OPEC backs bigger output boost amid Russian isolation
Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports. However, pressure has been rising for the 23-strong cartel to boost output and seek to stabilise prices, which have hit record highs since Russia invaded Ukraine, drawing heavy Western sanctions. Oil prices sank more than 2% early Thursday on a similar Financial Times report that said Saudi Arabia was considering a plan to boost output as Russia struggles to meet targets owing to Ukraine war-linked sanctions. Ahead of the meeting, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said Saudi Arabia and United Arab Emirates could fill some of the gap as Russia is hit by Western oil sanctions.
U.S. sanctions hit Russian oil supply to India; BPCL says supplies may be impacted
Discover Related
Goldman Sachs Estimates Oil Prices To Continue Falling In 2026 As US-China Trade War Escalates
Crude oil prices hit four-year low on recession fear, Trumnp’s tariffs, Saudi Arabia’s rate cut
Why are falling oil prices bad news for Vladimir Putin?
How Trump’s ‘maximum pressure’ over Iran can hurt his MAGA dream
Fall in oil prices poses risk to Russian economy, TASS cites central bank chief
Is India firmly positioned to manage U.S. sanctions on Russian oil?
Trump Says He’s ‘Very Angry’ With Putin, Threatens Oil Penalties
'Pissed off' Trump threatens up to 50% tariff to pressure Putin on Ukraine deal
India denies entry to Russian oil loaded ship over documentation, sources say
Trump's Venezuelan oil tariff threat to have little impact on India, experts say
Why refining margins stayed subdued in FY25. Hint: Shrinking Russian discounts
Europe imports more Russian gas, aiding wartime economy, report finds
Russian oil freight rates from Baltic ports to India ease as more Western shipowners return
Trump tariffs on Venezuela crude buyers are a potent new tool of US pressure
Trump Vows 25% ‘Secondary’ Tariff on Buyers of Venezuelan Oil
European Gas Erases Gains as Traders Assess Transit Point Attack
Russia touts economic opportunities. Western companies are wary.
US hits Iran’s oil minister and shadow fleet with new sanctions
Ukraine, Russia energy assets in focus as Trump-Putin talks loom