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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.
A commercial vessel is seen off the coast of Dubai on April 20. Photo: AFP
Middle East

Letters | UAE’s Opec exit reflects a complex world

Readers discuss the UAE’s decision to leave the oil cartel, and a Vietnamese leader’s choice to travel twice on China’s high-speed trains.

Banking & finance

Macroscope | Mini-crises sparked by the Iran war may add up to a big collapse

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China energy security

Why China may benefit from the UAE’s Opec withdrawal

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US, Israel war on Iran

Why UAE’s exit from Opec is good news for oil-thirsty Asia

Once free of Opec’s production caps, the world’s sixth-largest oil producer plans to flood the market with 5 million barrels a day.

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An oil technician climbs down a tower at a refinery in Jebel Ali, UAE. 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

Opec has in recent years implemented several output cuts amounting to a total of almost six million barrels per day.

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Russia

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

Opec+ shocked oil markets in April by agreeing to an output hike for May despite weak prices and slowing demand.

Russian President Vladimir Putin (left), speaks to OPEC Secretary-General Haitham al-Ghais during their meeting on the sidelines of the St. Petersburg International Economic Forum in Konstantin palace outside St. Petersburg, Russia, on Friday. Photo: AP
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.

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.

Storage tanks at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Photo: AP
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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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.

Saudi Arabia’s Crown Prince Mohammed bin Salman and Russia’s President Vladimir Putin attend the G20 Leaders’ Summit in Buenos Aires in November 2018. Photo: AFP
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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