Opec Plus | The cartel and its allies that keep oil on the boil
2 years, 7 months ago

Opec Plus | The cartel and its allies that keep oil on the boil

The Hindu  

OPEC Plus countries, an alliance between the Organization of the Petroleum Exporting Countries and other major oil producers, are in the limelight as global oil prices soared above $120 a barrel last week as supplies failed to keep up with rising demand. OPEC Plus countries, which control more than 50% of the world’s crude supplies, had joined hands to cut down oil production by 10 million barrels a day in 2020. It is feared that as the global economy gets back on its feet, the failure of OPEC Plus countries to increase output quickly enough to pre-pandemic levels could cause oil prices to stay high. | In Focus podcast / repeat shuffle Market power Countries that depend on oil imports to meet their energy needs have been trying to find ways to tackle OPEC’s market power. Some economists have argued that, if it weren’t for OPEC, the global oil market would resemble the U.S. shale market that is characterised by many small producers competing against each other.

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History of this topic

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
1 month ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
1 month ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
1 month, 2 weeks ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
5 months ago

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi oil giant Aramco reported …

Russian deputy PM says global oil market will be balanced from second half of 2024
5 months, 3 weeks ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
6 months, 4 weeks ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag
7 months, 1 week ago

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia and allied oil …

Oil producers led by Saudis extended supply cuts amid slack prices
7 months, 1 week ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

Opec cartel to extend cuts to oil output in bid to prop up prices
7 months, 1 week ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS
7 months, 1 week ago

What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS

India TV News  

The Organisation of the Petroleum Exporting Countries and its allies including Russia are known collectively as OPEC+ convened meeting on Sunday, June 2, and discussed their joint oil production policy. Because of its large market share, the decisions OPEC makes can affect global oil prices. After that development, OPEC+ reduced oil production by 10 million barrels a day, which is …

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants
10 months, 1 week ago

OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants

Associated Press  

NEW YORK — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter. Despite the recent increase, Brent’s going price is still modest — …

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts
1 year, 1 month ago

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts

The Telegraph  

Vladimir Putin and the leader of Saudi Arabia have urged members of the Opec+ oil cartel to follow through with an agreement to cut supplies as oil prices plunge. The joint statement read: “In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the Opec+ countries in enhancing the stability of …

Some OPEC+ members will cut the oil that they send to the world to try to boost prices
1 year, 1 month ago

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

Associated Press  

LONDON — 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. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks …

An unruly OPEC is causing problems for Russia and Saudi Arabia
1 year, 1 month ago

An unruly OPEC is causing problems for Russia and Saudi Arabia

Live Mint  

The November meeting of the Organisation of the Petroleum Exporting Countries and its partners was meant to be a staid affair. After acquiescing to lower output quotas at their previous meeting in June, Opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. Saudi Arabia and Russia …

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?
1 year, 1 month ago

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?

Live Mint  

The Organization of the Petroleum Exporting Countries and allies including Russia or OPEC+ will hold its ministerial meeting on Thursday, November 30 to announce the oil output supply decision for 2024. Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day, about 5 per cent of daily global …

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023
1 year, 1 month ago

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023

Live Mint  

World's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC, to …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 3 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

Saudi Arabia defends oil supply cuts as prices hit fresh high
1 year, 3 months ago

Saudi Arabia defends oil supply cuts as prices hit fresh high

The Telegraph  

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel. Oil prices have surged by more than 30pc since …

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut
1 year, 4 months ago

Oil Prices Surge as Saudi Arabia and Russia Extend Global Production Cut

News 18  

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi Arabia and Russia had “demonstrated …

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December
1 year, 4 months ago

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi …

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers
1 year, 7 months ago

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers

Associated Press  

FRANKFURT, Germany — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, …

OPEC Plus will continue oil output cuts as prices remain unchanged
1 year, 7 months ago

OPEC Plus will continue oil output cuts as prices remain unchanged

India TV News  

The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia. In April, Saudi …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Saudi Arabia announces fresh output cut to boost oil price
1 year, 7 months ago

Saudi Arabia announces fresh output cut to boost oil price

New Indian Express  

The announcement came following a meeting of the 13-member Organization of the Petroleum Exporting Countries headed by Saudi Arabia and its 10 partners, led by Russia. In April, several OPEC+ members agreed to cut production voluntarily by more than one million bpd -- a surprise move that briefly buttressed prices but failed to bring about lasting recovery. 'No disagreement' Russia's …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 7 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data
1 year, 8 months ago

Oil Prices Today: Oil edges lower in cautious trade ahead of US inflation data

Live Mint  

Oil prices edged lower on May 9, relinquishing some of the strong gains of the previous two sessions amid cautious trading ahead of US inflation data for April, which will be key to the Federal Reserve's next interest rate decision. The oil cartel last cut crude output in April with an aim to provide market stability, as per Saudi Arabia, …

Why OPEC's crude oil production cut is bad news for India
1 year, 9 months ago

Why OPEC's crude oil production cut is bad news for India

India Today  

The surprise cut in crude oil production by the Organization of Petroleum Exporting Countries on April 2 has shocked commodity markets worldwide, with Brent crude prices climbing $5 a barrel. OPEC’s decision to cut 1.16 million barrels of oil per day to shore up prices has put the world economy, which is already looming under the threat of a recession, …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

OPEC+ cuts put $100/bbl oil back in sight
1 year, 9 months ago

OPEC+ cuts put $100/bbl oil back in sight

Live Mint  

Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. "The U.S. administration may also argue that higher oil prices will counter its efforts to put out the inflation fire," he added. "Producing …

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost
1 year, 9 months ago

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries – Firstpost

Firstpost  

OPEC+, the group of oil producers led by Saudi Arabia, announced a cut of more than one million barrels per day from May until the end of the year. While it said the move was aimed at maintaining stability, many experts believe it is a sign of Riyadh’s independence from Washington Its Manic Monday in the oil markets a day …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

Russia threatens to slash oil supplies in 2023, spooks markets
2 years ago

Russia threatens to slash oil supplies in 2023, spooks markets

Al Jazeera  

Moscow warns it may cut production by 5-7 percent in early 2023 as the energy war with the West deepens. Russia may cut oil output by 5-7 percent in early 2023 and halt sales to countries supporting a price cap on its crude and oil products, a senior official has said. “Crude prices are higher as energy traders focus on …

OPEC+ agrees to keep output levels unchanged
2 years, 1 month ago

OPEC+ agrees to keep output levels unchanged

The Hindu  

Major oil-producing countries led by Saudi Arabia and Russia agreed on December 4 to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. OPEC+ described its October decision to cut as one "which was purely driven by market considerations", adding that it had been "the necessary and …

OPEC keeps oil supply cuts amid uncertainty about effect of Russian sanctions
2 years, 1 month ago

OPEC keeps oil supply cuts amid uncertainty about effect of Russian sanctions

LA Times  

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. The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start …

G7's price cap on Russia oil 'to benefit low, medium-income nations': US
2 years, 1 month ago

G7's price cap on Russia oil 'to benefit low, medium-income nations': US

Hindustan Times  

The United States on Friday welcomed the G7, European Union and Australia's US$60 price cap on Russian oil and said the move will 'particularly benefit low- and medium-income countries borne the brunt of elevated energy and food prices' caused by Russia's war on Ukraine. The US treasury secretary also said the cap will encourage flow of discounted Russian oil and …

U.S. terms OPEC+ decision on oil production a ‘mistake’, says it has favoured Russia
2 years, 2 months ago

U.S. terms OPEC+ decision on oil production a ‘mistake’, says it has favoured Russia

The Hindu  

The move of the OPEC and its allies to cut oil production is a “mistake” and a “short-sighted” decision that has favoured the Russians and the U.S. is going to re-evaluate its ties with Saudi Arabia, the White House has said. Members of the Organisation of the Petroleum Exporting Countries and their Russia-led allies earlier this month agreed on a …

Explained | Why has OPEC+ cut oil production? How will it affect India and the world?
2 years, 2 months ago

Explained | Why has OPEC+ cut oil production? How will it affect India and the world?

The Hindu  

The story so far: On October 4, the Organization of Petroleum Exporting Countries and its allies, known as OPEC+ slashed oil production output by 2 million barrels per day, boosting crude oil futures. In its first face-to-face meeting since the start of the COVID-19 pandemic, OPEC+ cut oil production by 2 million bpd starting in November, stating that the decision …

How OPEC's oil cuts are souring the relationship between the US and Saudi Arabia
2 years, 2 months ago

How OPEC's oil cuts are souring the relationship between the US and Saudi Arabia

ABC  

The world's major oil producers have decided to slash the amount of oil they deliver to the global economy, driving up prices and souring the relationship between the US and Saudi Arabia. The Organisation of the Petroleum Exporting Countries Plus, which includes Russia and Saudi Arabia, announced last week it would cut production by 2 million barrels a day, which …

Energy is set to shape the geopolitical order
2 years, 2 months ago

Energy is set to shape the geopolitical order

Hindustan Times  

A confrontation is brewing between erstwhile allies Saudi Arabia and the United States over a decision by OPEC+ to cut oil production by two million barrels a day from November. It is also a moment of personal embarrassment for Mr Biden, who publicly reversed his position by visiting Saudi Arabia and pushing crown prince Mohammed bin Salman to boost oil …

‘Balanced, thoughtful’: Russia praises OPEC for production cut
2 years, 3 months ago

‘Balanced, thoughtful’: Russia praises OPEC for production cut

Al Jazeera  

US fears a spike in gasoline prices ahead of the midterm elections after OPEC+ decision to cut oil production by two million barrels per day starting in November. Russia praised OPEC+ on Sunday for agreeing to sharply cut oil production and fight what it called the “mayhem” sown by the United States in global energy markets. The 13-nation OPEC+ group’s …

EXPLAINER: How will OPEC+ cuts affect gas prices, inflation?
2 years, 3 months ago

EXPLAINER: How will OPEC+ cuts affect gas prices, inflation?

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy. “We are going through a period of diverse uncertainties which could come our way, it’s a brewing cloud,” he said, and OPEC+ sought to remain “ahead of the curve.” He described the group’s role …

EXPLAINED: How Will OPEC+ Cuts Affect Oil Prices, Inflation?
2 years, 3 months ago

EXPLAINED: How Will OPEC+ Cuts Affect Oil Prices, Inflation?

News 18  

Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy. “We are going through a period of diverse uncertainties which could come our way, it’s a brewing cloud,” he said, and OPEC+ sought to remain “ahead of the curve.” He described the group’s role as “a moderating …

Is OPEC ‘aligning with Russia’ after production cuts?
2 years, 3 months ago

Is OPEC ‘aligning with Russia’ after production cuts?

Al Jazeera  

The United States has accused OPEC oil-producing nations of siding with Russia after a decision to cut oil output. White House press secretary Karine Jean-Pierre told reporters on Wednesday that the OPEC+ decision was “short-sighted” as the global economy was still languishing from “the continued negative impact of Putin’s invasion of Ukraine”. A gamble on high prices Kuwait’s acting oil …

Why Saudi Arabia defied the US over OPEC oil supply cut
2 years, 3 months ago

Why Saudi Arabia defied the US over OPEC oil supply cut

CNN  

Editor’s Note: A version of this story first appeared in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Abu Dhabi CNN — Saudi Arabia’s energy minister once famously said that the kingdom “derives pleasure from keeping everyone on their toes.” That is likely how White House officials and Democratic politicians were left feeling …

Why is OPEC+ cutting oil production and what’s next?
2 years, 3 months ago

Why is OPEC+ cutting oil production and what’s next?

Al Jazeera  

The move comes ahead of the European Union embargoes on Russian energy over the Ukraine war. Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd, a response to rising global interest rates and a weakening world economy. Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear …

White House calls OPEC Plus supply decision ‘shortsighted’
2 years, 3 months ago

White House calls OPEC Plus supply decision ‘shortsighted’

The Hindu  

Reacting to the oil cartel OPEC’s decision to cut production, the White House said U.S. President Joe Biden was “disappointed”, calling the decision “shortsighted”. “At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,” U.S. …

OPEC+ makes big oil cut to boost prices; pump costs may rise
2 years, 3 months ago

OPEC+ makes big oil cut to boost prices; pump costs may rise

Associated Press  

FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. The group said the decision was based on the “uncertainty that surrounds the global …

OPEC+ makes big oil cut to boost prices; pump costs may rise
2 years, 3 months ago

OPEC+ makes big oil cut to boost prices; pump costs may rise

The Hindu  

The OPEC+ alliance of oil-exporting countries decided on Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. The decision comes as oil trades well below its summer peaks because of fears that major …

OPEC+ Approves Large Oil Cutback That Could Scramble Midterms, Boost Russia
2 years, 3 months ago

OPEC+ Approves Large Oil Cutback That Could Scramble Midterms, Boost Russia

Huff Post  

FILE - The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. via Associated Press FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise …

OPEC+ cuts oil production by 2m barrels a day despite US pressure
2 years, 3 months ago

OPEC+ cuts oil production by 2m barrels a day despite US pressure

Al Jazeera  

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months. “At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,” it said in a statement attributed …

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