OPEC

Algeria has announced a further voluntary reduction in oil production of 20,000 barrels per day to reach 940,000 barrels per day during August. This comes in compliance with the...

Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said yesterday, adding it could be extended...

Abu Dhabi National Oil Company brought forward its net zero carbon emissions target by five years to 2045, on Monday, as OPEC member, the United Arab Emirates, prepares to...

Kuwait's draft budget for 2023-2024 estimates a deficit of 6.8 billion dinars ($22.2 billion), hit by lower oil prices and volumes, a local paper reported, citing a Member of...

Kuwait aims to invest over $300 billion in the energy sector by 2040, the Gulf states' oil minister told the UAE's WAM news agency. Global investment in the energy sector faces...

Saudi Arabia and Russia, the world's biggest oil exporters, yesterday deepened oil cuts, sending prices higher despite concerns over a global economic slowdown and possible further interest rate increases...

Russia will cut oil exports by 500,000 barrels per day (bpd) in August, President Vladimir Putin's point man on oil said on Monday, as Moscow seeks to nudge up global oil prices...

The appointment of additional Royals to Kuwait's new cabinet, including a convicted Defence Minister, looks like a push by the ruling family to show unity and reassert power as it...

Algerian President, Abdelmadjid Tebboune, has called for an acceleration of Algeria's accession process to BRICS, a bloc composed of Brazil, Russia, India, China and South Africa, Anadolu Agency reports....

Less than three months after agreeing to restore diplomatic ties, long-time regional rivals, Iran and Saudi Arabia, have recently taken another significant step toward full reconciliation. In the presence...

Iraq has agreed to pay about $2.76 billion in gas and electricity debt to Iran after receiving a sanctions waiver from the United States, a senior Iraqi foreign ministry...

A visit by the US Secretary of State to Saudi Arabia drew little Saudi media coverage on Thursday, at a time of soured relations despite a US push to...

America's National Security Council Coordinator for Strategic Communications, John Kirby, said he was not aware of any prior notice given to the administration regarding Saudi Arabia's decision to cut...

Saudi Arabia will cut oil production by one million barrels a day in a bid to prop up oil prices, the Financial Times has reported. The decision was announced...

Members of the OPEC+ alliance yesterday agreed to implement a voluntary cut in oil production until the end of 2024 instead of the previous date scheduled for the end...

The Kremlin said, on Thursday, that relations with Saudi Arabia were constructive and based on mutual understanding and respect, ahead of an OPEC+ meeting, Reuters reports. Asked about relations with...

OPEC and its allies, including Russia, meet in Vienna on 4 June to decide on their output policy. The group, known as OPEC+, agreed on 2 April to increase...

The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC) told Iran's Shana News Agency, that OPEC would welcome Iran's full return to the oil market when sanctions are lifted. Iran is...

OPEC Secretary-General, Haitham Al Ghais, said on Monday that under-investing in the oil and gas sector could cause market volatility in the long term and imperil growth, Reuters reports....

The World Bank expects the economies of the Arab Gulf countries to grow by 2.5 per cent this year, given the potential decline in oil and gas revenues and...

Russia's oil output this year is on course to top 480 million tonnes, or about 9.6 million barrels per day (bpd), a Russian government source familiar with the data...

Russian President Vladimir Putin discussed the OPEC+ deal to cap oil production with the Crown Prince of Saudi Arabia, Mohammed bin Salman, in a telephone call on Friday, the...

After exactly two years of tension-easing talks that were marked by many ups and downs, the foreign ministers of Iran and Saudi Arabia met in the Chinese capital, Beijing,...

The International Energy Agency (IEA) said yesterday that the oil production cuts announced by the OPEC+ group over the weekend could increase the "strains" in the market and push oil...

Iraq's Kurdish Regional Government (KRG) announced on Tuesday that oil exports through Turkiye's Ceyhan pipeline would resume later in the day, following a pause of more than a week...

Oil prices soared yesterday by about five per cent after Saudi Arabia and other OPEC+ members announced a sudden voluntary cut in crude production. US crude futures rose 4.85 per...

OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7 per cent of global demand,...

The US administration today said that the production cuts announced by members of the OPEC+coalition were "not advisable". A spokesman for the National Security Council (NSC) said in a...

Members of the OPEC+ alliance yesterday announced a voluntary reduction in their crude oil production from May until the end of 2023. This came in separate statements issued by...

An international arbitration ruling on 23 March prompted the shutdown of Iraq's northern crude oil exports through Turkiye and sent oil prices back towards $80 a barrel, Reuters reports. Iraq, OPEC's second-largest...

The United Arab Emirates' central bank today said it will cancel the licence it granted last year to Russia's MTS bank, which was placed under British and US sanctions...

Iraq, which sits on some of the world’s largest oil reserves, remains one of the poorest countries in the region.