- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
- Stay or go? Pacific Islanders face climate's grim choice
- Florida bracing for 'unsurvivable' Hurricane Helene
- Poverty rises to over 52 percent in Milei's Argentina
- Chloe's see-through look may not be for Kamala Harris
- Champagne houses abuzz over English sparkling wine
- Macron, Trudeau pledge to work for 'decarbonized' economies
- Hurricanes, storms, typhoons... Is September wetter than usual?
- China stimulus, tech optimism boost stock markets
- 'Unsurvivable' Hurricane Helene races towards Florida
- Macron meets Trudeau in Canada as both face political setbacks
Oil volatility 'worse' without OPEC+ bloc that includes Russia: Saudi
Volatility on oil markets sparked by Russia's invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the alliance that includes Russia deserves credit.
Oil shot up to nearly $140 on supply fears after Russia sent troops into its neighbour on February 24, and the price of crude is still trading at well over $100 a barrel.
"I certainly believe that if it wasn't for OPEC+ existing, we would not be celebrating a sustainable energy market... even with today's volatility," Prince Abdulaziz bin Salman said.
"Volatility would have even be worse if OPEC were not together and did not exist," the Saudi minister told the World Government Summit in Dubai.
The 13-member, Saudi-led Organization of the Petroleum Exporting Countries (OPEC) has so far resisted calls to lift production further following the Russian invasion of Ukraine. OPEC+ comprises another 10 countries including Russia.
Prince Abdulaziz said OPEC, which also includes Saudi Arabia's regional foe Iran, was strictly non-political.
"When we get into the OPEC meeting room or building, everybody leaves his politics outside the door of the building, and that culture has been with us," he said.
He also warned that attacks by Yemen's Iran-backed Huthi rebels on Saudi oil facilities, including a wave of drone and missile strikes on Friday, "put into question our ability to supply the world with the necessary energy requirements".
- 'Trust us' -
The United Arab Emirates' Energy Minister Suhail al-Mazrouei called for "trust" from the West, rather than being told to "do this or do that".
"What we need is pragmatism, we need to look at the objective of the energy and what we are asking for, not to tell us do this or do that," Mazrouei said.
"We need their understanding that what we are doing is to the benefit of the consumers," Mazrouei added, referring to Washington, which he described as an "important partner".
"When we say this is the right way to do it, we know it from experience, so trust us."
The OPEC+ alliance plans to increase output by 400,000 barrels a day in April, the same pace as in past months, despite calls for it to accelerate production by even more.
Since launching its assault on Ukraine, Russia has been hit by a raft of Western sanctions and expelled from world organisations, including the Group of 20 major economies.
Mazrouei said that ousting any OPEC+ member from the alliance would not benefit consumers.
"Our aim is to calm the market, trying to come up with volumes as much as possible, and if we are asking anyone to leave, then we are raising the prices, then we are doing something against what the consumers want," he said.
X.Wong--CPN