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The Latest Breaking News from OPEC

OPEC likely to stick to modest oil boost despite war jitters

It's decision time again for the OPEC+ group of oil-producing countries

The Independent UK

Oil Prices Dive as US Weighs Record Reserves Release

Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR. Brent futures for May fell $5.47, or 4.8%, to $107.98…

Asharq Al-Awsat

Saudi Arabia, UAE Say OPEC+ Mission Is to Stabilize Market

Saudi Arabia and the UAE reiterated that OPEC+ has only a mission to "stabilize the market," adding that the alliance keeps politics out of its decision-making in favor of the "common good" of energy prices. Saudi Energy Minister Prince Abdulaziz bin Salman stressed that the focus is on balancing crude…

Asharq Al-Awsat

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Oil volatility 'worse' without OPEC+ bloc that includes Russia: Saudi

Dubai (AFP) - Volatility on oil markets sparked by Russia's invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the alliance that includes Russia deserves credit.

AFP

Sanctions On Russia After Ukraine Invasion, Are Likely To Lead To Higher Prices: CNBC

According to an energy expert, consumers will have to be ready for higher prices as Russia continues its war in Ukraine and disruptions to the global energy market persist, writes CNBC. Washington and its allies have imposed sanctions on Russia, including energy exports, which could lead to inflation. “What is the…

Benzinga

UAE, Saudi say OPEC+ should not play politics

The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers' group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine.

Reuters

Global Oil Outlook: First Quarter in 2022 Russia-Ukraine Crisis drives continuous surge in crude oil price

The oil market has encountered severe changes in various aspects including price volatility and alternating trade flows since the end of February 2022, as Russia’s sudden invasion of Ukraine has caused more serious consequences than initially expected. The western nations’ initial estimation of the crisis was that it would only…

Bangkok Post

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Six Powerful Energy Names That Are Fundamentally And Technically Sound

By Ajit Singh

Benzinga

Federal budget expected to ease cost-of-living pressures

The government is expected to announce increases in spending across infrastructure, defence and directly to households to assist with economic pressures.

The New Daily

UAE reaffirms OPEC+ commitment, says West must be 'reasonable'

Dubai (AFP) - The United Arab Emirates on Monday urged Western countries to be "reasonable" in their expectations, underlining its commitment to the global OPEC+ energy alliance.

AFP

UAE energy chief doubles down on OPEC alliance with Russia

The United Arab Emirates’ energy minister has doubled down on an oil alliance with Russia that’s helped buoy crude prices to their highest in years as Moscow's war on Ukraine rattles markets and sends energy and commodity prices soaring

The Independent UK

Oil price volatility demands tax rethink

We are living in a time of unprecedented oil price volatility. On Feb 8, the world oil price (WTI Crude) was a little less than US$90 (3,030 baht) per barrel (dpb), but a month later the price jumped violently to 124 dpb.

Bangkok Post

Venezuela's opposition asks oil companies to stick to democracy

Venezuela's opposition leader Juan Guaido on Thursday called on energy companies with joint ventures in the country to stick to democracy, amid talks over the possibility of the United States easing oil sanctions on the OPEC member nation.

Reuters

What Will It Take For OPEC+ To Increase Its Oil Output?

The worsening oil supply shortage in the wake of the Russian invasion of Ukraine has sent pump prices to record highs in recent weeks, sparking fears of a catastrophic global oil crisis and soaring inflation.

Benzinga

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The Conversation

Oil price shocks have a long history, but today's situation may be the most complex ever

The world is in the grip of an oil price shock. In just a few months, prices have risen from US$65 a barrel to over $130, causing fuel costs to surge, inflationary pressure to rise and consumer tempers to flare. Even before Russia’s invasion of Ukraine, prices were climbing rapidly…

Asharq Al-Awsat

UAE Energy Minister Asserts Commitment to OPEC+ Agreement

The United Arab Emirates is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism, its energy minister said on Wednesday. “The UAE believes in the value OPEC+ brings to the oil market,” UAE Energy Minister Suhail al-Mazrouei said in remarks to WAM New Agency. OPEC+, comprising the…

Wales Online

Oil prices have crashed - but don't expect lower fuel bills any time soon

Slump comes after an intervention from the United Arab Emirates

France 24

Oil price tumbles after UAE official signals support for boosting production

The price of oil plunged on Wednesday, after a diplomat from the United Arab Emirates said the country was in favour of the oil-producing group OPEC increasing production. The ambassador's statement was followed by a tweet from the Emirati energy minister, who said the UAE would stick to current production…

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The Street

Stock Market Today-3/9: Stocks Soar, Oil Plummets As Leaders Push OPEC On Production

Stocks end sharply higher Wednesday as investors swoop back in to beaten-down global stocks amid an overnight easing in oil prices.

The Street

What Exactly Does OPEC Do That Affects Oil Prices?

The Organization of the Petroleum Exporting Countries usually stays silent on oil fluctuations, but its market influence is deeply rooted.

The Street

OPEC Unable to Control Oil Prices, Supply Concerns from Russia-Ukraine Conflict

OPEC said it has no control over Russia's activities or oil prices globally.

The Conversation

War in Ukraine is changing energy geopolitics

Russia’s war against Ukraine will change the landscape of global energy and its geopolitics in profound ways. Pieces of this terrain have already begun shifting.

AFP

Top oil producers hold course despite Ukraine war

Vienna (AFP) - Saudi Arabia, Russia and other top oil producers on Wednesday agreed to hold firm on only gradually opening the taps despite Russia's assault on Ukraine sending prices spiralling.

AFP

Top oil producers likely to hold course despite Ukraine war

Vienna (AFP) - Saudi Arabia, Russia and other top oil producers are expected Wednesday to agree to hold firm on only gradually opening the taps despite Russia's assault on Ukraine sending prices spiralling.

The Independent UK

OPEC, allies weigh oil output amid high prices, Russian war

The leaders of OPEC and its oil-producing allies are deciding how much oil to put to release to the world

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