering fears of a recession demand weighed on sentiment, putting the benchmarks on track for their third straight weekly losses. Brent crude futures were down 20 cents, or 0.2%, at $108.83 a barrel by 0428 GMT, giving up earlier gains of over $1. WTI…

Oil prices are high, and drivers are paying more at the pump

The United Arab Emirates' oil production is near to maximum capacity based on its current OPEC+ production baseline, which is 3.168 million barrels per day, Energy Minister Suhail al-Mazrouei told state news agency WAM on Monday. “In light of recent media reports, I would like to clarify that the UAE…

French President Emmanuel Macron said on Monday the president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan (MbZ), had told him two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production.

On 23 February – the eve of Russia’s invasion of Ukraine – the Council of the European Union (EU) adopted the first package of sanctions in response to Moscow’s recognition of the self-proclaimed autonomous republics of Donetsk and Lugansk.