OPEC+

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No OPEC+ oil shakeup as Russian price cap stirs uncertainty

FRANKFURT, Germany (AP) — The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market.

https://apnews.com/article/europe-business-china-economy-moscow-507d8b12f7179aa185208029b755eb1d?

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G-7, Europe reach deal for price cap on Russian diesel

BRUSSELS (AP) — U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union.

https://apnews.com/article/russia-ukraine-government-european-union-moscow-europe-7f84f7fec9c025ee27fe870366a5837a

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How will EU ban and West’s price cap on Russian diesel work?

FRANKFURT, Germany (AP) — The European Union is taking another big step toward cutting its energy ties with Russia. The 27-nation bloc is banning Russian refined oil products like diesel fuel and joining the U.S. and other allies in imposing a price cap on sales to non-Western countries.

https://apnews.com/article/russian-diesel-fuel-embargo-explainer-28b9043593c7cb92e032aa451c837b39?

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Some OPEC+ members will cut the oil that they send to the world to try to boost prices

LONDON (AP) — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold.

https://apnews.com/article/opec-oil-prices-saudi-arabia-russia-b7e7be4f92afc9ad1ba35830aa0da818?

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What is OPEC?

OPEC—the Organization of the Petroleum Exporting Countries—was founded in Iraq in 1960 to coordinate oil policy among major exporters. Initially a reaction to Western dominance of global oil markets, it evolved into a powerful bloc capable of reshaping global energy prices, geopolitics, and development.

 

OPEC works by setting production quotas for each member country. By coordinating supply cuts or increases, the group can tighten or loosen global oil supply, pushing prices up or down.

 

Today, OPEC has 12 member countries spanning the Middle East, Africa, and South America—Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela—and works closely with nonmember oil-producing allies in the wider OPEC+ group.

... Read our full explainer on the group here.

 

Also, check out ... 

> How OPEC first used oil as a geopolitical weapon in 1967. (More)

> Trace the rise of oil from early drilling to global power. (More)

> How does the broader OPEC+ group work? (More)

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United Arab Emirates says it will leave OPEC in a blow to the oil cartel

The United Arab Emirates announced that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers and further weakening its leverage over global oil supplies and prices. The UAE’s decision had been rumored as a possibility for some time, as it pushed back in recent years against OPEC production quotas it felt had been too low. Regional politics are also likely at play. Read more.