The Latest Breaking News from OPEC

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

As the ASX finishes where it started, Saudi Arabia and Russia are on a collision course with the West after major producers cut oil production to drive up prices. The move could further increase energy prices, plunge the global economy into recession, and help Russia in its war in Ukraine.

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…

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.

Saudi Arabia snubs Biden by advocating OPEC cut oil production by 2 million barrels per day.

The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months.

Cartel curbs production by 2m barrels a day despite strong US pressure, further squeezing supplies

OPEC and Russia are looking to prop up prices that have fallen greatly since early June.