Latest OPEC News

No OPEC+ oil shakeup as Russian price cap stirs uncertainty

Dec. 04, 2022 10:33 AM EST

FRANKFURT, Germany (AP) — The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. ...

OPEC doesn't change its targets for oil production amid uncertainty over new Western price cap on Russian oil

Dec. 04, 2022 07:49 AM EST
VIENNA (AP) — OPEC doesn't change its targets for oil production amid uncertainty over new Western price cap on Russian oil.

Oil giant Saudi Aramco has $42.4B profit in third quarter

Nov. 01, 2022 05:17 AM EDT

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide. The oil firm's...

Saudi, UAE back OPEC cuts as US envoy warns of 'uncertainty'

Oct. 31, 2022 12:02 PM EDT

ABU DHABI, United Arab Emirates (AP) — Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of “economic uncertainty” ahead for the world. While cordial, the comments at the Abu...

Saudi Arabia: Crown prince to skip summit on doctor advice

Oct. 23, 2022 15:49 PM EDT

DUBAI, United Arab Emirates (AP) — Saudi Arabia's powerful 37-year-old crown prince will not attend an upcoming summit in Algeria after his doctors advised him not to travel, the royal court said Sunday. The acknowledgement from the state-run Saudi Press Agency came hours after...

EXPLAINER: What is the Strategic Petroleum Reserve?

Oct. 19, 2022 13:05 PM EDT

DALLAS (AP) — President Joe Biden plans to release 15 million barrels of oil or more from the U.S. strategic reserves in an effort to stop gasoline prices from rising now that OPEC and its allies plan to cut production. The administration hopes that tapping the Strategic Petroleum...

Biden to release 15M barrels from oil reserve, more possible

Oct. 19, 2022 10:49 AM EDT

WASHINGTON (AP) — President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more drawdowns are possible this winter, as his administration rushes...

White House: Biden releasing 15M barrels of oil from strategic reserve after OPEC+ cuts, more sales possible in winter

Oct. 18, 2022 19:12 PM EDT
WASHINGTON (AP) — White House: Biden releasing 15M barrels of oil from strategic reserve after OPEC+ cuts, more sales possible in winter.

Saudis say US sought 1 month delay of OPEC+ production cuts

Oct. 13, 2022 22:40 PM EDT

DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm...

Biden global strategy tackles China, Russia, domestic needs

Oct. 12, 2022 20:18 PM EDT

WASHINGTON (AP) — The White House laid out a national security strategy Wednesday aimed at checking an ascendant China and a more assertive Russia even as it stressed that domestic investments are key to helping the U.S. compete in the critical decade ahead. The administration’s...