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Organization of the Petroleum Exporting Countries (Opec)

Organization of the Petroleum Exporting Countries (Opec)
The latest news, analysis and opinion on Organization of the Petroleum Exporting Countries (Opec). In-depth analysis, industry insights and expert opinion.
The logo of the Organization of the Petroleoum Exporting Countries (OPEC) outside of OPEC’s headquarters in Vienna. Photo: AP
Energy

Opec agrees to output increase, moderates plans due to glut fears

Opec has raised output targets by more than 2.7 million bpd since April but slowed the pace in October and November amid predictions of oversupply.

Energy

Key Opec members send ‘big message’ with higher oil production

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Russia

Opec+ may speed oil output hikes amid Israel-Iran fighting: Rosneft head

Middle East

Opec+ agrees on sharp increase in July oil production to deepen price slump

The organisation will raise output by 411,000 barrels a day for the third month in a row, as it doubles down on policy shift.

People stand outside the building headquarters of Opec in Vienna, Austria on May 28. Photo: AFP
Commodities

Will the free-falling oil price reorder the world’s energy landscape?

Brent crude, the global benchmark, tumbled 13 per cent through Thursday and Friday to just over US$66 a barrel.

Energy

Saudi Arabia hikes prices for all grades of Asia-bound crude oil

The hike highlights Saudi Arabia’s efforts to keep the market tight amid fading war risk in the Middle East, which has helped drive oil prices in London lower.

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Vladimir Putin

Russia’s Putin meets Saudi crown prince on whirlwind Gulf visit

The leaders discussed oil and the wars in Gaza and Ukraine, during a rare overseas trip by the Russian president.

Saudi Crown Prince Mohammed bin Salman walks with Russian President Vladimir Putin during a welcome ceremony in the capital Riyadh on Wednesday. Photo: Saudi Press Agency via AFP
Energy

Opec+ slashes oil output further to boost flagging prices

Saudi Arabia is extending its voluntary cut of 1 million barrels per day, Russia will slash exports by 500,000 barrels, with other members to make smaller cuts.

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Energy

Will rising global oil prices be the catalyst for Asia’s green energy growth?

Asia has faced the brunt of fluctuating oil supplies following Russia’s invasion of Ukraine. And with few alternatives, Asian nations may have to bolster renewable energy development, observers said.

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Energy

Saudi Arabia to cut oil output by 1 million barrels per day

At an in-person Opec+ meeting at the group’s headquarters in Vienna on Sunday, Riyadh announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.

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Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for an OPEC+ meeting in Vienna, Austria on Sunday. Photo: Reuters
Asean

As I see it | Asia set for both gain and pain as reopened China soaks up oil demand

Oil markets appear set for another period of turbulence as Russia cuts output and China’s demand grows.

Shanghai Yangshan Deepwater Port Container Cargo Terminal in Shanghai has become one of the world’s largest container port. Oil markets appear set for another period of turbulence as China’s air and road travel have roared back. Photo: Shutterstock
Energy

Opec+ agrees no change to oil policy, production targets

Opec+ maintained its oil policy amid Group of Seven nations’ price cap on Russian oil and a slowing Chinese economy.

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Russia

Opec+ likely to maintain output levels despite sanctions on Russian oil

Oil-producing nations, including Russia, will review their decision in October to cut production by two million barrels per day, ahead of fresh sanctions against Moscow coming into force.

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Climate change

Explainer | COP27: what’s on the UN climate talks agenda

There’s an awful lot to talk about at the conference, including how to protect our forests, how to pay for more clean energy, energy disruption caused by war, and compensation funds.

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Scotland’s First Minister Nicola Sturgeon with runners and organisers as she holds batons at the finish line of the ‘Running Out Of Time’ climate relay, which arrived at the COP27 conference in Egypt on Tuesday after 40 days and 18 countries. Photo: AP
Saudi Arabia

As I see it | Biden’s values-based diplomacy tanks when it comes to US-Saudi ties

Joe Biden promised to make Saudi Arabia a ‘pariah’ for Jamal Khashoggi’s murder, but facing an oil crisis, the US president sought Riyadh’s help to increase output.

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Riyadh and other top oil producers agreed last week to a deep cut in production to boost crude prices, in a move denounced by the United States as a concession to Moscow that would hurt the global economy. Photo: AFP/HO/SPA/File
Joe Biden

Oil rises as Biden’s energy remarks fail to pacify markets

The president confirmed the US is releasing 15 million barrels from the strategic reserve but did not take measures to curb fuel exports.

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Ukraine war

Putin and Saudi prince talk oil, just days after Biden’s Middle East trip

The conversation highlights the kingdom’s importance to both Russia and the US, as the Ukraine war roils global energy markets.

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Diplomacy

Editorial | Middle East does not need alliance rivalry

Recent tour of region by US President Joe Biden spurred by demand for oil and aim not to leave ‘vacuum’ of influence that could be filled by China.

Saudi Crown Prince Mohammed bin Salman, right, welcomes US President Joe Biden meets Saudi Crown Prince Mohammed bin Salman in Al-Salam Palace in Jeddah, Saudi Arabia, on Friday. Photo: Saudi Royal Palace via AP
Saudi Arabia

Biden seeks to persuade Saudi Arabia to pump more oil as prices soar

Joe Biden will make his first visit as US president to Saudi Arabia this week, where he will seek to persuade Riyadh to pump more oil to bring down prices that are fuelling inflation to the highest levels in decades.

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Africa

OPEC’S Secretary General Mohammad Barkindo dies at 63

Mohammad Barkindo was due to step down at the end of this month after six years in the top job at the Organization of the Petroleum Exporting Countries (Opec).

United States

US weighs releasing 180 million barrels of oil to combat inflation: sources

The news comes just before the OPEC+ group, which includes Saudi Arabia and Russia, meets to discuss reducing supply curbs.

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An aerial photo shows an oil refinery in Illinois. Photo: EPA-EFE
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