The Latest Breaking News from OPEC

Australians hitting the road this Easter are likely to be spared any immediate hit from a bid by the global oil cartel to boost sagging prices.

OPEC+ announced an unexpected production cut that will likely give a further boost to oil prices bouncing off their recent lows

A surprise production cut by OPEC and its mates in Russia proves once again the futility of using monetary policy to counter the inflationary impact of a rise in oil and energy prices.

Australian shares rise to their highest level in three weeks, while oil prices surge after a surprise decision by Saudi Arabia and OPEC nations to cut production by more than 1 million barrels per day, and Scott's Refrigerated Logistics is now in liquidation.

OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.

Riyadh (AFP) - Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on Sunday, calling it a "precautionary" move aimed at stabilising the market.

OPEC+ announced a surprise oil production cut that will exceed 1 million barrels a day, abandoning previous assurances that it would hold supply steady to maintain a stable market.

Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day (bpd) from May until the end of 2023, state media reported. Russia's deputy prime minister also said Moscow would extend a voluntary cut…

OPEC+ is likely to stick to its existing deal to cut oil output at a meeting on Monday, five delegates from the producer group told Reuters, after oil prices recovered following a drop to 15-month lows. Oil has recovered towards $80 a barrel for Brent crude after falling to near…

WASHINGTON — House Republicans are pitching legislation queued up for a floor vote this week as a salve to high gasoline and electric costs, though it remains hazy how quickly and aggressively the measure would lower prices.

Despite rising recessionary fears, strong global energy demand and constrained supplies should drive the energy sector’s growth this year. Hence, fundamentally sound energy stocks Marathon Petroleum (MPC), PrimeEnergy Resources (PNRG), and Epsilon Energy (EPSN) could be ideal investments. On the contrary, avoiding struggling energy stocks Camber Energy (CEI) and NextDecade…