LONDON, UNITED KINGDOM - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session...

The country's inflation has risen with global trends and is expected to average just over 5 percent this year, while fiscal and external surpluses have increased further, benefiting from the higher oil prices as well as the removal of the temporary COVID-crisis related fiscal support, IMF said.

The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+ group along with Russia, and other members were considering an "increase of up to 500,000 barrels a day". The next OPEC+ meeting is scheduled for December 4.

Riyadh, Saudi Arabia - A Saudi real estate firm has partnered with the Trump Organization on a $4 billion golf and real estate development project in neighboring Oman, according to a stock market filing published Sunday. The deal involving the Dar Al Arkan Global Company, a subsidiary of Dar Al...

The UAE is a key player in the 13-nation OPEC oil cartel which, with its 10 allies headed by Russia, angered Washington by cutting production by two million barrels a day from November, adding renewed upward pressure on crude prices.

The fund will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems, and the promotion of energy security.

Increasing production should help "decrease volatility in energy markets" caused by the war in Ukraine, G7 foreign ministers said in a statement after talks in Germany. The 13-nation OPEC and its 10 allies headed by Moscow said in Oct. it would cut production by 2mbd a day from November, raising...

Since joining the OPEC, the role of the UAE has remained clear: to increase production, maintain economic growth, achieve diversification through other sources, and reduce costs. The Gulf country is a model for clear plans and mechanisms and their implementation, the official adds.

The third quarters profits were boosted by higher oil prices.

The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23% in the next 23 years

The Future Investment Initiative (FII) was launched in 2017 as an economic coming-out party for the world's largest crude exporter, which is trying to diversify away from oil.

The fear of the global organizations such as International Energy Agency that the OPEC+ decision would increase energy security risks worldwide, leading to higher prices and volatility, and potentially ending up being the tipping point for a global economy was proved wrong, he adds.

The decision to make the biggest-ever dip into the emergency oil reserves -- usually kept for responding to situations such as hurricane-related shutdowns at oil refineries -- was Biden's gambit to calm energy markets and shield the world's biggest economy from Ukraine war shocks.

US National Security Advisor Jake Sullivan told CNN on Sunday that Biden would "act methodically, strategically" in re-evaluating US-Saudi relations, adding that the US leader had "no plans" to meet the crown prince at a November G20 summit in Indonesia. Russell Lucas, a Middle East expert at Michigan State University,...

Stormy US-Saudi relations have seen new strain over Riyadh's recent support for oil production cuts, with Biden warning of unspecified "consequences." The move last week by OPEC+ -- composed of the Riyadh-led OPEC cartel and a group of 10 exporters headed by Russia -- would reduce global output by up...

This year’s publication will again be accompanied by a smart app to give increased access to the WOO’s vital analysis and energy data.

A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision to cut oil production target, the kingdom today said that the OPEC+ decision was unanimous and took into account the balance of supply and demand. The kingdom rebuffed statements criticizing...

The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision to cut production by two million barrels a day from November, raising fears that oil prices could soar.

Sheikh Mohamed bin Zayed Al-Nahyan "will discuss with President Putin the friendly relations between the UAE and Russia along with a number of regional and international issues and developments of common interest," sate news agency WAM said.

While Saudi Arabia has said it does not use oil as a political tool, US experts see this as a direct rebuff to the Biden administration.

Stocks mostly slid and the dollar surged after US jobs data showed only a timid slowdown in the labor market, setting the stage for further interest rate hikes. Equity markets have taken a battering as the US Federal Reserve has made it clear it intends to continue raising interest rates...

EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with the fallout from Russia's war on Ukraine. President Volodymyr Zelensky was dialling in from Kyiv as the bloc looks to maintain its economic and military support for Ukraine and hold...

Moscow---The Kremlin said Thursday that an OPEC+ decision to sharply cut production was designed to stabilize global oil markets, after Washington said the move was a concession to Moscow. "The decisions that were taken were aimed at stabilising oil markets," Kremlin spokesman Dmitry Peskov said. He said it was proof...

Oil prices had slid in recent weeks back to the levels before the war in Ukraine on concerns of a global slowdown, but have surged in recent days on expectations of the production cut. The main international crude contract, Brent, jumped two percent following the decision before finishing at $93.37...

The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two million barrels per day from November at a meeting in Vienna, the group said in a statement. It is the biggest cut since the height of the Covid pandemic in...

Asian and European stocks rallied and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans. Frankfurt and Paris equities soared over three percent in value after similar stellar gains in Tokyo, while London won two percent. Central banks across the world...

The jump comes after both main contracts suffered hefty losses in recent months on demand fears caused by an expected recession in major economies.

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.

Saudi Arabia's unexpected role in brokering the release of foreign fighters detained in Ukraine was just the latest example of how the kingdom is seeking to bolster its international standing, diplomats and analysts say.  It also enables Riyadh to argue that preserving ties with Moscow -– a source of tension...

In a thinly veiled criticism of the OPEC's decision to cut supply, the US said that oil production must be kept up to bolster global economic growth. White House Press Secretary said that President Joe Biden ‘has been clear that energy supply should meet demand to support economic growth and...

The move could irk the United States as it has pressed the group to increase output in order to bring down energy prices that have fuelled decades-high inflation. OPEC+ had agreed to huge cuts in output in 2020 when the Covid pandemic sent oil prices crashing, but it began to...

Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production at a meeting on Monday. The 13 members of the OPEC cartel, led by Saudi Arabia, and their 10 partners, led by Russia, are meeting to adjust their quotas for...

Prince Abdulaziz bin Salman said in an interview with Bloomberg that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms to deal with such challenges, including cutting production at any time. He said that the volatility and thin liquidity send erroneous signals to markets at times...

The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC secretary general.

“OPEC is not behind this price increase,” said the secretary-general of the the influential group of producers Haitham Al-Ghais. “There are other factors beyond OPEC that are really behind the spike we have seen in gas (and) in oil. And again, I think in a nutshell, for me, it is...

OPEC warns that the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from last month.

A rise in US stockpiles was partly responsible for a 10 percent drop in the commodity last week.

After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise it last year and has renewed the policy every month.

Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in line with OPEC's long-term strategy.

The 13 core members of OPEC find themselves at a crossroads. After the drastic output cuts they agreed to in the spring of 2020 in reaction to the plunge in demand caused by the coronavirus pandemic, the member states of the alliance are once again producing at pre-virus levels --...

Haitham Al-Ghais of Kuwait has taken over as the new secretary general of  the Organization of the Petroleum Exporting Countries on Monday.

Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman spoke about the oil market in a telephone conversation on Thursday, the Kremlin said. The call comes less than a week after the Saudi Crown Prince met visiting US President Joe Biden.

Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted.

Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked down as part of officials' zero-Covid policy.

Moscow said Thursday that G7 plans to cap the price of Russian oil would lead to a shortfall on world markets and soaring prices for European consumers. "This is another attempt to interfere in market mechanisms, which can only lead to market imbalance," Deputy Prime Minister Alexander Novak said, warning...

Major oil producers led by Saudi Arabia and Russia are expected to stick to a previously decided output boost at their meeting on Thursday, despite pressure to further increase production. Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.

Venezuela's President Nicolas Maduro met Wednesday with Qatar's Emir Tamim bin Hamad Al-Thani in the gas-rich Gulf nation, his fifth stop of a regional tour. The two heads of state discussed "developing relations of friendship and prospects of joint cooperation" between the two countries, the Qatar News Agency said.

The global oil demand is anticipated, according to the report, to average 101.8 mb/d in second half of this year, up from 98.7 mb/d on average seen in the first half.

The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent in 2021.

Asian markets were mixed Monday following a steep drop on Wall Street in response to a forecast-topping US jobs report that gave the Federal Reserve room to continue hiking interest rates.