Latest OPEC Meetings 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...

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...

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...