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Opec News

What is OPEC, OPEC+ and why the UAE no longer want to be a part of it

The UAE announced on Tuesday it will exit OPEC and OPEC+ effective May 1, 2026.

Published 79 days ago

UAE leaves oil production groups OPEC, OPEC+: Here's what you need to know

The United Arab Emirates will withdraw from the OPEC and OPEC+ oil cartels on May 1, 2026 state media said on April 28, 2026, calling it a strategic decision by the major producer.

Updated 79 days ago

OPEC+ group to keep production unchanged even after sanctions on Russian oil

An OPEC sign seen on the day of OPEC+ meeting that was scheduled to take place in Vienna.

Published 1320 days ago

Aramaco, Saudi oil giant, records $42.4B profit in third quarter

It put its profits so far in 2022 at $130.3 billion, compared to $77.6 billion in 2021

Published 1353 days ago

‘Working to support stability and balance in oil markets’: Saudi King Salman

The United States, unhappy with oil-cuts, said that it would "increase Russian revenues.

Published 1369 days ago

Oil prices shoot above $95 per barrel ahead of OPEC+ meet

Representational image

Published 1444 days ago

US offers 18 million barrels of oil from its emergency reserves to cool prices

The announcement of the sale was expected, after the Biden administration announced it as part of a wider 50 million barrel release from the reserve in coordination with other oil-consuming countries including China, India and South Korea

Updated 1672 days ago

India, others tap reserves to hit at Opec+

India has agreed to release 5 million barrels of crude oil from its reserves.

Updated 1696 days ago

US, China, Japan, India, South Korea crude release may draw OPEC ire

Three of the world’s largest oil consumers will release crude from its Strategic Petroleum Reserve.

Published 1696 days ago

India, US to release 5mn barrels of oil reserves to challenge OPEC grip: Report

The release may come within a week, and India and other countries may look at selling more crude later

Updated 1696 days ago

Will the OPEC deal bring petrol, diesel prices down?

OPEC is a cartel of 13 countries which produce 29% of the total crude oil in the world.

Updated 1821 days ago

OPEC+ ups output but fuel prices to stay high in India

The move by OPEC+ is more to save the producers’ cartel, which appears to be a compromise reached between the two factions – the one that wanted to continue the squeeze for raising oil prices further and the other that pushed for raising output

Updated 1823 days ago

OPEC+ to meet today: What it means for crude oil price?

The Organization of Petroleum Exporting Countries and its partners are already working to restart crude shipments that were suspended last year during the pandemic's early phases.

Updated 1841 days ago

Oil rises on signs of US inventory drawdown, OPEC bullishness

Imperial Oil refinery, located near Enbridge's Line 5 pipeline in Sarnia, Ontario, Canada March 20, 2021.

Published 1920 days ago

India says ‘we expect more’ as OPEC+ agrees to ease oil output cuts slightly

The OPEC oil cartel and allied countries said Thursday, April 1, 2021 that they have decided to add gradually back some 2 million barrels per barrel per day of oil production from May to July.

Published 1931 days ago

OPEC+ agrees oil output rise from May, after US call to Saudi

Brent crude, which slipped on news of the deal, was still trading above $63 a barrel, still more than 20% up on the start of the year.

Published 1932 days ago

Oil falls on OPEC+ concerns over slow demand recovery

Energy companies shut more than 1 million barrels per day (bpd) of offshore crude oil production in the US Gulf of Mexico because of the twin threat from Hurricane Marco and Tropical Storm Laura.

Published 1933 days ago

Oil rises with market eyeing OPEC+ meeting, Suez Canal reopening

Traders were also tracking the introduction on Monday of a new futures contract, with Abu Dhabi kicking off its bid to establish a new benchmark.

Published 1935 days ago

'Busy on other fronts': White House without Trump stays quiet on OPEC

For now, OPEC+ delegates expect there will be no output increase or only a modest one agreed on April 1.

Published 1941 days ago

Brent crude floats near $70 on demand recovery anticipation

Investors are expecting China to release positive economic data on Monday, supporting forecasts of stronger growth at the world's second largest oil consumer.

Published 1950 days ago

Oil advances above $66 as week opens with recovery in focus

A crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, US.

Published 1950 days ago

Oil slips in fragile rally as market struggles for direction

FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant/File Photo

Published 1953 days ago

Petrol, diesel prices likely to inch higher as Brent hits $70

Lower oil prices in the past year had helped the government collect higher taxes on fuel amid a slump in tax revenues.

Published 1956 days ago

OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr

FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, USA. Members of oil producer cartel OPEC and allied countries are meeting online Thursday March 4, 2021, considering a possible increase in production now that prices have recovered to near their pre-pandemic levels. (AP Photo/Eric Gay, File)

Published 1959 days ago

OPEC+ to extend most oil cuts into April, Saudi to keep voluntary cut

People stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna.

Published 1960 days ago

OPEC+ debates whether to raise or freeze oil output as price recovers

Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.

Published 1960 days ago

OPEC+ silence has oil market second-guessing next supply move

While OPEC+ is still widely expected to revive some of the 7 million barrels a day they’ve idled, a preliminary meeting of ministers earlier in the day didn’t get into specifics.

Published 1961 days ago

OPEC oil has advantage over US shale during pandemic recovery

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo

Published 1962 days ago

OPEC+ faces calls to cool oil market frenzy with extra barrels

Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley.

Published 1964 days ago

Iraq decides against crude-supply deal with Chinese state company

OPEC’s second-biggest producer had wanted as much liquidity as possible in January and February this year

Published 1970 days ago

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