European Union leaders agreed on Monday to ban more than two-thirds of Russian oil imports as part of the sixth package of crippling sanctions on Moscow. Media reports said OPEC was considering whether to remove Russia from an agreement that has locked producers into limited output increases.

The IEA said "steadily rising" output from the United States and Middle Eastern members of the OPEC+ oil cartel will help offset losses from Russia.

Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the month of June. Prices had soared on Wednesday, with Brent North Sea crude closing above $110 a barrel.

The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.

Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in February.

UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE (CBUAE) said. The bank said there was a 9.3 percent annual increase in Emirati oil...

Current President Guillermo Lasso has plans to double Ecuador's oil production in spite of opposition from indigenous communities and environmentalists.

In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast

The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.

The 13 members of the Saudi-led OPEC and 10 countries spearheaded by Russia backed an increase of 432,000 barrels per day in May, marginally higher than in previous months.

Volatility on oil markets sparked by Russia's invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the alliance that includes Russia deserves credit.

The United Arab Emirates on Monday urged Western countries to be "reasonable" in their expectations, underlining its commitment to the global OPEC+ energy alliance.

OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.

British Prime Minister Boris Johnson met with oil-rich Saudi Arabia's Crown Prince Mohammed bin Salman to lobby for higher production after Russia's invasion of Ukraine sent markets into turmoil. Johnson spoke with Prince Mohammed after talks with Abu Dhabi Crown Prince Mohammed bin Zayed in the United Arab Emirates.

The United Arab Emirates on Thursday reaffirmed its commitment to OPEC+ alliance agreements, a day after an envoy said it would urge the cartel to boost oil output. "The UAE is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism," Energy Minister Suhail al-Mazrouei wrote on Twitter....

Brent had spiked to $139 on Monday — about $8 short of an all-time record — in expectation of the US embargo on Russian oil and gas.

Prince Mohammed bin Salman called for a "political solution" after the Russian invasion and also reiterated his support for the OPEC+ group of oil producers.

Qatar and Saudi Arabia host American troops, but their economic and political relations with Russia have grown over the years.

The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, had cut production sharply in 2020 as prices collapsed after the Covid pandemic emerged.

The 23-nation OPEC+ group has said in a statement that it will increase production by 400,000 barrels per day in March.

The 23 members of the OPEC+ oil cartel, who meet on Wednesday, are expected to stick to their guns and increase output modestly as the price of crude surges. As in January, analysts expect the taps to be opened slightly, to the tune of an additional 400,000 barrels per day,...

Analysts expect that this meeting will decide to boost output by 400,000 barrels per day in March, in line with their strategy to slowly re-open the taps since May last year.

Global demand for oil is expected to remain "robust" in 2022 and overcome short-term disruption caused by the Omicron coronavirus variant, the Organization of Petroleum Exporting Countries said on Tuesday. But the Saudi-led group of top oil producers warned future virus strains and pandemic-related travel restrictions could threaten the global...

Prince Abdulaziz bin Salman, Saudi energy minister, has remarked that the OPEC+ group is independent and against any external interference in its decisions.

Kuwait will increase its crude production by 27,000 barrels per day (bpd) to 2.6 million bpd from 1 Feb. 2022 in compliance with its new crude output quota after the OPEC and non-OPEC alliance's decision to upwardly adjust output level by 400,000 bpd as of next month. Deputy Prime Minister...

Major oil-producing countries are expected to maintain on Tuesday their course of modestly boosting output as the rapidly spreading Omicron variant has so far not heavily hit demand.The so-called OPEC+ grouping, including top producers Saudi Arabia and Russia, has withstood pressure to more widely open the taps though high energy...

Al-Ghais, who was Kuwait's OPEC governor from 2017 to June 2021, serves as a deputy managing director of the Kuwait Petroleum Corporation (KPC). His decades of experience in the industry include stints in Beijing and London for the state oil corporation.

At the global scale, 56.5 percent of oil reserves and 26.7 percent of natural gas reserves are owned by Arab countries.

The OPEC Fund for International Development (OFID) has signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank) to finance international trade directly among corporates or through financial intermediaries.

The OPEC+ alliance led by Saudi Arabia and Russia had so far resisted US-led pressure to significantly boost output to rein in surging energy prices.

The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in surging energy prices.

The Organisation of the Petroleum Exporting Countries (OPEC) marked its 5th anniversary of the historic ‘Vienna Agreement’ on Tuesday. The agreement, reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, built on the successful ‘Algiers Accord’, reached in Algiers, Algeria, on 28 September...

The meeting "is shaping up to be one of the most significant since the pandemic demand recovery began, and the key signal will be how much more oil will be added to supply to start the new year," said Peter McNally, an analyst at the Third Bridge think tank.

Iraq's oil Minister Ihsan Abdul-Jabbar has said that Iraq has worked on a vision that emphasizes the importance of finding a balance in the energy market, ahead of the new OPEC + meeting next month to study market conditions. "Iraq is a major member of OPEC and we have repeatedly...

The head of the IEA has called on OPEC and its allies to take measures to help bring oil prices down to ‘reasonable levels’.

The powerful producers led by Saudi Arabia and Russia in the so-called OPEC+ grouping are expected to re-affirm a decision in July to modestly step up production after slashing it steeply last year as the pandemic hit global markets.

Among 4,300 fuel stations across the country, at present 1,450 are connected to the central fuel distribution system that provides subsidized fuel to motorists. A further 2,350 stations were delivering unsubsidized fuel.  

Lost in rocky hills and surrounded by humble palm groves, Al-Sahl is around 250 kilometres (155 miles) northwest of the capital Baghdad.

OFID has signed a term loan agreement for $30 million with Banco Regional of Paraguay, the third of its kind to the country. Proceeds from the first tranche were loaned to the agriculture sector. The second facility provided 53 sub-loans to Paraguayan enterprises for international trade finance purpose.

Abu Dhabi-based renewable energy company Masdar on Thursday announced it will develop five solar photovoltaic (PV) projects in Iraq with a combined capacity of 1 gigawatt (GW). The company signed an implementation agreement with Iraq’s Ministry of Electricity and the National Investment Commission to develop a 450-megawatt (MW) plant in...

World’s proven crude oil reserves stood at 1,549 billion barrels in 2020, increasing by 0.2 percent from the level of 1,546 billion barrels recorded in 2019, according to the 2021 edition of its Annual Statistical Bulletin. The publication contains time-series data detailing key aspects of the petroleum industry, such as...

Rising oil prices handed a major boost to producers but threaten the global recovery and stoke inflationary pressures because they lift manufacturing costs, which translates into higher consumer prices.

The cartel's world oil outlook goes against the vision of the International Energy Agency, which warned in May that demand must fall over the next decades for the world to meet its climate goals.

Kuwait is one of five countries that negotiated a higher baseline for its quota in a July 18 OPEC+ meeting.

The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering demand.

The US imposed its harshest sanctions on Iran three years ago as Washington, under President Donald Trump, unilaterally abandoned an international nuclear deal that Tehran had with it and five other global powers.

The price of the basket was $70.59 on August 25

Iran produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.

The loan is expected to be used to provide for stimulus packages to for workers and create new jobs.

US national security adviser Jake Sullivan has criticized the world's major oil producers over their production speed.