Latest OPEC News

OPEC, allies stick to modest output boost despite omicron

Dec. 02, 2021 16:48 PM EST

NEW YORK (AP) — OPEC and allied oil-producing countries decided Thursday to stick to their plans to boost oil production even as the new omicron variant cast a shadow of uncertainty over the global economic recovery from the coronavirus pandemic. Officials from OPEC...

OPEC+ votes to maintain modest monthly increases in amount of oil it pumps to world amid threat from omicron variant

Dec. 02, 2021 09:42 AM EST
WASHINGTON (AP) — OPEC+ votes to maintain modest monthly increases in amount of oil it pumps to world amid threat from omicron variant.

EXPLAINER: What is the Strategic Petroleum Reserve?

Nov. 24, 2021 00:02 AM EST

NEW YORK (AP) — When President Joe Biden ordered the release of 50 million barrels of oil from America’s strategic reserve to help reduce energy costs, he was taking aim at a growing burden for millions of Americans embarking on Thanksgiving travel. The step announced...

Energy summit in UAE after COP26 stresses fossil fuel demand

Nov. 15, 2021 11:08 AM EST

ABU DHABI, United Arab Emirates (AP) — Energy ministers from across the developing world gathered in the emirate of Abu Dhabi on Monday and stressed the need for continued investment in fossil fuel production — a message just days after these same nations joined around 200 countries in...

Asian shares mostly lower after fresh Wall St records

Nov. 04, 2021 23:42 PM EDT

TOKYO (AP) — Shares were mostly lower in Asia on Friday, with Chinese markets weighed down by concerns over property developers. Benchmarks fell in Shanghai, Hong Kong, Tokyo and Seoul but rose in Sydney and Taipei. Jitters over troubles in the...

OPEC+ keeps cautious oil production despite Biden pressure

Nov. 04, 2021 13:15 PM EDT

FRANKFURT, Germany (AP) — OPEC and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding Thursday to stick with their plan for cautious monthly increases even as prices surge and...

G20 leaders to confront energy prices, other economic woes

Oct. 29, 2021 11:51 AM EDT

ROME (AP) — Leaders of the Group of 20 countries gathering for their first in-person summit since the pandemic took hold will confront a global recovery hampered by a series of stumbling blocks: an energy crunch spurring higher fuel and utility prices, new COVID-19 outbreaks, and logjams in...

Oil at 7-year high after OPEC+ decides on cautious increase

Oct. 04, 2021 16:16 PM EDT

FRANKFURT, Germany (AP) — Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. The decision Monday by the...

OPEC and allied countries stick to cautious pace of production hikes, to add 400,000 barrels per day in November

Oct. 04, 2021 09:58 AM EDT
FRANKFURT, Germany (AP) — OPEC and allied countries stick to cautious pace of production hikes, to add 400,000 barrels per day in November.

OPEC long-term outlook with crude at 3-year highs: rosy

Sep. 28, 2021 12:08 PM EDT

FRANKFURT, Germany (AP) — While acknowledging the inevitable advance of alternative energy sources and technology, OPEC said that oil would be the leading energy source for decades to come as crude prices reached three-year highs Tuesday. In its annual World Oil...