OPEC

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.

Saudi Arabia and Russia yesterday confirmed their commitment to the OPEC+ decision to reduce oil production by two million barrels per day until the end of 2023, Anadolu reported....

US senators have introduced a bipartisan resolution that could force the President to make a report on Saudi Arabia's human rights record, providing a new strategy to potentially cause...

Saudi Energy Minister Prince Abdulaziz Bin Salman yesterday said that there is a possibility of imposing a price cap on Saudi oil exports and "we will not sell oil to any...

Decisions on oil output taken by OPEC+ countries reflect consensus in the group, the Saudi Foreign Minister said on Tuesday after reports of differences among members, Reuters reports. A media report...

One of the most illusory phenomena in our current existence is the money we use for buying, selling and hoarding on a daily basis. It is, to put it...

Saudi Arabia achieved the highest annual oil revenue in 2022, news agencies reported yesterday. Oilprice.com reported that Saudi Arabia received as much as $326 billion in oil revenues during 2022, although,...

Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday Western sanctions against Russia could result in a shortage of energy supplies in future, Reuters reports. In answer to...

OPEC+ yesterday agreed to adhere to its current production policy. The decision came at the group's 47th Joint Ministerial Monitoring Committee (JMMC) videoconference meeting. The ministers on the panel...

Russian President, Vladimir Putin, on Tuesday, held separate phone talks with Algerian President, Abdelmadjid Tebboune, and Armenian Prime Minister, Nikol Pashinyan, the Kremlin said in a statement, Anadolu News...

Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman discussed ways to ensure stability of the global oil markets, within the framework of OPEC+. The Kremlin said...

An OPEC+ panel is likely to recommend keeping the oil producer group's current output policy unchanged when it meets this week, five OPEC+ delegates told Reuters on Monday. Ministers...

A different type of energy transition has taken place at this year's World Economic Forum (WEF) meeting. Unlike 2021's COP26 climate conference in Glasgow, where oil and gas executives...

The United Arab Emirates said on Thursday that Sultan Al-Jaber, the head of state oil giant ADNOC, will act as president of the COP28 climate conference that it is...

In 2022, the biggest energy issue in the Middle East was Organisation of the Petroleum Exporting Countries (OPEC) oil cut as the world economy entered into a period of...

Iraq's oil revenues reached more than $115 billion last year, according to preliminary figures issued by the Ministry of Oil. This marks the highest value since the significant decline...