OPEC

The index futures point to a sharply higher opening on Tuesday, as the November consumer price inflation report came in notably below October levels and the consensus expectations. U.S. stocks launched into a strong rally on Monday, capitalizing on bargain-hunting following recent losses. Oil...

President Vladimir Putin's point man on energy and Russian Deputy Prime Minister Alexander Novak said even if Russia has to trim production, it will not sell oil subject to a Western price cap, Reuters reported on Sunday. The Group of Seven (G7) ...

On Sunday, the OPEC and the non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to maintain oil production targets at current levels, including an existing policy of reducing oil production by 2 million barrels per day. OPEC+ decided to continue its daily...

A 44-year-old German economist and lawyer, Armin Steinbach, has decided to sue OPEC for damages that include 50 euros, plus interest, alleging that the group was operating "an illegal cartel," inflating the price of the gasoline and heating oil he buys, according to an opinion piece...

The Organization of the Petroleum Exporting Countries (OPEC) has said in its 2022 World Oil Outlook that global oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045. The world economy is expected to more than double...

The Saudi defense minister and King Salman's son, Prince Khalid bin Salman on Sunday refuted claims by the U.S. that more than one OPEC member had felt coerced by Saudi Arabia into the decision to trim the oil output and that the kingdom is supporting Russia. “...

With unrelenting inflationary pressures and interest rate hikes, higher oil prices may prove the tipping point for a global economy already on the brink of recession, the International Energy Agency (IEA) said. Last week OPEC+, led by Saudi Arabia and Russia, announced to cut its oil production...

The Organization of the Petroleum Exporting Countries on Wednesday reduced its 2022 forecast for growth in world oil demand for a fourth time since April, stating oil demand will rise by 2.64 million barrels per day (bpd) or 2.7% in the year. This is down 460,000 bpd from its...

As the ‘No Oil Producing and Exporting Cartels’ (NOPEC) bill gained momentum among both parties, Senate Majority Leader Chuck Schumer (D-NY) said in his tweet that Saudi Arabia’s actions will long be remembered by Americans. “What Saudi Arabia did to help Putin continue...

The White House on Wednesday responded to OPEC+'s historic reduction of oil, to which President Joe Biden said he is disappointed in the shortsighted decision by the coalition to cut production quotas in the current uncertain macro and geopolitical environment. The White House also said ...

The United States is nudging the Organization of the Petroleum Exporting Countries and its allies, known as the OPEC+ nations, to avoid significant oil output cuts when President Joe Biden is seeking to prevent U.S. gasoline prices from rising, reported...

Oil prices soared over 3% on Monday morning in Asian trade after reports indicated the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are likely to consider an output cut of over a million barrels per day in the fresh trading week. Brent crude...

Oil prices fell in Asia trading on Wednesday, dragged by worries over potential rate hikes by the European Central Bank (ECB) and Federal Reserve this month, as well as extended COVID-led lockdowns in China. European Expectations: The ECB will announce its interest rate...

Oil prices rebounded slightly on Thursday morning in Asia trading after falling to multi-month lows earlier on the back of a sudden rise in inventories that signaled a fall in U.S. demand. What Happened: U.S. crude inventories rose by 4.5 million barrels to 426.6 million barrels in the week ended...

Oil prices fell on Monday morning in Asia trading ahead of a crucial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Wednesday that marks the conclusion of the 2020 output reduction pact. Weak manufacturing data from China and Japan also hung...