OPEC News Updates

Government, Business, Fuel

OPEC+ Oil Boost Unlikely to Ease Fuel Prices

NEW YORK The OPEC oil cartel and allied producing nations decided June 30 to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy.

June 30, 2022
Government, Business, Fuel

OPEC+ Opens Oil Taps Gradually as Russian War Roils Markets

LONDON OPEC and allied oil-producing countries decided May 5 to gradually increase the flows they send to the world, even as Europes plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.

May 5, 2022
Government, Business, Fuel

OPEC Sticks to Modest Boost in Oil Despite War Jitters

LONDON OPEC and allied oil producers including Russia decided March 31 to stick to a modest increase in the amount of crude they pump to the world, a step that supports higher prices even as the Biden administration plans to try to lower them by releasing oil from strategic reserves.

March 31, 2022
Government, Business, Fuel

OPEC+ Supply Hikes Enough to Prevent Market Overheat, Oman Says

OPEC and its allies dont want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from overheating, Omans oil minister said.

January 11, 2022
Business, Fuel

OPEC+ Sticks to Planned Supply Hike But Adds a Get-Out Clause

OPEC and its allies will proceed with their next oil-production hike, but said they could revisit the decision at any moment as the risk to demand from the omicron variant of COVID-19 becomes clearer.

December 2, 2021
Government, Fuel

US to Release 50 Million Barrels of Oil to Ease Energy Costs

President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nations strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India and the United Kingdom.

November 23, 2021
Government, Business, Fuel

OPEC+ Rejects Bidens Plea for Bigger Oil-Supply Increase

OPEC and its allies will stick to their slow pace of oil-production increases, disregarding President Joe Bidens demand to go faster.

November 4, 2021
Government, Business, Fuel

Oil at Seven-Year High After OPEC+ Decides on Cautious Increase

FRANKFURT, Germany Oil prices jumped after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.

October 4, 2021
Government, Business, Fuel

OPEC+ Can Proceed With Reviving Supply, Key Members Say

OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike.

September 21, 2021
Government, Business, Fuel

OPEC+ Expected to Stick to Planned Output Hike

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.

August 27, 2021