OPEC

Discounts make Russia third-largest oil supplier to India
Refiners in India, the world’s third-biggest oil consumer and importer, have been gorging on discounted Russian oil.
Published On 17 Jan 2023
OPEC+ keeps oil targets amid weakening economy, Russian sanctions
Cartel wants to gauge impact of two measures aimed at hitting Russia’s oil revenues: price cap and EU boycott.
Published On 4 Dec 2022
Turkey accuses US of ‘bullying’ Saudi Arabia over OPEC+ oil cuts
Turkey’s foreign minister slams US for ‘bullying’ Saudi Arabia after OPEC+ announced oil production cuts.
Published On 21 Oct 2022
‘Troubled marriage’: Oil spat unlikely to break US-Saudi ties
Analysts say shared interests will sustain ties despite Washington’s promise of ‘consequences’ over oil production cuts.
Published On 19 Oct 2022

OPEC+ group has agreed to its deepest cuts to oil production since the coronavirus pandemic, and the US is not happy.

The US criticised the kingdom for insisting last week’s output cut was economically rather than politically motivated.

Essential Middle East dissects the motivations behind the latest oil production cut.

The world economy has entered into a time of ‘heightened uncertainty and rising challenges’, OPEC said.

The US is facing rising recession fears even as economic indicators point to mixed signals.

Kremlin says decision, which could cause petrol prices to rise, helps counteract US manipulation of oil markets

The United States has accused OPEC oil-producing nations of siding with Russia after a decision to cut oil output.

Riyadh defends decision to curb oil output, saying move aims to stabilise the oil market, not drive up prices.

Inflation is on the minds of American voters as they head to the polls next month to decide who will control Congress.

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months.

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