OPEC

The Organization of the Petroleum ExportingCountries(OPEC)
Japanese state minister of economy, trade and industry Kenichi Hosoda and Japanese state minister of the environment Toshitaka Ooka attend a news conference during the meeting of the G7 climate, energy and environment ministers during the German G7 Presidency at the EUREF-Campus in Berlin, Germany 27 May 2022.

G7 urges OPEC to play key role to ease global energy supplies

Ministers from the Group of Seven countries on Friday called on OPEC to act responsibly to ease a global energy crunch brought on by the Russian invasion of Ukraine, even as they announced a ...

Oil pipeline

Oil propels Saudi GDP growth to near 10pc in first quarter

The Ukraine war and the resulting rise in crude prices has been a boon to oil-producing states like Saudi Arabia

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, 14 April 2020.

Top oil producers may freeze output amid Omicron concerns

Major oil producers are due to meet Thursday to decide on output levels from January onwards, which could be frozen as the new Covid variant Omicron sparks turmoil

A pumpjack brings oil to the surface in the Monterey Shale, California, USA.

US to release 50m barrels of oil from emergency reserve

US president Joe Biden announced Tuesday he has ordered the release of 50 million barrels of oil from the US strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel ...

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan on 12 November 2021, in this photo taken by Kyodo.

Japan, India working on oil-stock release with US; Sources

Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies, but the timing of such a release remains ...

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China on 22 October 2018

Oil price US discussing joint reserves release with China, others big countries

The US, however, did not ask the European Union for its participation, according to a source familiar with discussions, saying Europe’s primary problem has been related to higher natural gas prices

Oil strikes new peaks, equities rebound

Oil strikes new peaks, equities rebound

World oil prices surged Tuesday to new multi-year peaks, extending a bullish run one day after OPEC+ refrained from boosting output any further

A flare stack of the refinery of Mexico's national oil company Pemex is pictured in Cadereyta, on the outskirts of Monterrey, Mexico, 27 August 2021.

Pandemic brings forward predictions for peak oil demand

The Covid-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world's demand for oil may peak.

Global oil demand to rebound next month: IEA

Global oil demand to rebound next month: IEA

Global oil demand has dropped for three straight months as Covid cases have risen in Asia but it is expected to bounce back next month, the International Energy Agency said Tuesday

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, 14 April 2020.

OPEC+ sticks to gradual oil output hikes, ups demand forecast

OPEC and its allies on Wednesday agreed to stick to their existing policy of gradual oil output increases, despite revising its 2022 demand outlook upwards and ongoing US pressure to raise production ...

US president Joe Biden, flanked by EPA administrator Michael Regan and senior aide Steve Ricchetti, holds a meeting at the White House in Washington, US on 22 July, 2021

Despite fighting climate change, US calls on OPEC to pump more oil

The Biden administration's push for lower fuel prices grates with its efforts to secure global leadership in the fight against climate change

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture on 14 April.

OPEC+ meeting to set February production levels

Members of the OPEC group of oil producers and their partners will meet via videoconference Monday to decide production levels for February, which it hopes to continue boosting

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture on 14 April.

OPEC turns 60 at ‘critical moment’ for virus-hit oil

OPEC faces a critical moment in its 60-year history with the coronavirus crushing crude demand and prices, discord among its members, and threats from a world seeking cleaner fuels

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture on 14 April.

OPEC, Russia extend record oil cuts to end of July

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing ...

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria 9 April 2020.

OPEC, Russia approve biggest-ever oil cut

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United ...

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