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The Latest Breaking News from OPEC

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

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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

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…

The Conversation

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…

Asharq Al-Awsat

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

Slump comes after an intervention from the United Arab Emirates

Wales Online

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…

France 24

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 Street

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.

The Conversation

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

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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

The Guardian - UK

Oil price jumps to nearly $114; natural gas prices reach record highs – as it happened

US and European shares push higher, while rouble drops 8% and Moscow stock exchange stays shut for third day, as Russia bombards Ukrainian cities

Asharq Al-Awsat

Abu Dhabi Crown Prince, Russian President Agree on Maintaining Energy Market Stability

Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, Sheikh Mohamed bin Zayed Al Nahyan held telephone talks on Tuesday with Russian President Vladimir Putin. Sheikh Mohammed stressed the need to maintain the stability of the energy market amid the crisis in Ukraine,…

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Investors Business Daily

Oil Prices Soar On OPEC+ Vote, And Global Russian Oil Shift

OPEC+ decided to keep its production increase steady when it met Wednesday sending oil prices surging to an 11-year high amid Russia's invasion of Ukraine.

AFP

OPEC+ powerless as Ukraine conflict pushes up prices

London (AFP) - The OPEC+ cartel of top oil producers at their monthly meeting on Wednesday are likely to be powerless to rein in prices, which have soared above $100 after member Russia's invasion of Ukraine.

Asharq Al-Awsat

Iraq Shuts Down Two Oil Fields with Half a Million bpd Capacity

Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day. The shutdowns curtail the ability of OPEC’s second-largest member to pump crude just as Russia’s invasion of Ukraine and tight supplies globally send prices soaring, according to Bloomberg on Monday.…

Asharq Al-Awsat

Saudi Arabia's Crude Oil Production Exceeds 10 Mn Barrels

Saudi Arabia's crude oil production increased by 110,000 barrels per day (bpd) on a monthly basis in December to 10.02 million barrels per day, according to recent data. Crude exports slightly dropped from 6.949 million bpd in November to 6.937 million bpd, according to monthly export figures submitted by Saudi…

Asharq Al-Awsat

Saudi Energy Minister: Kingdom Seeks Ensuring Immunity of Energy World’s Three Pillars

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that Saudi Arabia seeks to ensure the immunity of the three pillars of the energy world: securing necessary energy supplies, continuous economic development by providing reliable energy sources, and facing climate change. He underscored that these three pillars must be observed without…

Asharq Al-Awsat

OPEC+ Would Seek to Bring Iran into Oil Supply Deal

OPEC+ will work to integrate Iran into its oil supply-limiting accord should agreement be reached on reviving its nuclear deal with world powers, sources close to the group said, seeking to avoid market share competition that could hit prices. A successful outcome to the talks could lift US sanctions on…

The Independent UK

Saudi Arabia keeps lid on oil output as US gas prices rise

Saudi Arabia is signaling it isn’t willing to pump more oil and won’t push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels

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