Producers' group reacts as the Middle East crisis threatens to fan a geopolitical risk driven oil price spike in a market that seemed pretty well supplied until now.

The Organization of the Petroleum Exporting Countries and its allies agreed Sunday to a larger-than-expected oil output hike following the U.S. and Israeli strikes on OPEC member Iran. The Saudi Arabia-led cartel’s move will likely be seen as an attempt to stabilize energy markets.

OPEC Plus Group on Sunday agreed to increase oil output by 206,000 barrels per day during the upcoming month of April.Representatives of the eight member s...

Daniel Hynes of ANZ says that if there are major disruptions to oil supplies out of the Middle East, a pick up in Russian oil exports won't make a big difference. He also expects oil prices to continue to rise next week,

OPEC's spare capacity exists largely on paper, concentrated in Saudi Arabia and the UAE, but bringing it online could take up to 90 days, and logistical constraints through Hormuz mean spare capacity does not necessarily translate into deliverable barrels.

OPEC 12 output decreased by 135 kb/d with the largest increases from Iraq (38 kb/d), UAE (14 kb/d), and Saudi Arabia (13 kb/d). Read more here.

By Pablo Sinha and Kavya Balaraman Feb 27 (Reuters) - Supply risks from ongoing geopolitical tensions have prompted analysts to raise their oil price forecasts for the year, despite concerns that an oversupply will continue to weigh on the market.

OPEC+ agreed on Sunday to raise oil output by a modest 206,000 barrels per day (bpd) in April, opting for a cautious supply increase even as the U.S.-Israeli war on Iran disrupts shipments across the

The majority of the compensation cuts need to be delivered by ‌Kazakhstan, followed by Iraq, the UAE ⁠and Oman