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.
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.
OPEC's Secretary-General Mohammad Barkindo has died, Mele Kyari, the chief executive of Nigerian National Petroleum Corp said on Wednesday.
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4 Oct 2021
Here are a few reasons to pick up a copy of The Guardian on Tuesday. Find these stories and much more when you grab a copy of The Guardian on Tuesday.
7 Jul 2021
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.
11 Feb 2021
OPEC+ members, including Russia, have been diligently sticking to their production quotas amid the extraordinary shock unleashed by the pandemic. Some of them might now be tempted to throw compliance out of the window.
4 Dec 2020
Here are a few reasons to pick up a copy of The Guardian on Saturday. Find these stories and much more when you grab a copy of The Guardian on Saturday.
17 Sep 2020
Here are a few reasons to pick up a copy of The Guardian on Friday. Find these stories and much more when you grab a copy of The Guardian on Friday.
14 Sep 2020
The 13-member bloc of oil-rich nations is turning 60 amid a pandemic that's jeopardizing its very existence. Waning influence and a global shift to cleaner energy sources mean that OPEC's glory days are over.
4 Jul 2020
As the first half of the year winds down, the COVID-19 pandemic has shaped global oil dynamics with the OPEC+ supply cuts helping to keep oil prices afloat. Alex Nachi Tarka, President of the Nigerian Association of Petroleum Explorationists joins CNBC Africa for more.
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1 Jul 2020
Here is why you should pick up a copy of The Guardian on Thursday. Find these stories and much more when you grab a copy of The Guardian on the newsstands on Thursday.