Prince Faisal bin Farhan hailed the "historical and solid relationship" between the major oil exporter and Beijing after talks with his Chinese counterpart Wang Yi."Our meeting today comes at an important time, as it precedes the expected visit of the Chinese president to the kingdom," Prince Faisal told the Al...
OPEC+ agrees small oil output rise despite Biden plea
The cartel led by Saudi Arabia and Russia decided to raise production by 100,000 barrels per day for September, much lower than previous increases, according to a statement issued after a ministerial videoconference. Oil prices seesawed following the announcement, rising before falling more than two percent in afternoon trading, with...
OPEC+ to discuss its output strategy after Biden’s Saudi visit
After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise production last year and has renewed the policy every month. Its output is supposed to have returned to pre-Covid levels -- but only on paper as members of the 23-nation group...
