Latest OPEC News

OPEC+ makes small trim to world oil supplies as prices fall

Sep. 05, 2022 12:39 PM EDT

FRANKFURT, Germany (AP) — OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers' delight. ...

OPEC+ oil producers cut supplies of crude to global economy as oil prices have fallen because of recession fears

Sep. 05, 2022 08:30 AM EDT
VIENNA (AP) — OPEC+ oil producers cut supplies of crude to global economy as oil prices have fallen because of recession fears.

White House: Falling gas prices mean more than OPEC numbers

Aug. 03, 2022 17:36 PM EDT

WASHINGTON (AP) — President Joe Biden traveled to Saudi Arabia last month on the possibility that he could get some additional oil production out of OPEC+ in coming weeks, but the cartel and other nations announced a scant increase Wednesday. The White House responded by stressing...

OPEC+ boosts oil output by slower pace than previous months

Aug. 03, 2022 11:11 AM EDT

The OPEC oil cartel and its allies decided Wednesday to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and unstable energy supplies exacerbated by Russia's war in Ukraine. OPEC, led by Saudi Arabia, and its allies, led...

OPEC+ to boost oil production by much slower pace in September than in previous months, at 100,000 barrels a day

Aug. 03, 2022 09:23 AM EDT
VIENNA (AP) — OPEC+ to boost oil production by much slower pace in September than in previous months, at 100,000 barrels a day.

US sanctions UAE, Hong Kong firms that ship Iranian oil

Aug. 01, 2022 13:47 PM EDT

WASHINGTON (AP) — The U.S. has sanctioned a United Arab Emirates-based firm and several Asian companies for facilitating the illicit sale of millions of dollars’ worth of Iranian oil for shipment to East Asia. The Treasury Department's Office of Foreign Assets Control on Monday...

Kuwait oil veteran takes over as secretary general of OPEC

Aug. 01, 2022 09:54 AM EDT

DUBAI, United Arab Emirates (AP) — A veteran of Kuwait's national oil company took over Monday as secretary general of the OPEC oil cartel, just three weeks after his Nigerian predecessor died, only hours after giving a speech in defense of the energy industry. Haitham al-Ghais was...

Sky-high diesel prices squeeze truckers, farmers, consumers

Jul. 20, 2022 09:22 AM EDT

NEW YORK (AP) — When long-haul trucker Deb LaBree sets out on the road to deliver pharmaceuticals, she has strategies to hold down costs. She avoids the West Coast and the Northeast, where diesel prices are highest. She organizes her delivery route to minimize “deadheading” — driving an...

Six things to watch during Biden's trip to the Middle East

Jul. 11, 2022 12:10 PM EDT

WASHINGTON (AP) — President Joe Biden will confront a kaleidoscope of challenges when he travels to the Middle East this week, his first trip there since taking office. With the American wars in Iraq and Afghanistan in the rearview mirror, the United States is reassessing its role in the region...

OPEC secretary-general dies, just weeks shy of departure

Jul. 06, 2022 06:36 AM EDT

ABUJA, Nigeria (AP) — The Secretary-General of the Organization of Petroleum Exporting Countries has died, Nigerian authorities and the oil cartel announced Wednesday. Only hours before his death, he'd met with Nigeria's president and spoken in defense of the energy industry amid increasing...