The decision comes as oil markets wait to see how a slowing Chinese economy and a G7 price cap on Russian oil would affect demand and supply fundamentals
opec news
Latest in opec news
crude barrel
OPEC increases oil production despite output cut agreement: Report
According to the report, only five among the 22 countries involved actually reduced production in October
Brent Crude
Video: OPEC agrees to 10 million barrels cuts
Russia and Saudi Arabia have called off their brutal price war and are now pushing dozens of major crude producers toward a deal that would slash production.
Brent Crude
Video: Why Saudi Arabia launched an oil price war
Oil prices had one of their biggest ever falls after the effective collapse of an agreement between Saudi Arabia-led OPEC and Russia. The agreement was designed to support the market against the impact of coronavirus.
Global oil demand
Opinion: why we still need OPEC
Since oil’s commercialisation, there has always been a need to manage the market in one way or another, and address some counter-intuitive realities
crude output
Saudi Arabia is said to extend deep oil output cuts into April
The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to cover their government spending
crude production
Saudis hold firm on oil output cuts after Trump says ‘relax’
Trump renewed his pressure on OPEC and its allies after they started a new round of production cuts last month
Abu Dhabi
Qatar OPEC withdrawal not a cause for concern, says UAE Energy Minister
UAE Energy Minister and former OPEC President Suhail Al Mazroui said that Qatar does not have enough capacity to risk the oil market
High oil prices
Saudi Arabia’s energy minister meets US counterpart after OPEC cuts
US Energy Secretary Rick Perry discussed the ‘state of the oil market’ and energy cooperation between the two countries with Khalid al-Falih
crude oil price
Oil extends gain on OPEC’s output pact
Brent futures rose as much as 1.1 percent after jumping 2.7 percent on Friday as nations including Saudi and Russia committed to removing 1.2 million barrels a day of output,
non-OPEC
Prices surge as OPEC reaches agreement
As part of the deal, OPEC group countries are contributing 800,000 barrels per day as a cut, and the non-OPEC countries will be contributing 400,000 barrels per day
Jamal Khashoggi
OPEC meets as Trump calls for oil taps to be kept on
Oil ministers from 20 or so countries busily criss-crossed the Austrian capital on Wednesday for preparatory negotiations ahead of the two-day meet at the headquarters of the Organization of Petroleum Exporting Countries
Bakheet al-Rasheedi
OPEC deal in balance as Saudi Arabia, Russia gather for talks
UAE Energy Minister Suhail Al Mazrouei told reporters in Vienna Tuesday that he’s optimistic all countries will join in the OPEC+ agreement
Fitch Solutions
Qatar withdrawal impact on OPEC to be minimal, experts say
Analysts have said the move from Qatar is largely symbolic, as the country has limited prospects for production increases
G20 summit 2018
Oil jumps most since June on Saudi-Russian pact, trade war truce
Crude is rebounding from the worst monthly drop in a decade on growing optimism the world’s top oil exporters will tackle the risk of a glut
Abu Dhabi
Major oil producers meet in Abu Dhabi to consider cuts after price slide
Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October
crude oil price
Saudis raise Asia crude pricing as US puts curbs on Iran
The higher Asia pricing for Medium and Heavy crudes suggests that Saudi Aramco expects the market for those grades to tighten