OPEC

Markets

Oil prices sink to nine-month low amid global economic uncertainty

Crude prices slumped following weak economic data from the US and China, which dampened demand outlooks. Risk-averse sentiment continued to dominate global markets.

05/09/2024

Markets

OPEC+ oil giants extend oil output cuts amid economic uncertainty

Russia is among the countries announcing cut extension, announcing an additional voluntary reduction of 471,000 barrels per day for the second quarter.

04/03/2024

Austria

OPEC members meet in Vienna to help stabilise world oil prices

Members of the oil producers group OPEC have met in Vienna to discuss future production of energy but reject pressure to invest less in fossil fuels

07/07/2023

Austria

Saudi Arabia cuts production to boost oil prices

Saudi Arabia, an OPEC heavyweight, decided on Sunday to make a further cut in production in the hope of boosting slumping oil prices, against an economic backdrop overshadowed by the war in Ukraine.

04/06/2023

Austria

OPEC+: Riyadh to reduce oil output, others to extend previous cuts

In order to keep crude oil prices stable on the world market, the OPEC+ countries, including heavyweight Russia, have agreed to maintain previous production cuts through 2024, while Saudi Arabia cuts output by 1 million barrels per day.

04/06/2023

Austria

OPEC+ members meet in Vienna to discuss oil production strategy

The OPEC+ countries discuss their current production strategy in Vienna. New oil production cuts could result from the meeting as signs of discord between top crude oil producers Saudi Arabia and Russia set the tone of the talks.

03/06/2023

World News

OPEC cuts could boost oil prices in Moscow's favour

The cuts in oil output have immediately pushed prices higher and are expected to boost gas prices, adding to strains in many countries where high fuel prices are a heavy burden.

03/04/2023

World News

OPEC sticks to policy of reducing oil output

The Group often acts to change the supply and demand of oil, in order to control market prices and ensure high revenues for its members. But it says it's ready to meet at any time to “address market developments if necessary.”

05/12/2022

World News

Heads of Russia and UAE meet after OPEC+ cuts oil production

Russian President Vladimir Putin and the leader of the UAE Sheikh Mohammed bin Zayed Al Nahyan meet in St Petersburg days after OPEC+ cuts oil production.

11/10/2022

My Europe Series

Sanctions, summits and nuclear threats take centre stage in Europe

In our State of the Union show, we bring you the top stories driving the news in Brussels.

07/10/2022

Business

OPEC+ to cut oil production by 2m barrels a day to ‘boost prices’

OPEC+ alliance agreed to its largest reduction in oil production since the spring of 2020, in a move strongly criticised by Washington.

05/10/2022

World

What will prompt Gulf energy companies to merge post-pandemic?

Worldwide lockdowns, shrinking demand and a supply glut have sent shockwaves through the oil & gas sector, plus oil-reliant economies in the Middle East.

12/06/2020

World News

OPEC, oil nations agree to unprecedented production deal to cut output

Oil-producing nations on Sunday finalised an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic.

12/04/2020

Libya

Euroviews. Libya’s fragile economic gains thwarted by the unnecessary war ǀ View

When the internationally-recognized Government of National Accord (GNA) was formed in Libya in December 2015, it was facing an enormous amount of work to restore the country’s social fabric and rebuild its devastated economic structures.

06/06/2019

USA

Trump: Saudi king would not last 'two weeks' without US support

US President Trump said Saudi Arabia's King Salman would not last "two weeks" in power without US military backing.

03/10/2018

Saudi Arabia

Saudi Arabia ready to increase oil output

The leader of Saudi Arabia promised President Donald Trump that he can boost oil production if needed and the country has 2 million barrels per day of spare capacity available.

01/07/2018

Economy

OPEC and Russia agree to extend oil cut

30/11/2017

Economy

Oil prices jump as biggest producers plan to extend output cuts

Saudi Arabia and Russia have agreed to pump less through until March 2018 to further cut the huge amount of oil in storage around the world.

15/05/2017

Markets

Oil stabilises, stocks rise on Macron confidence

Oil prices have been on a roller coaster ride from oversupply worries, strong opinion poll numbers for French centrist Macron boosted share prices.

05/05/2017

Economy

OIl producers mull over extending output cut

OPEC and non-OPEC oil producers discuss production cut extension

27/03/2017