OPEC+ led by Saudi Arabia and Russia bucked market expectations to increase oil output by 50%. Can the gulf states make up for Russia's oil deficit? How is oil shaping the world order in 2022? Palki Sharma tells you.

Gravitas: OPEC+ agrees to increase oil output to cool prices

The OPEC and its allies has agreed to significant oil output increases in July amid calls for the alliance to help contain the surging oil prices.

OPEC+ to boost oil output in July, decision to ease surging prices

OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation's ability to produce more.

Reports: Oil group OPEC+ mulls excluding Russia from production deal

Crude oil prices fell on Thursday following an expectation that Saudi Arabia may sharply increase oil production on demand by the United States, as sanctions on Russia, which is a major oil producer, have led to a diminished supply of oil in the global markets.

Crude oil prices fall, as OPEC hints at increased oil production

Major oil producers led by OPEC hold talks Thursday on whether to adjust output, hard on the heels of an EU ban on Russian oil imports.

OPEC+ to debate oil output boost amid Russian isolation

Oil has propelled Saudi Arabia's growth rate near 10 per cent in its first quarter with the kingdom reporting its fastest economic growth rate in a decade. After publishing its initial estimates online, Saudi's statistics authority said, "Oil activities led the real Gross Domestic Product (GDP) of Saudi Arabia to achieve the highest growth rate in [the] last 10 years.

Saudi Arabia reports its fastest economic growth rate in a decade

Oil prices barreled down by 12% on Wednesday after the United Arab Emirates called on its OPEC partners to ramp up production.

Oil prices drop as UAE calls on OPEC to boost production

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Now, OPEC meets US Shale executives.

OPEC meets US Shale executives as oil prices skyrocket

German Economy Minister Robert Habeck on Tuesday issued an "urgent appeal" to OPEC oil producers to ramp up output following a spike in prices and supply fears due to the Ukraine crisis.

Germany issues 'urgent appeal' to OPEC oil producers to ramp up output following price hike

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.

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

Nearly two years ago, the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to pre-pandemic health.

Oil producers aren’t keeping up with demand, causing prices to stay high

OPEC+ production group is expected to stick to its plans to increase output in February when it meets on Tuesday.

OPEC+ expected to stick with planned February output increase

OPEC and its allies begin two days of meetings to decide whether to release more oil into the market or restrain supply amid an oil price rout and fears the Omicron coronavirus variant could weaken global energy demand.

Omicron scare: OPEC+ begins two day talks amid oil price rout

OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices.

OPEC postpones technical meetings to assess Omicron impact

OPEC and its allies agreed to stick to their existing policy of monthly oil output increases despite fears that a US release from crude reserves and the new Omicron coronavirus variant would lead to a fresh oil price rout.

OPEC+ agrees to go ahead with oil output rise

The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

US asks India, China, others to consider tapping oil reserves

OPEC and its allies agreed to stick to plans to raise oil output by 400,000 barrels per day from December, despite calls from the United States for extra supply to cool rising prices.

World Business Watch: OPEC+ rebuffs US calls for speedier oil output increases

Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on November 4.

Crude oil prices fall after China releases petroleum reserves

Oil prices rose on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by China, the world's biggest energy consumer.

Oil rises on demand outlook, despite China fuel reserves release

Petroleum exporting countries' organisation, OPEC, has trimmed its world oil demand growth forecast for 2021 while maintaining its 2022 view, adding surging natural gas prices could boost demand for oil products as end users switch.

Petroleum exporting countries' organisation trims world oil demand growth forecast

Even as the global oil prices continue to soar, the Organization of the Petroleum Exporting Countries and its allies have decided to stick to their plans for their output increase for the month of November.

OPEC's output plan remains unchanged amid rising change

As the world's nations prepare to gather for another climate summit next month in Glasgow, the OPEC oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world's less-wealthy countries seek higher growth and standards of living.

Despite the green energy push, Oil will be world's No 1 energy source: OPEC

Oil prices rose more than 4 per cent Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories.

Oil climbs 4% despite rise in US inventories

Closing out its worst day since March this year oil prices slumped $5 a barrel on Monday, after an OPEC+ agreement to boost output stoked fears of a surplus just as rising COVID-19 infections once again threaten demand.

World Business Watch: Oil prices slip after OPEC and allies reach deal to boost supply

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