United Arab Emirates to quit oil cartel OPEC

The United Arab Emirates (UAE) is quitting the OPEC and OPEC+ groups of major oil producing nations next month after nearly 60 years of membership.

Oil Falls With Brent Reaching Below $80 Per Barrel Mark Amid OPEC+ Uncertainty

 Crude oil prices fell on Monday, with the Brent benchmark settling beneath the key $80 per barrel level amid concerns on whether global producer alliance OPEC+ would be able to restrict supply meaningfully to a market weakened by demand uncertainty.

Riyadh Defends OPEC+ Decision to Reduce Oil Production, Rejects US Criticism

The Saudi government dismissed the US criticism of a recent OPEC+ decision to reduce oil production and defended it as a “purely economic” decision.

US Reviewing Number Of Response Options Against Saudi Arabia Over OPEC+ Cuts - Blinken

Washington is considering "a number of response options," including against Saudi Arabia," after the Organization of the Petroleum Exporting Countries (OPEC) decided to cut oil production by two million barrels per day, US Secretary of State Antony Blinken said on Thursday.

Pandemic causes dizzying drop in global oil demand - Algerian minister - TASS

An extremely difficult situation has developed in the global economy and in the oil markets due to the pandemic, Minister of Energy of Algeria, President of the OPEC conference Abdelmadjid Attar said at the 105th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) held in a videoconference format.

Chinese Stocks Rise in Wake of OPEC Oil Output Freeze Decision

Early Thursday trading on the Chinese stock exchanges was marked by growth following the oil output freeze agreement of the Organization of the Petroleum Exporting Countries (OPEC).

Oil Prices Decline Friday as Iran Prepares to Enter Energy Market

World oil prices continued to decline Friday as Brent crude fell by over 3 percent against yesterday's close, while West Texas Intermediate (WTI) fell by over 5 percent, according to trading data.

Tunisia reopens crossing point on border with Libya

Libyan vehicles on Saturday crossed into Tunisia's border town of Ben Gardane in the southeastern province of Medenine for the first time after the end of three-week protests that caused the closure of Libya's Ras Ajdir border point with Tunisia.

Fighting Breaks Out Near Libya-Tunisia Border Crossing

Tunisia closed its largest border point with Libya at Ras Gdair on Sunday following heavy clashes between the forces of retired Libyan General Khalifa Haftar and the Dawn of Libya rebel forces.

Venezuela blames U.S for global oil price slump

CARACAS, Oct. 16 (Xinhua) -- Venezuelan President Nicolas Maduro on Thursday blamed Washington for the slump in global oil prices.

Washington is "flooding" the market with cheaper shale oil to bring down prices and ultimately impact Russia and other oil-producing nations, Maduro said at a televised Cabinet meeting.

"The U.S. and its allies want to affect oil prices to harm Russia, which produces around 10 million barrels per day, and that is the vital income of their economy," said Maduro.