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News Articles: OPEC

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, on March 3, 2022.

Tagged as: 

  • Business

OPEC keeps oil targets the same amid uncertainty on Russian sanctions

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.

December 04, 2022
|
By:
  • The Associated Press
An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, Oct. 11, one of the largest facilities for oil and petroleum products in southern Russia. The deadline is looming for Western allies to agree on a price cap on Russia oil.

Tagged as: 

  • World

What to know about the West's new efforts to slash Russia's oil revenue

Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.

December 02, 2022
|
By:
  • Jackie Northam
Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a news conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on Oct. 5.

Tagged as: 

  • World

The White House accuses Saudi Arabia of aiding Russia and coercing OPEC oil producers

A major oil output cut by Saudi Arabia, Russia and other oil producers has drawn sharp accusations in Washington.

October 13, 2022
|
By:
  • Jackie Northam
An Austrian soldier guards the entrance of the OPEC headquarters in Vienna on October 4, on the eve of the 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting. OPEC and its allies agreed to reduce their production quotas at that meeting.

Tagged as: 

  • Business

Gloom oozes from energy forecasts that show oil demand dropping, heating bills rising

The weakening economy around the world will drive down demand for oil in the coming months, according to OPEC, while the U.S. government warns that households will pay more for heat this winter.

October 12, 2022
|
By:
  • Camila Domonoske
A man walks past OPEC headquarters in Vienna on Tuesday on the eve of the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting. The in-person meeting of OPEC members led by Saudi Arabia and allied members headed by Russia will be the first in the Austrian capital since the spring of 2020.

Tagged as: 

  • World

Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

October 05, 2022
|
By:
  • Jackie Northam
A gas pump is seen at a gas station in Houston on June 9. Gas prices have dropped below $4 a gallon in parts of the country, although the national average remains above that level.

Tagged as: 

  • Economy

Gas prices are finally dropping. Here are 4 things to know

The average price of gasoline nationwide is expected to drop below $4 a gallon in the coming days as prices continue to fall from the record highs hit in June.

August 06, 2022
|
By:
  • Scott Horsley
Smoke rises from the Metallurgical Combine Azovstal in Mariupol, eastern Ukraine, on Thursday. Heavy fighting is raging at the besieged steel plant as Russian forces attempt to finish off the city's last-ditch defenders and complete the capture of the strategically vital port.

Tagged as: 

  • Europe

Russia-Ukraine war: What happened today (May 5)

A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.

May 05, 2022
|
By:
  • NPR Staff
A gas pump is seen at a Shell gas station in Houston on April 1.

Tagged as: 

  • Business

What Europe's ban of Russian oil could mean for energy markets – and your gas prices

The EU ban on Russian oil imports will likely lead to higher crude and gasoline prices, further upending energy markets.

May 05, 2022
|
By:
  • Brittany Cronin
Gasoline prices are displayed at a Chevron gas station in downtown Los Angeles on Feb. 18. Crude oil prices are surging toward $100 a barrel, raising the prospect of even higher gasoline prices.

Tagged as: 

  • Business

Oil prices are surging toward $100 a barrel. Here's what that means for you

The threat of war between Russia and Ukraine is driving prices sharply higher, but there's more at play than just geopolitical tensions.

February 22, 2022
|
By:
  • Camila Domonoske
High gas prices are posted at a gas station in Beverly Hills, Calif., on Nov. 7. Gas prices are surging across the country yet there's effectively little the Biden administration can do.

Tagged as: 

  • Business

Gasoline prices are surging. Can Biden actually do something about it?

Presidents don't set the gas price you pay at the pump, but they're often blamed for it. And right now, high energy prices are helping send inflation to an over 30-year high.

November 15, 2021
|
By:
  • Camila Domonoske
Gas prices are displayed at a Chevron station on June 14 in Los Angeles. A meeting of the oil cartel known as OPEC+ ended in drama, leading to intense volatility in crude prices.

Tagged as: 

  • Energy

Oil Prices Are In Turmoil Right Now. Here Are 5 Things You Need To Know

Oil prices were surging, but a dramatic meeting of many of the world's crude producers has thrown things into a bit of turmoil.

July 07, 2021
|
By:
  • Camila Domonoske
Saudi Energy Minister Abdulaziz bin Salman speaks at an investment conference in Riyadh, Saudi Arabia, on Jan. 27. OPEC and its allies on Thursday decided to gradually boost oil production in anticipation of a rebound in crude demand over the summer.

Tagged as: 

  • Business

OPEC+ To Gradually Boost Oil Production Ahead Of Expected Summer Rebound In Demand

Citing vaccination rollouts and various stimulus packages globally, the powerful oil cartel and its allies made a surprise announcement that it would gradually boost oil production over three months.

April 01, 2021
|
By:
  • Camila Domonoske
A pumpjack operates in the desert oil fields in southern Bahrain on April 22, 2020. Bahrain and other members of the OPEC+ alliance decided Thursday to keep output largely unchanged as they hope to push crude prices even higher after a recent rally.

Tagged as: 

  • Energy

OPEC And Allies Keep Oil Production Steady As Saudi Arabia Urges 'Caution'

Oil prices have risen remarkably over the last few months. Now the powerful oil cartel is keeping a lid on supply in an attempt to push crude prices even higher.

March 04, 2021
|
By:
  • Camila Domonoske
Sheikh Ahmed Zaki Yamani, Saudi Arabia's then-oil minister on Dec. 1, 1973, in London during talks on the oil crisis.

Tagged as: 

  • World

Ahmed Zaki Yamani, Key To Making Saudi Arabia A World Oil Power, Dies At 90

He was Saudi Arabia's oil minister for nearly 25 years, rising to fame for engineering the 1973 oil embargo and negotiating Saudi control of Aramco from U.S. fuel giants.

February 24, 2021
|
By:
  • Jackie Northam
Prince Abdulaziz bin Salman, Saudi Arabia's minister of energy, chairs a virtual Group of 20 ministers meeting in April. The Saudi-led OPEC cartel decided to boost production modestly amid considerable uncertainty about the global economy.

Tagged as: 

  • Energy

OPEC To Boost Output Modestly, Ending Divisive Talks Amid Uncertain Global Economy

The group had been expected to delay production increases for several months, given the ongoing impact of the coronavirus pandemic. But after days of deliberations it agreed on a small increase.

December 03, 2020
|
By:
  • Camila Domonoske
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