OPEC

"This is a policy decision, it has been done after ​a careful look at current and future policies related to level of production," said UAE Energy Minister Suhail ​Mohamed al-Mazrouei

Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and Russia’s invasion of Ukraine

Saudi Energy Minister Abdulaziz bin Salman says OPEC+ 'will do whatever is necessary to bring stability to this market'

If approved, it would take the total volume of reductions to 4.66 million bpd, which amounts to around 4.5 percent of global demand

Thus far UAE, a member of the OPEC+ oil alliance that includes Russia, has maintained good ties with Moscow despite Western pressure

Kuwait is a key member within the Organization of Petroleum Exporting Countries (OPEC) and currently produces around 2.7 million barrels per day

Crown Prince Mohammed Bin Salman conditions progress on American support

Earlier reports on Monday said that Saudi Arabia was considering an 'increase of up to 500,000 barrels a day'

US-Saudi ties strained over Riyadh's backing for oil production cuts

'We've taken note since the OPEC+ cut that Saudi Arabia voted against Russia at the United Nations'

'The latest OPEC+ decision... was a purely technical decision, with NO political intentions'

Sullivan says no changes to the US-Saudi relationship were imminent as Biden re-evaluates it

The decision by OPEC to slash oil output is seen as a diplomatic slap to the face

Putin could also meet Turkey's Erdogan this week to discuss talks with the West over Ukraine

Western nations worry higher energy prices from reduced oil supply will hurt the fragile economy

Iran has the world's second-largest natural gas reserves, after Russia

Sources say that Saudi Arabia and the UAE possess nearly 2.0-2.7 million bpd of spare production capacity

'The smallest increase in OPEC+ history will do little to help the ongoing global energy crisis'

'The United States is invested in building a positive future of the region'

'There were never any talks of military or technical cooperation with Israel'

Major oil producers agree to add another 648,000 barrels per day in August, the same as for July

OPEC+ member nations are struggling to meet their oil supply targets

Saudi Arabia plans to ramp up oil production while working towards achieving net-zero carbon emissions by 2060

OPEC plans to increase production by a marginal amount to 432,000 barrels per day in May