The Latest Breaking News from OPEC

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

Tesco’s half-year profits have fallen 10% as the supermarket giant grapples with the impact of “significant” cost inflation.

Oil cartel and allies including Russia make biggest cut in output since the start of the pandemic, despite pressure from the White House

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VIENNA: Major oil producers led by Saudi Arabia and Russia were set to meet Wednesday as reports said they were mulling an output cut of up to 2 million barrels per day in a bid to prop up slumping prices.

Electricity-producing firms ask regulator to change rules that could penalise them if gas supplies run out

Oil prices jumped by more than $3 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures rebounded $3.37, or 4%, to $88.51 a…

The OPEC+ group of oil producers will consider cutting output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.

OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday. A virtual option will also be available for some delegations due to the short notice if they are unable to. OPEC+, which combines OPEC countries with allies such as Russia, is…

Leading OPEC+ members have begun discussions about an oil output cut at the group's next meeting on Oct.

Russia is likely to propose a significant reduction in output at the next OPEC meeting. Amid the supply crunch, JPMorgan expects Brent to head toward $100 a barrel in the coming months. Hence, fundamentally strong energy stocks Valero Energy Corporation (VLO), Marathon Oil Corporation (MRO), and APA Corporation (APA) might…