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The Latest Breaking News from Organization of Petroleum Exporting Countries

Oil surges as speculation Opec+ will cut production intensifies

SINGAPORE: Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries (Opec) and its allies will deepen supply cuts to respond to weakening global demand.

Bangkok Post

OPEC Sec Gen Calls for Swift Action to Invest in Oil to Prevent Future Emergencies

The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Tuesday. "If we don't get it right this time we are…

Asharq Al-Awsat

Kuwait’s Al-Ghais Takes Role as OPEC Secretary General

Kuwait’s Haitham Al-Ghais assumed on Monday his new role as Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), following the late outgoing chief, Mohammad Barkindo. Al-Ghais affirmed his determination to work for the advancement of the international organization, especially considering the concerns surrounding the global energy market. In an…

Asharq Al-Awsat

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Oil Dispute Sharpens Baghdad-Kurd Tensions amid Deadlock

Iraq's oil wealth is rekindling tensions between federal authorities and the autonomous Kurdish region, in a row that could compromise the lifeline industry and keep investors away, analysts say. The long-simmering dispute came to a head in February -- at a time of political deadlock in Baghdad -- when the…

Asharq Al-Awsat

OPEC secretary-general is dead, Nigerian officials announce

Nigerian authorities have announced that the Secretary-General of the Organization of Petroleum Exporting Countries has died

The Independent UK

UAE’s Production Near Maximum Capacity Based on OPEC+ Baseline

The United Arab Emirates' oil production is near to maximum capacity based on its current OPEC+ production baseline, which is 3.168 million barrels per day, Energy Minister Suhail al-Mazrouei told state news agency WAM on Monday. “In light of recent media reports, I would like to clarify that the UAE…

Asharq Al-Awsat

Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

Iraq was pressured to increase its oil production outside the remit of OPEC's policy on output, Oil Minister Ihsan Abdul Jabbar said on Saturday. He also told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages. OPEC has resisted calls by…

Asharq Al-Awsat

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OPEC+ Alliance Maintains Production Policies

The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production, despite Western pressure to end the price volatility, as the war in Ukraine rocked the market. The Organization of Petroleum Exporting Countries said in a statement on Thursday that it would…

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,…

Asharq Al-Awsat

Saudi Energy Minister Says OPEC+ Has Done a Lot to Stabilize Global Energy Markets

Saudi Energy Minister Prince Abdulaziz bin Salman said the Organization of Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+, have "done a lot" to stabilize global energy markets. Speaking about energy security at the Abu Dhabi Sustainability Week Summit at Expo 2020 in Dubai, the minister added:…

Asharq Al-Awsat

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