The Oil Producing and Exporting Countries (OPEC) Secretary-General Haitham Al Ghais in a letter addressed to the oil cartel's member nations has pleaded with them to reject proposals for any text under negotiation at the COP28 Climate Summit, reported news agency Reuters on Friday (Dec 8).

OPEC head told members to block any deal at COP28 that targets fossil fuels: Report

The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world.

OPEC+ announces significant 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.

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

Oil prices experienced a substantial drop of more than 4 per cent on Tuesday, hitting their lowest point since late July. The decline in prices was attributed to a combination of factors, including mixed Chinese economic data, an increase in OPEC exports, and the strengthening of the U.

Oil prices tumble over 4pc to its lowest level since July. Here's why

OPEC + leaders emphasise investment for stable energy transition | WION

OPEC + leaders emphasise investment for stable energy transition

Russia is making waves in the global oil market as it sells oil to India at nearly 80 dollars per barrel, a significant premium over western prices. This surge in prices is primarily driven by tight global oil markets and production cuts by key OPEC+ producers, including Russia and Saudi Arabia. As of mid-July, Urals crude has consistently traded above the western price cap of 60 dollars per barrel.

Russian oil sales surge in India

The Organisation of Oil Producing Countries or OPEC kept its production steady in June, a Bloomberg report said. According to the report, the 13-member OPEC on an average produced 28.

OPEC keeps June output steady ahead of anticipated dip in July oil production

In the world of oil trading, something unexpected is happening. Traders are paying less attention to Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, despite his recent pledge to cut oil production to the lowest level in over a decade.

Traders ignore Saudi’s Energy Minister’s production cuts

Days after Saudi Arabia announced an oil output cut of 1 million barrels per day, US Secretary of State Antony Blinken met Saudi Crown Prince Mohammed bin Salman in Jeddah on Tuesday, his first bilateral visit to the kingdom as the top diplomat.

Days after Saudi cut oil output, Blinken meets Crown Prince Mohammed bin Salman

Saudi Arabia - the prominent member of the OPEC - has taken a decisive action of addressing the sliding crude prices to stabilise oil market. The kingdom plans to slash its oil supply by a significant one million barrels per day.

Saudi Arabia cuts supply to stabilise oil prices; oil-cut leaves investors guessing

OPEC's share of India's oil imports fell at the fastest pace in 2022-23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged and the major producers' share could shrink further this year.

OPEC's oil market share in Indian imports falls

The price of crude oil dropped by more than $1 a barrel as traders booked profits after benchmarks reached multi-month highs the previous session and an OPEC report fueled concerns about summer demand. Only the second time this month did the global benchmark Brent crude finish lower, down $1.24 or 1.4% to settle at $86.09 per barrel. US West Texas Intermediate (WTI) prices fell $1.10, or 1.3%, to $82.16 per barrel at the market close.

Crude oil prices decline 1% after scaling multi-month highs

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

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.

Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company.

Saudi oil giant Aramco's annual profit soars to record high in 2022

Chinese President Xi Jinping embarked on his three-day official visit to Saudi Arabia on Wednesday, his first such visit to the biggest exporter of crude oil since 2016, reported the Saudi state media on Tuesday.

Chinese President Xi Jinping arrives in Riyadh on Wednesday, will meet Saudi and Arab leaders

The G7, EU and Australia have imposed a price cap on Russian oil. Russia says it will not abide by it. Meanwhile, the OPEC+ plans to continue cutting oil production. Priyanka Sharma tells you more

Gravitas: OPEC thwarting the West's plans?

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

Oil supply concerns ease as oil prices dip to near 2-month lows. Rising interest rates weigh on crude prices. Watch this report.

World Business Watch: Oil prices dip to near two-month lows

In its annual outlook presented on Monday, OPEC increased its projections for the medium- and long-term global oil consumption and stated that $12.1 trillion in investments will be required to meet this demand despite the energy transition.

OPEC raises long-term world oil demand forecast despite energy transition

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

WION Business News | OPEC raises long-term oil demand view

The Biden administration is reportedly planning to delay military aid to Saudi Arabia to punish the Gulf country for leading OPEC’s decision to cut oil production going against the request.

Biden looking to ‘punish’ Saudi for oil output cut decision by delaying military supplies: Report

he gulf states have traditionally been U.S. allies. But recently they seem to be looking after their own interests. Ghadi Francis tells you more on The West Asia Post

The West Asia Post | Are gulf nations moving away from the U.S.?

President Joe Biden has announced the release of 15 million barrels of oil from the US strategic reserves in response to recent production cuts announced by OPEC+ countries.

Biden announces release of 15mn barrels from US strategic oil reserves after OPEC+ output cut

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