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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.

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

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.

21 Jun 2025 - 7:15PM

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

31 May 2025 - 7:25PM

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

5 Apr 2025 - 11:54AM

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.

6 May 2024 - 2:07PM

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

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.

7 Dec 2023 - 4:14AM

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.

1 Dec 2023 - 3:40AMvideocam

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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.

6 Jun 2023 - 10:53AMvideocam

Analysts say that Asia needs to boost renewables as oil prices are set to rally. Photo: Shutterstock

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.

5 Jun 2023 - 6:57AMvideocam

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.

10 Mar 2023 - 8:00AM

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.

5 Dec 2022 - 10:52AMvideocam

Opec+ argued it had cut output because of a weaker economic outlook. Photo: Reuters

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.

4 Dec 2022 - 1:52PMvideocam

Oil pours out of a spout from Edwin Drake’s original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania US. Photo: Reuters/File

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.

8 Nov 2022 - 5:18PMvideocam

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.

21 Oct 2022 - 8:00AMvideocam

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.

20 Oct 2022 - 4:26AMvideocam

US President Joe Biden speaks at the White House on Wednesday. Photo: EPA-EFE

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.

22 Jul 2022 - 8:20AM

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

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.

20 Jul 2022 - 4:40AM

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.

12 Jul 2022 - 11:14AM

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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).

7 Oct 2022 - 12:06AM

Mohammad Barkindo. File photo: AP

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.

31 Mar 2022 - 2:03PMvideocam

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