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The Latest Breaking News from Oil

Rockets, Feathers, and Rising Gasoline Prices

Saudi Arabia snubs Biden by advocating OPEC cut oil production by 2 million barrels per day.

Reason

OPEC+ agrees to cut oil production to boost prices

The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

France 24

96-cent hike in two weeks: California gas prices shrouded in secrecy amid historic cost spike

As Californians look down the barrel of gasoline prices just cents away from hitting another all-time record, Gov. Gavin Newsom is quick to blame the oil industry for “ripping you off.” But even as Sacramento considers levying a punitive tax on oil companies, experts say state regulators have woefully little…

Tribune News Service

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Hashish oil worth over ₹1 crore seized in Kochi, two arrested

The duo reportedly brought the substance from Andhra Pradesh

The Hindu

France taps strategic fuel reserves as refinery strike grinds on

France has tapped its strategic fuel reserves to resupply petrol stations that have run dry, the government said on Wednesday, amid strikes by workers at refineries and depots that have stunted production and blocked deliveries.

Reuters

OPEC+ cuts oil production by 2m barrels a day despite US pressure

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months.

Al Jazeera

Fears grow over oil price as Opec+ agrees to bigger than expected output cuts

Cartel curbs production by 2m barrels a day despite strong US pressure, further squeezing supplies

The Guardian - UK

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Alphabet, Electronic Arts And This Technology Stock Insiders Are Selling

US crude oil futures traded higher this morning on Wednesday. Investors, meanwhile, focused on some notable insider trades.

Benzinga

What OPEC's 2 million-barrel cut could mean for U.S. gas prices

OPEC and Russia are looking to prop up prices that have fallen greatly since early June.

Axios

Putin and the prince: fears in west as Russia and Saudi Arabia deepen ties

Prince Mohammed’s decision to strengthen relations has alarmed allies, but he has long admired Russian leader

The Guardian - UK

EU agrees on price cap for Russian oil over Ukraine war

European Union countries have agreed to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine

The Independent UK

Cops: Fake 911 call helped unravel Vermont murder for hire

A Los Angeles biotech investor is back in Vermont where he is facing a murder for hire charge for his alleged role in the 2018 kidnapping and death of a Danville man

The Independent UK

A Mediterranean diet isn’t just for summer – here’s 14 recipes to prove it

If you’re looking to add a touch of colour to your autumn/winter rotation, this huge list of Mediterranean recipes is your friend, says Hannah Twiggs

The Independent UK

Editorial: Biden puts clean energy future ahead of today’s oil needs

Note to those in the clean energy business: Joe Biden is working overtime to send you a kiss in the mail.

Boston Herald

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Reuters

OPEC+ agrees deep oil production cuts, Biden calls it shortsighted

OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.

The Guardian - UK

Britain’s economic crisis offers an opportunity for new ideas – Labour must be ready

Just as the neoliberals took advantage of the mess of the 70s, so the left can offer its own radical solutions for today’s turmoil

The Independent UK

OPEC+ weighs large oil cutback to boost sagging prices

A cut in oil production is on the table when OPEC oil-producing countries meet Wednesday

Asharq Al-Awsat

Sudan Drops Petrol, Diesel Prices

Sudanese authorities announced the reduction of fuel prices following their monthly review of local production and developments in global oil production. Petrol prices fell on Tuesday from SDG700 to SDG522 per liter, while diesel prices decreased slightly from SDG687 to SDG672 per liter. Up until August, Sudan had the fourth…

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Reuters

Putin ally compares Nord Stream sabotage to CIA-backed attacks of 1980s

One of President Vladimir Putin's top allies said on Wednesday that the sabotage of the Nord Stream offshore gas pipelines resembled the U.S. Central Intelligence Agency-backed attacks on oil infrastructure in Nicaragua in 1983.

WEKU

Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

The Guardian - UK

White House ‘disappointed’ as Opec+ cuts production by 2m barrels per day – business live

Oil cartel and allies including Russia make biggest cut in output since the start of the pandemic, despite pressure from the White House

The Guardian - UK

UK supermarkets accused of raising fuel margins despite petrol price drop

Cost of filling up car has fallen to below £90 but RAC says major retailers are taking extra 10p a litre in margins

The Guardian - UK

Neglected oil painting identified as work of Richmond Barthé

National Trust also identifies sitter of Seated Man in a Landscape as sculptor’s domestic helper

Asharq Al-Awsat

Energy Crisis Feared by Europe Long a Reality in Iraq

Europe may fear an energy crisis over the coming winter, but for Iraqis an unstable power supply and frequent blackouts have been a reality during decades of war and turmoil. The Middle Eastern country is rich in oil, but endemic corruption and devastating conflict have taken a heavy toll on…

Bangkok Post

Opec+ expected to slash oil output

VIENNA: Major oil producers led by Saudi Arabia and Russia were set to meet Wednesday as reports said they were mulling an output cut of up to 2 million barrels per day in a bid to prop up slumping prices.

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