The Latest Breaking News from OPEC

With a possible recession set to cut deeply into global demand for oil, the cartel is cutting production by 2 million barrels per day.

Senior figures see decision as a slight on the US and a sign that the oil producers club is aligning with Russia

Vienna (AFP) - Saudi Arabia, Russia and other top oil producers agreed on a major cut in production on Wednesday to boost crude prices -- a move denounced by the United States as a concession to Moscow that will further hurt the global economy.

Oil producers’ announcement could drive up costs at worst possible time for Democrats

The cartel has decided to cut oil production by two million barrels a day. The decision was made to control prices which have fluctuated wildly due to the war in Ukraine.

Lawmakers said OPEC's move to cut oil production underscores the need to break from fossil fuels, but they disagree on how.

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices. Energy ministers cut production by 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of…

Vienna (AFP) - OPEC and its Russia-led allies agreed on a major cut in oil production to boost crude prices on Wednesday, irking the United States which warned that it would hurt countries struggling with soaring energy prices.

OPEC+ agreed to cut its collective output limit by 2 million barrels day, stoking tensions with the U.S. as the cartel seeks to halt a slide in oil prices caused by the weakening global economy.