Saudi Arabia's economy has contracted 4.8% year-on-year in the second quarter, according to flash estimates, highlighting the kingdom's continued dependence on oil revenues despite years of economic diversification efforts.

The decline was driven primarily by a 24.7% drop in oil-related activities, while non-oil sectors provided only limited support. The latest figures come as geopolitical tensions across West Asia continue to influence oil production, energy markets, and global supply chains.

Although Saudi Arabia's Vision 2030 aims to reduce reliance on hydrocarbons, the latest GDP data underscores the challenges of transforming an economy still heavily tied to crude oil exports.

Saudi Arabia's Economy Shrinks 4.8% as Oil Slump and West Asia Tensions Weigh on Growth

US President Donald Trump has said that Venezuela is not yet ready for elections, while praising the country's recent economic progress, particularly its recovering oil industry. Trump credited Venezuela's acting leadership for improving oil production and claimed the country's economy had significantly recovered. However, he said elections would only take place when conditions are right. His remarks come as Venezuela continues to recover from devastating twin earthquakes that have claimed more than 5,398 lives, with thousands still displaced. At the same time, Caracas has announced its decision to permanently withdraw from the International

Trump on Venezuela Elections | Says country 'not ready yet' | US News 

The Government of India, in a significant energy policy reset, has reduced the royalty rates on the production of crude oil and natural gas across multiple categories of fields, including deepwater and ultra-deepwater blocks. This comes as disruptions due to the West Asia conflict continue to disrupt global supply chains and fuel import concerns and as Prime Minister Narendra Modi urged Indians to reduce dependence on imported goods, cut fuel consumption, avoid unnecessary foreign exchange spending, and embrace "Vocal for Local."Also read | <a href="https://www.wionews.com/world/pakistan-two-timed-trump-report-reveals-islamabad-quietly-sheltered-iranian-military-aircraft-while-brokering-peace-talks-1778551810479">Pakistan two-timed Trump? Report REVEALS Islamabad quietly sheltered Iranian military aircraft while playing mediator in Iran war</a><h2>Royalty rates reduced</h2>The Centre has sharply reduced royalty rates on crude oil and natural gas production, in what is being seen as a direct push to boost domestic exploration at a time when global energy anxieties are intensifying.The revised framework, notified by the Ministry of Petroleum and Natural Gas on May 8, lowers effective royalty on onshore crude oil production to 10 per cent and offshore crude production to 8 per cent. For natural gas, royalty has been cut to 8 per cent through a new flat deduction formula that changes how "well head price" is calculated.In simpler terms, India is making it cheaper and more attractive for companies to drill at home, especially in technically difficult and expensive fields.<h2>Why now?</h2>The timing is hard to miss; on Monday (May 11), PM Modi urged Indians to avoid personal activities that incur expenditure in foreign exchange. He also advised people to use less petrol and diesel and use public transport more often. While Modi's message triggered panic, the broader message was that India wants to shield itself from external shocks by tightening domestic economic resilience, and energy is central to that strategy.Also read | <a href="https://www.wionews.com/india-news/new-tamil-nadu-cm-vijay-orders-closure-of-717-liquor-shops-near-schools-temples-and-bus-stands-1778561237334">Tamil Nadu TASMAC shop closure: CM Vijay orders closure of 717 liquor shops near schools, temples and bus stands</a><h2>Deepwater, ultra-deepwater get the biggest boost</h2>Under the revised policy, deepwater and ultra-deepwater fields under DSF and HELP regimes will attract zero royalty for the first seven years, a major concession aimed at attracting fresh capital into geographies that are expensive, risky and underexplored.After that, royalty remains concessional at just 5 per cent for deepwater and 2 per cent for ultra-deepwater blocks.Petroleum Minister Hardeep Singh Puri has framed the move as a structural correction, calling it a landmark step that removes long-standing inconsistencies and creates a more stable, investor-friendly upstream framework.The bigger pictureIndia still imports a significant share of its oil and gas needs, making the country deeply vulnerable to geopolitical instability. As global uncertainty grows, New Delhi appears to be sending a blunt signal: if imports become riskier, India wants its own wells working harder. &nbsp;

India has cut oil and gas royalty rates, including major incentives for deepwater drilling, making domestic exploration cheaper as West Asia turmoil rattles global energy markets. The big question: Is this just policy reform, or India’s bigger push to shield itself from import shocks? 

The Government of India, in a significant energy policy reset, has reduced the royalty rates on the production of crude oil and natural gas across multiple categories of fields, including deepwater and ultra-deepwater blocks. This comes as disruptions due to the West Asia conflict continue to disrupt global supply chains and fuel import concerns and as Prime Minister Narendra Modi urged Indians to reduce dependence on imported goods, cut fuel consumption, avoid unnecessary foreign exchange spending, and embrace "Vocal for Local." Also read | Pakistan two-timed Trump? Report REVEALS Islamabad quietly sheltered Iranian military aircraft while playing mediator in Iran war Royalty rates reduced The Centre has sharply reduced royalty rates on crude oil and natural gas production, in what is being seen as a direct push to boost domestic exploration at a time when global energy anxieties are intensifying. The revised framework, notified by the Ministry of Petroleum and Natural Gas on May 8, lowers effective royalty on onshore crude oil production to 10 per cent and offshore crude production to 8 per cent. For natural gas, royalty has been cut to 8 per cent through a new flat deduction formula that changes how "well head price" is calculated. In simpler terms, India is making it cheaper and more attractive for companies to drill at home, especially in technically difficult and expensive fields. Why now? The timing is hard to miss; on Monday (May 11), PM Modi urged Indians to avoid personal activities that incur expenditure in foreign exchange. He also advised people to use less petrol and diesel and use public transport more often. While Modi's message triggered panic, the broader message was that India wants to shield itself from external shocks by tightening domestic economic resilience, and energy is central to that strategy. Also read | Tamil Nadu TASMAC shop closure: CM Vijay orders closure of 717 liquor shops near schools, temples and bus stands Deepwater, ultra-deepwater get the biggest boost Under the revised policy, deepwater and ultra-deepwater fields under DSF and HELP regimes will attract zero royalty for the first seven years, a major concession aimed at attracting fresh capital into geographies that are expensive, risky and underexplored. After that, royalty remains concessional at just 5 per cent for deepwater and 2 per cent for ultra-deepwater blocks. Petroleum Minister Hardeep Singh Puri has framed the move as a structural correction, calling it a landmark step that removes long-standing inconsistencies and creates a more stable, investor-friendly upstream framework. The bigger picture India still imports a significant share of its oil and gas needs, making the country deeply vulnerable to geopolitical instability. As global uncertainty grows, New Delhi appears to be sending a blunt signal: if imports become riskier, India wants its own wells working harder.

India has cut oil and gas royalty rates, including major incentives for deepwater drilling, making domestic exploration cheaper as West Asia turmoil rattles global energy markets. The big question: Is this just policy reform, or India’s bigger push to shield itself from import shocks?&nbsp;

India cuts oil, gas royalty in major policy shift as Modi pushes ‘Vocal for Local’ amid West Asia crisis

US President Donald Trump on Monday (Apr 20) signed a series of memorandums under a Cold War-era security law. These orders, signed amid the Iran war, seek to bolster domestic production of petroleum, natural gas transmission and ​liquefied natural gas capacity. He also signed memorandums on grid infrastructure and other energy-related infrastructures. On X, White House announced that this would allow "the Department of Energy to ​use funding secured in the One Big Beautiful ‌Bill ⁠to strengthen our grid infrastructure and unleash reliable, affordable, secure energy".Also read | <a href="https://www.wionews.com/world/-if-you-attempt-to-run-the-blockade-we-centcom-shares-video-of-us-troops-seizing-iranian-vessel-m-v-touska-watch-1776747382961">'If you attempt to run...': CENTCOM shares video of US troops seizing Iranian vessel M/V Touska | WATCH</a><h2>Trump declares national emergency, orders oil production expansion amid Iran war</h2>To ensure resilient domestic petroleum production, refining, and logistics capacity, Trump declared a national emergency under Executive Order 14156. The White House, in its release, said that the president has concluded that “action to expand the domestic petroleum production, refining, and logistics capacity is necessary to avert an industrial resource or critical technology item shortfall that would severely impair national defense capability”.“Petroleum fuels the Nation’s Armed Forces, industrial base, and crucial infrastructure. &nbsp;Without immediate Federal action, United States defense capabilities will remain vulnerable to disruption.”Rising fuel ​prices ⁠have triggered higher prices in U.S. on a range of goods and services, from ⁠airline ​tickets and housing to fertilizer ​and groceries.<h2>Memorandums will 'unleash American energy dominance'</h2>In a statement, White House spokeswoman Taylor Rogers noted that Trump had earlier promised to "fully unleash American energy dominance to protect our economic and national security". She noted that the memos allow the Energy Department to "fully unleash American energy dominance to protect our economic and national security".They will allow the Energy Department to "to strengthen our grid infrastructure and unleash reliable, affordable, secure energy," she added.Also read | <a href="https://www.wionews.com/world/-i-have-no-problem-meeting-them-trump-offers-face-to-face-meeting-with-iran-leaders-strait-of-hormuz-uss-abraham-lncoln-1776743202467">'I have no problem meeting them': Trump offers face-to-face meeting with Iran leaders</a><h2>What is the Defense Production Act?</h2>The Cold War-era law gives the US federal government the power to compel private companies to prioritise defence needs. The act was signed by President Harry S. Truman in 1950 amid supply concerns during the Korean War.The Defense Production Act gives the POTUS the authority to do three things:- Under Title I, the president can designate certain goods or technologies as "critical and strategic" to national security and require private companies to accept and prioritise government contracts linked to them.- Title III goes further by allowing the president to step in and strengthen domestic capacity. It can set up mechanisms (regulations, orders or agencies), issue directives, and provide financial backing through loans, grants, or purchase commitments to ensure industries can build, maintain, or expand capabilities needed for national defence.- Title VII gives the president broader authority to manage the civilian supply chain during shortages, making sure scarce materials and services are directed where they are most needed for defence purposes.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos. &nbsp;

The US is ramping up energy production as the Iran war intensifies. President Donald Trump has invoked emergency powers to boost oil, gas and grid infrastructure under a Cold War-era law.

Scroll down to read more.

US President Donald Trump on Monday (Apr 20) signed a series of memorandums under a Cold War-era security law. These orders, signed amid the Iran war, seek to bolster domestic production of petroleum, natural gas transmission and liquefied natural gas capacity. He also signed memorandums on grid infrastructure and other energy-related infrastructures. On X, White House announced that this would allow "the Department of Energy to use funding secured in the One Big Beautiful ‌Bill ⁠to strengthen our grid infrastructure and unleash reliable, affordable, secure energy". Also read | 'If you attempt to run...': CENTCOM shares video of US troops seizing Iranian vessel M/V Touska | WATCH Trump declares national emergency, orders oil production expansion amid Iran war To ensure resilient domestic petroleum production, refining, and logistics capacity, Trump declared a national emergency under Executive Order 14156. The White House, in its release, said that the president has concluded that “action to expand the domestic petroleum production, refining, and logistics capacity is necessary to avert an industrial resource or critical technology item shortfall that would severely impair national defense capability”. “Petroleum fuels the Nation’s Armed Forces, industrial base, and crucial infrastructure. Without immediate Federal action, United States defense capabilities will remain vulnerable to disruption.” Rising fuel prices ⁠have triggered higher prices in U.S. on a range of goods and services, from ⁠airline tickets and housing to fertilizer and groceries. Memorandums will 'unleash American energy dominance' In a statement, White House spokeswoman Taylor Rogers noted that Trump had earlier promised to "fully unleash American energy dominance to protect our economic and national security". She noted that the memos allow the Energy Department to "fully unleash American energy dominance to protect our economic and national security". They will allow the Energy Department to "to strengthen our grid infrastructure and unleash reliable, affordable, secure energy," she added. Also read | 'I have no problem meeting them': Trump offers face-to-face meeting with Iran leaders What is the Defense Production Act? The Cold War-era law gives the US federal government the power to compel private companies to prioritise defence needs. The act was signed by President Harry S. Truman in 1950 amid supply concerns during the Korean War. The Defense Production Act gives the POTUS the authority to do three things: - Under Title I, the president can designate certain goods or technologies as "critical and strategic" to national security and require private companies to accept and prioritise government contracts linked to them. - Title III goes further by allowing the president to step in and strengthen domestic capacity. It can set up mechanisms (regulations, orders or agencies), issue directives, and provide financial backing through loans, grants, or purchase commitments to ensure industries can build, maintain, or expand capabilities needed for national defence. - Title VII gives the president broader authority to manage the civilian supply chain during shortages, making sure scarce materials and services are directed where they are most needed for defence purposes. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

The US is ramping up energy production as the Iran war intensifies. President Donald Trump has invoked emergency powers to boost oil, gas and grid infrastructure under a Cold War-era law.Scroll down to read more.

Trump invokes Cold War-era law; White House orders private firms to prioritise defense fuel needs

OPEC+ announced it will maintain current oil production levels through March 2026, signaling a cautious approach amid global demand uncertainties and market volatility.


Opec+ Keeps Oil Production Unchanged Through March 2026

OPEC+ has decided to pause any planned output increases and maintain current oil production levels through March 2026. The move comes as the group monitors market stability, global demand trends, and price volatility in the energy sector.


OPEC+ keeps oil production unchanged through March 2026

OPEC+ plans to raise oil production by 137,000 barrels per day in November, signaling a strategic shift to regain market share. The move could impact India’s $137 billion crude oil import bill, offering potential relief to the energy sector.


Breaking: OPEC+ to raise oil production by 137,000 BPD in November

South Sudan said that it would resume the production and export of crude oil to the international market through Port Sudan starting Wednesday. Watch this report for more details!

South Sudan aims to produce 90,000 barrels daily

Almost 30 per cent of the crude oil and nearly 41 per cent of the natural gas in the US Gulf of Mexico remained shut on Saturday following Hurricane Francine, the US offshore energy regulator said.

Francine churned through prime oil and gas-producing areas in the US Gulf of Mexico and slammed into Louisiana with up to 100 miles per hour (161 kph) winds. The midweek storm toppled trees, flooded coastal areas, and knocked out power across four states. There were some 37,000 customers in Louisiana without power on Saturday.

The Bureau of Safety and Environmental Enforcement estimated the number of oil production and natural gas remaining offline as a result of Hurricane Francine to be in excess of 522,000 barrels of oil production and 755 million cubic feet of natural gas.

BSEE put estimates of cumulative losses in offshore productions for this week due to Francine at 1.82 million barrels of crude oil and 4.12 billion cubic feet of natural gas.

The peak of 171 evacuated offshore platforms this week has decreased down to Saturday when 52 oil and gas platforms left unmanned by energy workers are reported, representing around 14 per cent of the total, according to the offshore regulator.

Chevron said that two of the company's platforms were running at lower rates because of a disruption to an onshore gas plant. The company said full production will be restored to the two- Jack/St. Malo and Big Foot - once the onshore disruption is corrected.

Chevron refused to name the operator of the gas plant.

The second-largest US oil producer said it was continuing to return workers and restore oil production at its Anchor and Tahiti platforms that were shut in ahead of hurricane Francine. Neither platform suffered significant damage, Chevron said in initial assessments.

Almost 30 per cent of the crude oil and nearly 41 per cent of the natural gas in the US Gulf of Mexico remained shut on Saturday following Hurricane Francine, the US offshore energy regulator said.

Almost 30 per cent of the crude oil and nearly 41 per cent of the natural gas in the US Gulf of Mexico remained shut on Saturday following Hurricane Francine, the US offshore energy regulator said. Francine churned through prime oil and gas-producing areas in the US Gulf of Mexico and slammed into Louisiana with up to 100 miles per hour (161 kph) winds. The midweek storm toppled trees, flooded coastal areas, and knocked out power across four states. There were some 37,000 customers in Louisiana without power on Saturday. The Bureau of Safety and Environmental Enforcement estimated the number of oil production and natural gas remaining offline as a result of Hurricane Francine to be in excess of 522,000 barrels of oil production and 755 million cubic feet of natural gas. BSEE put estimates of cumulative losses in offshore productions for this week due to Francine at 1.82 million barrels of crude oil and 4.12 billion cubic feet of natural gas. The peak of 171 evacuated offshore platforms this week has decreased down to Saturday when 52 oil and gas platforms left unmanned by energy workers are reported, representing around 14 per cent of the total, according to the offshore regulator. Chevron said that two of the company's platforms were running at lower rates because of a disruption to an onshore gas plant. The company said full production will be restored to the two- Jack/St. Malo and Big Foot - once the onshore disruption is corrected. Chevron refused to name the operator of the gas plant. The second-largest US oil producer said it was continuing to return workers and restore oil production at its Anchor and Tahiti platforms that were shut in ahead of hurricane Francine. Neither platform suffered significant damage, Chevron said in initial assessments.

Close to 30% of US Gulf of Mexico oil production halted due to storm

Iran's government has announced a plan to significantly boost oil production to 4 million barrels per day. This target surpasses pre-sanction levels and raises questions about its feasibility.

Iran to boost oil production to 4 million barrels per day

The war ridden region of West Asia contends with a combination of oil production cuts and the lingering impact of the Israel Gaza War. Managing director of the International Monetary Fund issued warnings about the regions growth prospects emphasizing the need for reform in energy subsidies.

IMF: Global economy resilient despite West Asia challenges

Hardeep Singh Puri, India's Union Minister for Petroleum and Natural Gas, on Monday (Jan 8) announced a new oil discovery in the country.&nbsp;

The state-controlled Oil and Natural Gas Corporation (ONGC) on Sunday kicked off oil extraction from its flagship deep-water project in the Krishna Godavari basin offshore the nation's eastern coast.&nbsp;

On Sunday, Puri took to X and said that it was the "First Oil" production commenced from the complex and difficult deepwater KG-DWN-98/2 Block, which is situated off the coast of the Bay of Bengal.&nbsp;

The union minister further said that the energy production of the country is also set to rise from the deepest frontiers of Krishna Godavari.&nbsp;

Also read: <a href="https://www.wionews.com/india-news/india-inked-investment-deals-worth-83bn-potential-for-27mn-jobs-says-tn-govt-677892">Inked Investment deals worth $83bn, potential for 2.7mn jobs, says TN govt</a>&nbsp;

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बधाई भारत! <a href="https://twitter.com/hashtag/ONGCJeetegaToBharatJeetega?src=hash&amp;ref_src=twsrc%5Etfw">#ONGCJeetegaToBharatJeetega</a>! 
 
As India powers ahead as the fastest growing economy under leadership of PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@NarendraModi</a> Ji, our energy production is also set to rise from the deepest frontiers of <a href="https://twitter.com/hashtag/KrishnaGodavari?src=hash&amp;ref_src=twsrc%5Etfw">#KrishnaGodavari</a> 
 
“First Oil” production commences from the complex &amp;… <a href="https://t.co/gN2iPSs0YZ">pic.twitter.com/gN2iPSs0YZ</a>
— Hardeep Singh Puri (@HardeepSPuri) <a href="https://twitter.com/HardeepSPuri/status/1744053392203252102?ref_src=twsrc%5Etfw">January 7, 2024</a></blockquote>
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<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Karnataka: Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri announces new oil discovery in the country. 
 
He says, "30 kilometres off the coast of Kakinada in the Krishna Godavari Basin, the first oil was extracted yesterday. Work started on this in… <a href="https://t.co/gN5s6WsQ4D">pic.twitter.com/gN5s6WsQ4D</a>
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In a video posted by the news agency ANI on Monday, Puri said that the first oil was extracted a day before at 30 kilometres off the coast of Kakinada in the Krishna Godavari Basin.&nbsp;

He said, "Work started on this in 2016-17, then there were some delays due to COVID-19, but I'm sure that out of the 26 wells there, four wells are already operational."&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/how-sardar-patel-kept-pakistan-from-grabbing-lakshadweep-islands-677850">How Sardar Patel kept Pakistan from grabbing Lakshadweep Islands</a>&nbsp;

He further added, "We will not only have gas also in a very short period but by May and June, we hope to be able to produce 45,000 barrels per day, which will be 7 per cent of our total crude oil production and 7 per cent of our gas production..."&nbsp;

The minister further said that the production is expected to be 45,000 barrels per day and over 10 million cubic metres of gas per day, contributing towards an energy 'Aatmanirbhar Bharat'.&nbsp;

This project is expected to add seven per cent to current national oil production and seven per cent to national natural gas production. &nbsp;

Hardeep Singh Puri, India's Union Minister for Petroleum and Natural Gas, on Monday (Jan 8) announced a new oil discovery in the country. The state-controlled Oil and Natural Gas Corporation (ONGC) on Sunday kicked off oil extraction from its flagship deep-water project in the Krishna Godavari basin offshore the nation's eastern coast.

Hardeep Singh Puri, India's Union Minister for Petroleum and Natural Gas, on Monday (Jan 8) announced a new oil discovery in the country. The state-controlled Oil and Natural Gas Corporation (ONGC) on Sunday kicked off oil extraction from its flagship deep-water project in the Krishna Godavari basin offshore the nation's eastern coast. On Sunday, Puri took to X and said that it was the "First Oil" production commenced from the complex and difficult deepwater KG-DWN-98/2 Block, which is situated off the coast of the Bay of Bengal. The union minister further said that the energy production of the country is also set to rise from the deepest frontiers of Krishna Godavari. Also read: Inked Investment deals worth $83bn, potential for 2.7mn jobs, says TN govt बधाई भारत! #ONGCJeetegaToBharatJeetega! As India powers ahead as the fastest growing economy under leadership of PM @NarendraModi Ji, our energy production is also set to rise from the deepest frontiers of #KrishnaGodavari “First Oil” production commences from the complex &… pic.twitter.com/gN2iPSs0YZ — Hardeep Singh Puri (@HardeepSPuri) January 7, 2024 × #WATCH | Karnataka: Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri announces new oil discovery in the country. He says, "30 kilometres off the coast of Kakinada in the Krishna Godavari Basin, the first oil was extracted yesterday. Work started on this in… pic.twitter.com/gN5s6WsQ4D — ANI (@ANI) January 8, 2024 × In a video posted by the news agency ANI on Monday, Puri said that the first oil was extracted a day before at 30 kilometres off the coast of Kakinada in the Krishna Godavari Basin. He said, "Work started on this in 2016-17, then there were some delays due to COVID-19, but I'm sure that out of the 26 wells there, four wells are already operational." Also read: How Sardar Patel kept Pakistan from grabbing Lakshadweep Islands He further added, "We will not only have gas also in a very short period but by May and June, we hope to be able to produce 45,000 barrels per day, which will be 7 per cent of our total crude oil production and 7 per cent of our gas production..." The minister further said that the production is expected to be 45,000 barrels per day and over 10 million cubic metres of gas per day, contributing towards an energy 'Aatmanirbhar Bharat'. This project is expected to add seven per cent to current national oil production and seven per cent to national natural gas production.

India starts oil extraction from $5 billion deep-water project in Krishna Godavari basin

Oil prices experienced a more than 2% decline on Thursday, triggered by the OPEC+ agreement on voluntary oil output cuts for the first quarter of next year. However, these cuts fell short of market expectations.

OPEC+ extends oil production cuts

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members&nbsp; including Russia, Mexico, Sudan, South Sudan, Azerbaijan and&nbsp;Kazakhstan. The Non-OPEC countries which export&nbsp;crude oil along with 13 OPEC members are termed as OPEC+ countries.&nbsp;

Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities.&nbsp;

Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade.

Also read |&nbsp;<a href="https://www.wionews.com/world/the-capitals-bogotas-great-amazon-miracle-riyadhs-oil-games-in-vienna-and-more-603219">The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more</a>&nbsp;

After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year.

<h2>Why the Saudi-led&nbsp;OPEC+ is considering&nbsp;oil cuts?</h2>

The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions.&nbsp;

Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported.&nbsp;

"You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication.

Also watch |&nbsp;OPEC + leaders emphasise investment for stable energy transition

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While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West.

But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC."

(With inputs from agencies)

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war. As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members including Russia, Mexico, Sudan, South Sudan, Azerbaijan and Kazakhstan. The Non-OPEC countries which export crude oil along with 13 OPEC members are termed as OPEC+ countries. Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities. Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade. Also read | The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year. Why the Saudi-led OPEC+ is considering oil cuts? The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions. Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported. "You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication. Also watch | OPEC + leaders emphasise investment for stable energy transition × While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West. But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC." (With inputs from agencies)

Return to 1970s? Saudi-led OPEC+ deliberating further oil cuts amid Israel-Hamas war, says report

In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework.

The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia.

The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews.

Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market.

According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world.

The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12.

(With inputs from Reuters)

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In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters. This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework. The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia. The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews. Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market. According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world. The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12. (With inputs from Reuters) WATCH WION LIVE HERE

Arab nations commit to voluntary oil production adjustments amidst global energy transition

Saudi Arabia's efforts to diversify its economy beyond oil face a setback as business expansion in the nation experienced a notable deceleration in July. The impact of elevated interest rates began to affect Saudi Arabia's non-oil sectors, contributing to an overall slowdown in business growth last month.

According to Riyad Bank, the Purchasing Managers' Index for Saudi Arabia declined from 59.6 in June to 57.7 in July. While the reading remains comfortably above 50, indicating growth rather than contraction, the deceleration can be attributed to a moderation in new-order growth.

Amidst intense competition, price reductions were observed during the month, yet business activity expansion remained on par with June's levels.

However, in 2022, the Saudi economy demonstrated robust growth, expanding by over 9 percent, outpacing other G20 members, and propelling the GDP beyond the trillion-dollar mark for the first time. Although this year's growth trajectory has fallen short of expectations due to declining oil prices and production, some experts now even anticipate a contraction.

Saudi Arabia's currency, the riyal, is fixed to the U.S. dollar, necessitating close monitoring of decisions made by the U.S. Federal Reserve. This linkage persists even as Saudi inflation has remained notably lower than that of the United States over the past two years. The Fed has raised interest rates aggressively over the past year, most recently by 25 basis points last month, to lower inflation.

Furthermore, in a bid to bolster crude prices, Saudi Arabia announced on Thursday its decision to extend oil production cuts for at least an additional month, until the end of September. Anticipated Saudi production for September hovers around 9 million barrels per day (bpd).

Crown Prince Mohammed Bin Salman has directed substantial investments into diverse sectors such as tourism, sports, and electric vehicles. Nonetheless, the country's exports remain heavily reliant on oil, which accounts for more than 90 percent of its total exports.

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Saudi Arabia's efforts to diversify its economy beyond oil face a setback as business expansion in the nation experienced a notable deceleration in July. The impact of elevated interest rates began to affect Saudi Arabia's non-oil sectors, contributing to an overall slowdown in business growth last month.

Saudi Arabia's efforts to diversify its economy beyond oil face a setback as business expansion in the nation experienced a notable deceleration in July. The impact of elevated interest rates began to affect Saudi Arabia's non-oil sectors, contributing to an overall slowdown in business growth last month. According to Riyad Bank, the Purchasing Managers' Index for Saudi Arabia declined from 59.6 in June to 57.7 in July. While the reading remains comfortably above 50, indicating growth rather than contraction, the deceleration can be attributed to a moderation in new-order growth. Amidst intense competition, price reductions were observed during the month, yet business activity expansion remained on par with June's levels. However, in 2022, the Saudi economy demonstrated robust growth, expanding by over 9 percent, outpacing other G20 members, and propelling the GDP beyond the trillion-dollar mark for the first time. Although this year's growth trajectory has fallen short of expectations due to declining oil prices and production, some experts now even anticipate a contraction. Saudi Arabia's currency, the riyal, is fixed to the U.S. dollar, necessitating close monitoring of decisions made by the U.S. Federal Reserve. This linkage persists even as Saudi inflation has remained notably lower than that of the United States over the past two years. The Fed has raised interest rates aggressively over the past year, most recently by 25 basis points last month, to lower inflation. Furthermore, in a bid to bolster crude prices, Saudi Arabia announced on Thursday its decision to extend oil production cuts for at least an additional month, until the end of September. Anticipated Saudi production for September hovers around 9 million barrels per day (bpd). Crown Prince Mohammed Bin Salman has directed substantial investments into diverse sectors such as tourism, sports, and electric vehicles. Nonetheless, the country's exports remain heavily reliant on oil, which accounts for more than 90 percent of its total exports. WATCH WION LIVE HERE

Saudi Arabia's non-oil businesses face troubles as growth slows in July

At a time when countries were already grappling with high oil prices, the OPEC+ announced fresh cuts in its oil production. The U.S. says the world needs lower prices to support economic growth. We ask, the world needs it? Or the west does?

Surprise new cuts in oil production by OPEC+ | The West Asia Post

Here we bring you a quick round-up of all latest news, top headlines and international breakings from all across the globe, stay tuned with Gravitas for more!

Gravitas Global Headlines: Russia says oil production cuts are 'in the interest' of global markets

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuter

Crude prices soar after surprise output cuts

The Kremlin may decide to cut oil production by around seven per cent in the first quarter of 2023 in the aftermath of the oil price cap imposed by the European Union members, a Russian deputy prime minister said on Friday according to AFP. He also said that Russia will stop oil supply to all countries who agreed with the price cap as it was seen as a support for Ukraine in the ongoing conflict.

"At the start of next year, we could make a reduction of 500,000-700,000 barrels per day. For us, that's around 5-7 percent," Alexander Novak, who is in charge of Moscow's energy policy, said.

The European Union imposed a $60 per barrel price ceiling on oil exports in order to decrease the revenue earned by Russia and it was also somewhat agreed by G7 countries and Australia. The Russian economy took a hit due to the restrictions and a decrease in production will help the cause.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/afghan-women-speak-to-wion-as-taliban-dismantles-their-right-to-education-campus-after-campus-545841">Exclusive: Afghan girls speak to WION as Taliban enforce education ban</a>

Although the Russian oil supply to third-world countries have gone up considerably in the wake of the sanctions but the EU embargo on seaborne deliveries also covers such deals. As a result, the dip in production can also be a move to control the damage that the restrictions have potentially done.

The Kremlin, however, has made it completely clear that the decisions taken regarding the oil production will have no impact on the ongoing crisis in Ukraine. Russian President Vladimir Putin continued to back the military campaign and even talked about using nuclear force – but just as a deterrent.

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The Kremlin may decide to cut oil production by around seven per cent in the first quarter of 2023 in the aftermath of the oil price cap imposed by the European Union members, a Russian deputy prime minister said on Friday according to AFP.

The Kremlin may decide to cut oil production by around seven per cent in the first quarter of 2023 in the aftermath of the oil price cap imposed by the European Union members, a Russian deputy prime minister said on Friday according to AFP. He also said that Russia will stop oil supply to all countries who agreed with the price cap as it was seen as a support for Ukraine in the ongoing conflict. "At the start of next year, we could make a reduction of 500,000-700,000 barrels per day. For us, that's around 5-7 percent," Alexander Novak, who is in charge of Moscow's energy policy, said. The European Union imposed a $60 per barrel price ceiling on oil exports in order to decrease the revenue earned by Russia and it was also somewhat agreed by G7 countries and Australia. The Russian economy took a hit due to the restrictions and a decrease in production will help the cause. Also read | Exclusive: Afghan girls speak to WION as Taliban enforce education ban Although the Russian oil supply to third-world countries have gone up considerably in the wake of the sanctions but the EU embargo on seaborne deliveries also covers such deals. As a result, the dip in production can also be a move to control the damage that the restrictions have potentially done. The Kremlin, however, has made it completely clear that the decisions taken regarding the oil production will have no impact on the ongoing crisis in Ukraine. Russian President Vladimir Putin continued to back the military campaign and even talked about using nuclear force – but just as a deterrent.

Russia may cut down oil production in response to EU-imposed price cap

OPEC's recent decision to cut oil production prompts the U.S. to re-evaluate its ties with Saudi Arabia.

The West Asia Post | Oil crisis: U.S. re-evaluates ties with Saudis

President Joe Biden pledged on Tuesday "there will be consequences" for US relations with Saudi Arabia after OPEC+ announced last week that it would cut its oil production.

US President Joe Biden vows consequences for Saudi Arabia after OPEC+ decision

Joe Biden has promised to punish Saudi Arabia over the decision of OPEC+ to cut oil output. The US President has said that Riyadh will face 'consequences'. Will Washington freeze arms sale to Saudi Arabia? Listen in to Priyanka Sharma.

Gravitas: Biden promises 'consequences' for Saudi Arabia following decision to cut oil production

United States Democrats are reacting sharply to the OPEC+&nbsp;decision to cut oil production by two million barrels of oil per day starting next month.&nbsp;

Calling to re-examine ties with key oil producer Saudi Arabia, the Democrats, as per the Guardian, even issued a fresh ultimatum to the Kingdom, giving it weeks to reverse the decision to reduce oil production, and even threatened it with a potential one-year freeze on all arms sales.

Watch |&nbsp;US President Biden vows 'consequences' for Saudi Arabia over OPEC oil output cut

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Saudi as per AFP is "one of the closest US allies and the biggest single purchaser of top-end US weaponry."

"The President is disappointed by the short-sighted decision of&nbsp;OPEC+," said National Security Adviser Jake Sullivan and top economic adviser Brian Deese in a statement on Wednesday.

Also read |&nbsp;<a href="https://www.wionews.com/world/trumps-state-of-mind-role-in-capitol-attack-to-be-examined-at-hearing-thursday-afternoon-524998" hreflang="en">Trump’s 'state of mind' &amp; role in Capitol attack to be examined at hearing Thursday afternoon</a>

OPEC+ reduction in oil production can raise prices for American consumers and benefit energy exporter Russia whom Biden has been trying to isolate following its invasion of neighbouring Ukraine.&nbsp;

The "disappointment" came just five weeks before midterm elections where the Democrats are hoping to cling to the control of US Congress.

Also read |&nbsp;<a href="https://www.wionews.com/world/biden-administration-unveils-new-national-security-strategy-china-russia-identified-as-major-threats-524974" hreflang="en">US National Security strategy: China, Russia seen as threats, India as partner</a>

A few analysts as per Guardian have even pointed out that Crown Prince Mohammed bin Salman could be trying to tip the scales of the critical elections. However, Democrats have downplayed these claims and instead stressed that the "betrayal" would harm all US consumers.

"What galls so many of us in Congress is the ingratitude," said Democratic congressman Ro Khanna, a long time critic of the Kingdom, adding that Saudi gets 73 per cent of its arms from the US and that without US technicians "their airplanes literally wouldn’t fly … we literally are responsible for their entire air force".

(With inputs from agencies)

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United States Democrats are reacting sharply to the OPEC+ decision to cut oil production by two million barrels of oil per day starting next month. Calling to re-examine ties with key oil producer Saudi Arabia, the Democrats, as per the Guardian, even issued a fresh ultimatum to the Kingdom, giving it weeks to reverse the decision to reduce oil production, and even threatened it with a potential one-year freeze on all arms sales.

United States Democrats are reacting sharply to the OPEC+ decision to cut oil production by two million barrels of oil per day starting next month. Calling to re-examine ties with key oil producer Saudi Arabia, the Democrats, as per the Guardian, even issued a fresh ultimatum to the Kingdom, giving it weeks to reverse the decision to reduce oil production, and even threatened it with a potential one-year freeze on all arms sales. Watch | US President Biden vows 'consequences' for Saudi Arabia over OPEC oil output cut Saudi as per AFP is "one of the closest US allies and the biggest single purchaser of top-end US weaponry." "The President is disappointed by the short-sighted decision of OPEC+," said National Security Adviser Jake Sullivan and top economic adviser Brian Deese in a statement on Wednesday. Also read | Trump’s 'state of mind' & role in Capitol attack to be examined at hearing Thursday afternoon OPEC+ reduction in oil production can raise prices for American consumers and benefit energy exporter Russia whom Biden has been trying to isolate following its invasion of neighbouring Ukraine. The "disappointment" came just five weeks before midterm elections where the Democrats are hoping to cling to the control of US Congress. Also read | US National Security strategy: China, Russia seen as threats, India as partner A few analysts as per Guardian have even pointed out that Crown Prince Mohammed bin Salman could be trying to tip the scales of the critical elections. However, Democrats have downplayed these claims and instead stressed that the "betrayal" would harm all US consumers. "What galls so many of us in Congress is the ingratitude," said Democratic congressman Ro Khanna, a long time critic of the Kingdom, adding that Saudi gets 73 per cent of its arms from the US and that without US technicians "their airplanes literally wouldn’t fly … we literally are responsible for their entire air force". (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US Democrats ask Saudi Arabia to rollback OPEC+ oil output cut decision, warn of action

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ will cut production by 2 million barrels a day

OPEC and its allies led by Russia slashed oil production by 2 million barrels per day. The move is expected to drive up oil prices and boost export revenue for members of the cartel. The US has responded by accusing OPEC of aligning with Russia. Molly Gambhir tells you more.

Gravitas: OPEC cuts oil production to drive up prices

The OPEC Plus has decided to start cutting oil production in October by 100,000 barrels. Western sanctions on countries like Iran and Venezuela could squeeze oil supplies further. Palki Sharma tells you more.

Gravitas: Why your oil bills could spike again

The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure.&nbsp;

According to the statement released by OPEC, the oil producers will decrease their output by 100,000 barrels per day for October – which is around 0.1 per cent of the global demand. However, they also said that they are ready to meet at any point to adjust the production depending on the situation.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/israel-admits-accidental-killing-of-al-jazeera-journalist-shireen-abu-akleh-513183" hreflang="en">Israel admits accidental killing of Al Jazeera journalist Shireen Abu Akleh</a>

"OPEC+ is wary of protracted price volatility generated by weak macro sentiment, thin liquidity and renewed China lockdowns, as well as uncertainty over a potential U.S.–Iran deal and efforts to create a Russian oil price cap," Matthew Holland at Energy Aspects to Reuters after the announcement. &nbsp;

In the last few months, the fuel prices have been extremely unstable and this is a move that can steady the situation, according to the OPEC nations. Saudi Arabia hinted at a possible measure last month but the official statement shows that all the OPEC countries are in agreement in regards to this move.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/liz-truss-trumps-rishi-sunak-to-become-next-uk-pm-513117" hreflang="en">Liz Truss elected new UK Prime Minister, beats Rishi Sunak in leadership race</a>

The other factor driving the prices of fuel in the market is the return of Iran as a proper supplier after quite some time. The revival of the nuclear deal has allowed Iran to join the global suppliers list once again and this will mean an addition of nearly 1 million barrels per day if the sanctions are removed.&nbsp;

(With inputs from agencies)

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The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure.

The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure. According to the statement released by OPEC, the oil producers will decrease their output by 100,000 barrels per day for October – which is around 0.1 per cent of the global demand. However, they also said that they are ready to meet at any point to adjust the production depending on the situation. Also read | Israel admits accidental killing of Al Jazeera journalist Shireen Abu Akleh "OPEC+ is wary of protracted price volatility generated by weak macro sentiment, thin liquidity and renewed China lockdowns, as well as uncertainty over a potential U.S.–Iran deal and efforts to create a Russian oil price cap," Matthew Holland at Energy Aspects to Reuters after the announcement. In the last few months, the fuel prices have been extremely unstable and this is a move that can steady the situation, according to the OPEC nations. Saudi Arabia hinted at a possible measure last month but the official statement shows that all the OPEC countries are in agreement in regards to this move. Also read | Liz Truss elected new UK Prime Minister, beats Rishi Sunak in leadership race The other factor driving the prices of fuel in the market is the return of Iran as a proper supplier after quite some time. The revival of the nuclear deal has allowed Iran to join the global suppliers list once again and this will mean an addition of nearly 1 million barrels per day if the sanctions are removed. (With inputs from agencies) WATCH WION LIVE HERE -

OPEC to cut production by 100,000 barrels per day after oil price slump

According to a settlement made, the Bureau of Land Management will halt oil and gas leasing on 2.2 million acres of land in Colorado after being criticised by environmental activists and groups for not taking climate change into account. All new leasing in the area is currently halted.

The agreement demands the government carry out a fresh assessment of the effects of oil and gas leasing in the southwest area of Colorado.

Earlier, in the August 2020 lawsuit, the Sierra Club, Centre for Biological Diversity, and other parties claimed that the BLM violated the National Policy Act when the government approved its 20-year plan before taking a close look at the environmental aspects.

Also read |&nbsp;<a href="https://www.wionews.com/world/climate-change-in-2022-brings-unprecedented-fire-activity-in-sw-europe-record-wildfire-carbon-output-globally-506627">Climate change in 2022 brings unprecedented fire activity in SW Europe, record wildfire carbon output globally</a>

The groups further claimed that allowing leasing on certain lands would worsen the climate catastrophe and that later it'd be impossible to deal with its effects. Additionally, the groups also said that the government had not given enough thought to leasing and its effects.

The environmental organisations claim that BLM’s plan threatens the local way of life revolving around small-scale family farms, wineries, and leisure, and wildlife activities.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-vicious-cycle-of-amazon-rainforest-fire-and-climate-change-in-brazil-506094">Explained: Vicious cycle of Amazon rainforest fire and climate change in Brazil</a>

A representative for the environmental organisation in conversation with Reuters said, "It's absolutely crazy for the BLM to be considering a management plan that opens up 95 per cent of the available mineral estate in the area ... without really confronting the issue of where we are in the climate crisis."

The Gunnison sage-grouse, a huge bird with a small head and chunky body, is one of the least two endangered species that have prompted legal disputes over oil and gas production in the American West in the past.

There have been important legal triumphs made by the conservation groups in prior cases when they claimed that leasing endangered the birds.

(With inputs from agencies)

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According to a settlement made, the Bureau of Land Management will halt oil and gas leasing on 2.2 million acres of land in Colorado after being criticised by environmental activists and groups for not taking climate change into account.

According to a settlement made, the Bureau of Land Management will halt oil and gas leasing on 2.2 million acres of land in Colorado after being criticised by environmental activists and groups for not taking climate change into account. All new leasing in the area is currently halted. The agreement demands the government carry out a fresh assessment of the effects of oil and gas leasing in the southwest area of Colorado. Earlier, in the August 2020 lawsuit, the Sierra Club, Centre for Biological Diversity, and other parties claimed that the BLM violated the National Policy Act when the government approved its 20-year plan before taking a close look at the environmental aspects. Also read | Climate change in 2022 brings unprecedented fire activity in SW Europe, record wildfire carbon output globally The groups further claimed that allowing leasing on certain lands would worsen the climate catastrophe and that later it'd be impossible to deal with its effects. Additionally, the groups also said that the government had not given enough thought to leasing and its effects. The environmental organisations claim that BLM’s plan threatens the local way of life revolving around small-scale family farms, wineries, and leisure, and wildlife activities. Also read | Explained: Vicious cycle of Amazon rainforest fire and climate change in Brazil A representative for the environmental organisation in conversation with Reuters said, "It's absolutely crazy for the BLM to be considering a management plan that opens up 95 per cent of the available mineral estate in the area ... without really confronting the issue of where we are in the climate crisis." The Gunnison sage-grouse, a huge bird with a small head and chunky body, is one of the least two endangered species that have prompted legal disputes over oil and gas production in the American West in the past. There have been important legal triumphs made by the conservation groups in prior cases when they claimed that leasing endangered the birds. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bureau of Land Management halts oil and gas leasing on 2.2 million acres of land over climate concerns

Iran said that it was ready to step up exports of crude oil once US sanctions are lifted. Iran is currently negotiating with world powers to revive 2015 nuclear deal

Global oil prices have shot up in the aftermath of Russian invasion of Iran.

"The Islamic Republic of Iran is ready to increase its production and exports to the pre-November 2018 level," Iranian Oil Minister Javad Owji was quoted as saying by the official IRNA agency.&nbsp;

Owji was referring to November 5, 2018 when the US under then president Donald Trump reimposed sanctions against Iran's oil sector, following its withdrawal in May that year from the 2015 Iran nuclear agreement.

"It is up to the major consuming countries to take the necessary steps to maintain stability and calm in the oil market," Owji had said Wednesday after an OPEC meeting, according to Shana, the ministry's official agency.&nbsp;

In that meeting, the oil-rich Gulf states had failed to respond to Western pressure to increase crude output, prioritising their own strategic and economic interests.&nbsp;

"I promise to reach the highest oil export capacity within one to two months as soon as the green light from Vienna is given," Owji said.&nbsp;

The minister had, in comments on February 6, estimated his country's export capacity at 2.5 million barrels per day, out of total production of about 4 million bpd, according to the Shana agency.&nbsp;

"Iran is technically and operationally capable of stabilising its export share in the world market after the lifting of sanctions," he said.

Crude oil prices were already rising sharply before the Ukraine war amid supply shortages due to a strong recovery in global demand caused by the lifting of Covid-19 restrictions in many countries.&nbsp;

Surging oil prices are playing a major role in sending global inflation to the highest levels in decades, forcing central banks to hike interest rates.

In recent days, negotiators have reported progress in the ongoing talks in Vienna aimed at salvaging the nuclear deal Iran reached with Britain, China, France, Germany, Russia and the United States.&nbsp;

(With inputs from agencies)

Iran said that it was ready to step up exports of crude oil once US sanctions are lifted. Iran is currently negotiating with world powers to revive 2015 nuclear deal Global oil prices have shot up in the aftermath of Russian invasion of Iran.

Iran said that it was ready to step up exports of crude oil once US sanctions are lifted. Iran is currently negotiating with world powers to revive 2015 nuclear deal Global oil prices have shot up in the aftermath of Russian invasion of Iran. "The Islamic Republic of Iran is ready to increase its production and exports to the pre-November 2018 level," Iranian Oil Minister Javad Owji was quoted as saying by the official IRNA agency. Owji was referring to November 5, 2018 when the US under then president Donald Trump reimposed sanctions against Iran's oil sector, following its withdrawal in May that year from the 2015 Iran nuclear agreement. "It is up to the major consuming countries to take the necessary steps to maintain stability and calm in the oil market," Owji had said Wednesday after an OPEC meeting, according to Shana, the ministry's official agency. In that meeting, the oil-rich Gulf states had failed to respond to Western pressure to increase crude output, prioritising their own strategic and economic interests. "I promise to reach the highest oil export capacity within one to two months as soon as the green light from Vienna is given," Owji said. The minister had, in comments on February 6, estimated his country's export capacity at 2.5 million barrels per day, out of total production of about 4 million bpd, according to the Shana agency. "Iran is technically and operationally capable of stabilising its export share in the world market after the lifting of sanctions," he said. Crude oil prices were already rising sharply before the Ukraine war amid supply shortages due to a strong recovery in global demand caused by the lifting of Covid-19 restrictions in many countries. Surging oil prices are playing a major role in sending global inflation to the highest levels in decades, forcing central banks to hike interest rates. In recent days, negotiators have reported progress in the ongoing talks in Vienna aimed at salvaging the nuclear deal Iran reached with Britain, China, France, Germany, Russia and the United States. (With inputs from agencies)

Will raise oil output once US sanctions lifted, says Iran

Officials from OPEC countries and their allies agreed Wednesday to continue feeding a modest amount of additional oil into an increasingly tight market, a move that may add new uncertainty to energy markets.

Oil prices rose after the meeting, settling near $90 a barrel for Brent crude, the international standard. Prices have risen about 14% this year alone, adding to inflation and raising living costs for consumers around the world, including in the United States.

OPEC and its allies, known as OPEC Plus, have kept tight control of production over the course of the pandemic as demand has slowly grown. But there are new questions looming — including the possibility that Russia will invade Ukraine, and the chance of a new nuclear deal with Iran that would allow it to start selling its oil on the market.

Analysts at Goldman Sachs warned in a note after the meeting that “the combination of rising geopolitical tensions (Ukraine and Iran) and prices approaching politically sensitive levels are likely to increase volatility.”

Normally, such conditions could prompt expectations that OPEC Plus would seek a substantial increase in output.

The oil ministers, though, decided to stick with a plan, set in July, to increase production next month by a relatively modest 400,000 barrels a day.

But OPEC Plus has consistently fallen short of its targets in recent months, and so analysts say that the result is likely to be an addition of around 250,000 barrels a day, or about 0.25% of global demand.

At this point, Saudi Arabia, still the key decision-maker in OPEC Plus, appears to see no reason to depart from this cautious plan. The Saudis are content to see rising oil revenues replenish their own coffers, and they can argue that geopolitical tensions may be distorting the market.

“While attention is focused on other topics and they are able to say at least some of this increase in prices is driven by geopolitical tensions, then they can avoid having difficult discussions,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm, referring to Saudi Arabia.

The Saudis may also worry that Iran, a potential source of significant additional supplies, may start putting more oil on the market later this year. Oil analysts are growing optimistic that a deal could be reached in the coming months between Iran and Washington over Iran’s nuclear program, leading to some lifting of the sanctions that are crimping the Islamic Republic’s oil sales.

What it will take for Saudi Arabia to loosen up is the subject of much speculation. Stronger arm-twisting by the Biden administration may be required, some analysts say. The de facto leader of OPEC may change its calculations if “conventional war breaks out on European soil and crude prices soar past the $100-a-barrel mark,” wrote Helima Croft, an analyst at RBC Capital Markets, an investment bank.

Analysts say that markets may well heat up further in the coming weeks, especially if conflict over Ukraine threatens to disrupt energy flows. Inventories of oil are well below their long-run averages, creating the risk of price spikes. Any disruption involving Russia, a major oil exporter, would send shudders through the markets.

Officials from OPEC countries and their allies agreed Wednesday to continue feeding a modest amount of additional oil into an increasingly tight market, a move that may add new uncertainty to energy markets.

Officials from OPEC countries and their allies agreed Wednesday to continue feeding a modest amount of additional oil into an increasingly tight market, a move that may add new uncertainty to energy markets. Oil prices rose after the meeting, settling near $90 a barrel for Brent crude, the international standard. Prices have risen about 14% this year alone, adding to inflation and raising living costs for consumers around the world, including in the United States. OPEC and its allies, known as OPEC Plus, have kept tight control of production over the course of the pandemic as demand has slowly grown. But there are new questions looming — including the possibility that Russia will invade Ukraine, and the chance of a new nuclear deal with Iran that would allow it to start selling its oil on the market. Analysts at Goldman Sachs warned in a note after the meeting that “the combination of rising geopolitical tensions (Ukraine and Iran) and prices approaching politically sensitive levels are likely to increase volatility.” Normally, such conditions could prompt expectations that OPEC Plus would seek a substantial increase in output. The oil ministers, though, decided to stick with a plan, set in July, to increase production next month by a relatively modest 400,000 barrels a day. But OPEC Plus has consistently fallen short of its targets in recent months, and so analysts say that the result is likely to be an addition of around 250,000 barrels a day, or about 0.25% of global demand. At this point, Saudi Arabia, still the key decision-maker in OPEC Plus, appears to see no reason to depart from this cautious plan. The Saudis are content to see rising oil revenues replenish their own coffers, and they can argue that geopolitical tensions may be distorting the market. “While attention is focused on other topics and they are able to say at least some of this increase in prices is driven by geopolitical tensions, then they can avoid having difficult discussions,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm, referring to Saudi Arabia. The Saudis may also worry that Iran, a potential source of significant additional supplies, may start putting more oil on the market later this year. Oil analysts are growing optimistic that a deal could be reached in the coming months between Iran and Washington over Iran’s nuclear program, leading to some lifting of the sanctions that are crimping the Islamic Republic’s oil sales. What it will take for Saudi Arabia to loosen up is the subject of much speculation. Stronger arm-twisting by the Biden administration may be required, some analysts say. The de facto leader of OPEC may change its calculations if “conventional war breaks out on European soil and crude prices soar past the $100-a-barrel mark,” wrote Helima Croft, an analyst at RBC Capital Markets, an investment bank. Analysts say that markets may well heat up further in the coming weeks, especially if conflict over Ukraine threatens to disrupt energy flows. Inventories of oil are well below their long-run averages, creating the risk of price spikes. Any disruption involving Russia, a major oil exporter, would send shudders through the markets.

With oil markets tightening, OPEC and its allies agree to small increase in output

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