Skip to main content

Oil prices up after OPEC+ cut

Saudi Arabia has been pushing for production cuts due to fluctuations in global oil prices.

Oil prices are at a three-week high following the decision by Saudi Arabia, Russia and other major oil producers to cut production. 

The price of Brent crude oil topped $94 a barrel today, the highest price since Sept. 14, according to market data.

Why it matters: The price increase follows the Organization of the Petroleum Exporting Countries agreeing with Russia and other allies — the so-called OPEC+ alliance — to reduce output by two million barrels per day starting in November.

Saudi Arabia, the largest oil producer in OPEC, has been lobbying for the production cut over price fluctuations this year. 

The United States has been pushing its Saudi ally to boost production in response to the high fuel prices following the Russian invasion of Ukraine. OPEC+ did increase production slightly, but then decreased it for October.

Biden administration officials called the OPEC+ supply cut "shortsighted" and accused the alliance of "aligning with Russia" in response to Wednesday's decision. 

The price basket of OPEC members' oil is also on the way up, going from $92.13 a barrel on Tuesday to $94.05 Wednesday, according to OPEC data

Know more: Qatar’s energy exports were up 100% on the year in August. 

What's next: Some analysts predict that Brent crude prices will rise up to above $100 a barrel again following the OPEC+ decision, according to Bloomberg

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in


The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.


What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

We also offer team plans. Please send an email to and we'll onboard your team.

Already a Member? Sign in

Gulf Briefing Gulf Briefing

Gulf Briefing

Top GCC stories in your inbox each week

Trend Reports

Saudi Crown Prince Mohammed bin Salman (4th R) attends a meeting with Chinese President Xi Jinping (3rd L) at the Great Hall of the People in Beijing on February 22, 2019. (Photo by HOW HWEE YOUNG / POOL / AFP) (Photo credit should read HOW HWEE YOUNG/AFP via Getty Images)

From roads to routers: The future of China-Middle East connectivity

A general view shows the solar plant in Uyayna, north of Riyadh, on March 29, 2018. - On March 27, Saudi announced a deal with Japan's SoftBank to build the world's biggest solar plant. (Photo by FAYEZ NURELDINE / AFP) (Photo credit should read FAYEZ NURELDINE/AFP via Getty Images)

Regulations on Middle East renewable energy industry starting to take shape

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial