Oil price will climb over $60-mark soon – Ibe Kachikwu

The price of oil has hit its highest level in three years after the oil cartel OPEC and its allies called off planned talks on Monday over changes to global supplies. Russia and Saudi Arabia had been pushing to increase production after last year's supply cuts, but the United Arab Emirates disagreed. News that the virtual meeting had been abandoned sent oil prices higher in early trading on Tuesday. Also today, we look at how a shortage of rental cars is impacting holidaymakers in France.

Africa's abundant sunshine is ideal for renewable energy production. But the continent relies heavily on crude oil. Experts warn that the economy will continue to suffer if governments don't wean themselves off of oil.

The WikiLeaks' founder is currently fighting an appeal by Washington to extradite him back to the US. Assange's legal team has rejected US assurances that he won't be sent to a "Supermax" prison.

Africa's abundant sunshine is ideal for renewable energy production. But the continent relies heavily on crude oil. Experts warn that the economy will continue to suffer if governments don't wean themselves off of oil.

Oil prices have plunged after the United Arab Emirates said it supported increasing production. Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec.

Find these stories and much more when you grab a copy of The Guardian on Wednesday.⁣⁣

After a 7 percent slump on Monday, oil prices saw further falls in Asian trading on Tuesday, as investors considered the impact of the latest Covid-19 lockdowns on demand for oil. The price of crude has been extremely volatile in recent months. At the start of the Russian invasion of Ukraine, the international benchmark Brent rose to its highest level since 2008. Also today, we report on a protest by ride-hailing drivers in France over high fuel prices.

OPEC's Secretary-General Mohammad Barkindo has died, Mele Kyari, the chief executive of Nigerian National Petroleum Corp said on Wednesday.

OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections.

The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides to respond by cutting supply to participating countries.

OPEC+ is cutting global oil production to drive up prices. The move shows that Russia can still count on the cartel led by Saudi Arabia to help it bolster its war chest.

The European Union approved a plan to cap prices of Russian oil at $60 a barrel, with the deal coming into effect December 5. Ukrainian President Volodymr Zelenskyy thinks it may not be enough. Follow DW for the latest.