Latest OPEC News

Seagulls fly as a man rides his bicycle in front of the Port on the Red Sea, in Jiddah, Saudi Arabia, Sunday, Dec. 27, 2020. (AP Photo/Amr Nabil)

Saudis take on burden of oil output cut to support price

Jan. 5, 2021 2:36 PM EST

FRANKFURT, Germany (AP) — Saudi Arabia said Tuesday it will cut its oil production by 1 million barrels a day, taking on the burden of supporting prices in the energy market as a “goodwill gesture" after a meeting with other crude-producing countries. The decision came after a meeting between...

OPEC, allies adjourn meeting over oil production levels

Jan. 4, 2021 2:39 PM EST

FRANKFURT, Germany (AP) — Members of the OPEC oil cartel and allied countries including Russia on Monday adjourned a meeting weighing whether to increase production further next month as the pandemic continues to sap demand for energy and create uncertainty about when recovery might come. The oil...

The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020.  U.S. stocks are ticking higher and heading back toward record highs on Friday, Dec. 4, despite discouraging data detailing how much damage the deepening pandemic is doing to the job market.  (AP Photo/Seth Wenig)

More record highs for stocks as hopes grow for economic aid

Dec. 4, 2020 4:49 PM EST

Wall Street closed out a solid week for stocks Friday with more record highs as traders took a discouraging jobs report as a sign that Congress will finally move to deliver more aid for the pandemic-stricken economy. The S&P 500 rose 0.9%, notching its third all-time high this week. The Dow Jones Industrial...

FILE - In this Dec. 19, 2019 file photo, the advertising label of the Organization of the Petroleum Exporting Countries, OPEC, shines at their headquarters in Vienna, Austria. OPEC and allied countries including Russia agreed Thursday, Dec. 3, 2020 to increase oil production by 500,000 barrels a day from January and said they would meet monthly to decide further output levels, gingerly adding more crude to a global economy still suffering from the COVID-19 pandemic. (AP Photo/Ronald Zak, File)

OPEC, Russia to nudge up oil output after hit from pandemic

Dec. 3, 2020 3:38 PM EST

FRANKFURT, Germany (AP) — OPEC and allied countries including Russia agreed Thursday to increase oil production by 500,000 barrels a day from January and said they would meet monthly to decide further output levels, gingerly adding more crude to a global economy still suffering from the COVID-19 pandemic....

OPEC, allies including Russia agree to increase oil production by 500,000 barrels per day from Jan

Dec. 3, 2020 1:37 PM EST
VIENNA (AP) — OPEC, allies including Russia agree to increase oil production by 500,000 barrels per day from Jan.
FILE - In this Dec. 19, 2019 file photo, the advertising label of the Organization of the Petroleum Exporting Countries, OPEC, shines at their headquarters in Vienna, Austria.  Leaders of the OPEC cartel are meeting virtually to decide how much oil their countries should produce as the coronavirus stifles demand for fuel. They’re expected to extend production cuts into the new year in an effort to boost prices. (AP Photo/Ronald Zak, File)

OPEC talks on production hit snag as pandemic clouds outlook

Dec. 1, 2020 9:30 AM EST

FRANKFURT, Germany (AP) — The OPEC oil producers' cartel was to push ahead with a new round of discussions Tuesday about how much to pump next year as countries wrestled over whether to extend the production cuts that have been supporting prices depressed by the pandemic. Members adjourned a...

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 1, 2020. Asian stocks rose Tuesday after Chinese manufacturing improved, with investors looking ahead to U.S. Federal Reserve Chairman Jerome Powell’s appearance before legislators. (AP Photo/Ahn Young-joon)

Asian stocks gain on stronger Chinese factory data

Nov. 30, 2020 11:50 PM EST

BEIJING (AP) — Asian stocks rose Tuesday after Chinese manufacturing improved, with investors looking ahead to U.S. Federal Reserve Chairman Jerome Powell’s appearance before legislators. Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street’s benchmark S&P 500 index...

FILE - In this Dec. 19, 2019 file photo, the advertising label of the Organization of the Petroleum Exporting Countries, OPEC, shines at their headquarters in Vienna, Austria.  Leaders of the OPEC cartel are meeting virtually to decide how much oil their countries should produce as the coronavirus stifles demand for fuel. They’re expected to extend production cuts into the new year in an effort to boost prices. (AP Photo/Ronald Zak, File)

OPEC talks on oil production to go into second day

Nov. 30, 2020 2:11 PM EST

FRANKFURT, Germany (AP) — Leaders of the OPEC oil cartel adjourned their virtual meeting Monday on future production as no agreement was announced on whether to extend output cuts into next year. The OPEC nations, led by Saudi Arabia, will reconvene Tuesday, according to a short statement from the cartel's...