Latest OPEC News

A protester waves the national flag while demonstrators set fire to close streets near Tahrir Square during a demonstration against the Iranian missile strike in Baghdad, Iraq, Wednesday, Jan. 8, 2020. Iran struck back at the United States early Wednesday for killing a top Revolutionary Guard commander, firing a series of ballistic missiles at two military bases in Iraq that house American troops in a major escalation between the two longtime foes. (AP Photo/Khalid Mohammed)

The Latest: Iran says it doesn't want war, but will respond

Jan. 14, 2020 8:50 AM EST

TEHRAN, Iran (AP) — The latest on U.S.-Iran tensions after the U.S. airstrike that killed Iran's top general (all times local): 2:10 a.m. Iran is informing the United Nations that it took “a measured and proportionate military response” to the U.S. airstrike that killed its top military...

FILE - In this file photo dated 1990, Aramco refinery at Ras Tannura, Saudi Arabia. The price of oil surged Friday Jan. 3, 2020, as global investors were gripped with uncertainty over the potential repercussions and any retaliation, after the United States killed Iran's top general Qassem Soleimani.(AP Photo/FILE)

Deadly attack by US on Iranian general rattles energy market

Jan. 3, 2020 12:48 PM EST

LONDON (AP) — Crude prices on Friday had the largest one-day spike since a September attack on the world's largest oil processing facility in Saudi Arabia after the U.S. killed Iran's top general in a drone strike. If sustained, the rise in oil prices could push the cost of gasoline, heating fuel and...

Prince Abdulaziz bin Salman Al-Saud, center, Minister of Energy of Saudi Arabia looks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. 5, 2019. (AP Photo/Ronald Zak)

OPEC countries, Russia to cut oil output, pushing up prices

Dec. 6, 2019 10:47 AM EST

The OPEC oil-producing countries and ally Russia said Friday they have agreed to cut crude production, prompting a surge in global crude prices that they hope to sustain into next year. The group decided to cut output by an extra 500,000 barrels a day as they try to support the price of energy and bolster their...

OPEC, Russia agree to cut oil production an extra 500,000 barrels a day to support prices

Dec. 6, 2019 9:34 AM EST
VIENNA (AP) — OPEC, Russia agree to cut oil production an extra 500,000 barrels a day to support prices.
The advertising label of the Organization of the Petroleum Exporting Countries, OPEC, shines at their headquarters in Vienna, Austria, Austria, Thursday, Dec. 5, 2019. The countries that make up the OPEC oil-producing cartel are meeting Thursday to decide whether to cut production in order to support the price of fuel and energy around the world.(AP Photo/Ronald Zak)

OPEC talks end without announcement of expected cuts

Dec. 5, 2019 5:59 PM EST

VIENNA (AP) — The countries that make up the OPEC oil-producing cartel ended talks late Thursday without an announcement on possible deep cuts to production that would support the price of fuel around the world. An OPEC spokesman told waiting journalists at 10 p.m. (2100 GMT) that an expected news...

FILE - In this March 8, 2018, file photo wetlands are seen beyond the Shell Norco refinery in Norco, La. The world may be heading into an oversupply of oil, and that possibility is hanging over members of the OPEC cartel, which will meet later this week to decide whether to further cut production to boost prices. (AP Photo/Gerald Herbert, File)

OPEC nations grapple with oversupply of oil

Dec. 4, 2019 3:04 PM EST

The world may be heading for an even greater oversupply of oil, and that possibility — which could drive down fuel and energy prices — is hanging over members of the OPEC cartel as they head into negotiations Thursday. The oil-producing nations will decide whether to stick with production cuts...