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The Latest Breaking News from Oil

Stocks Set to Open Mostly Lower as Inflation Worries Return after OPEC+ Surprise

June S&P 500 futures (ESM23) are down -0.10%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.61% this morning after three major U.S. benchmark indices rallied on Friday as signs of cooling inflation bolstered hopes that the Fed may be close to ending its rate-hiking cycle.

Barchart

Oil prices surge after Opec+ production cuts

Shell and BP saw their share prices rise following a jump in the price of oil.

The Independent UK

The aerospace industry needs climate-friendly fuel. Can WA help?

Snohomish County and Washington State University have partnered to establish a center in Everett, Washington, to help develop fuels that will allow the commercial aerospace industry to grow as carbon emissions restrictions begin to bite in the decade ahead.

Tribune News Service

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Recipe of the week: prawn, spring onion and curry leaf pancakes

There is something special about a prawn pancake – and this one is an unusual marriage of Korean and Indian traditions, says Sabrina Gidda. I like to eat mine drizzled with some crispy garlic oil.

The Week

Oil surges 8% after OPEC+ blindsides market with production cut

Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts that threaten to tighten the market, delivering a fresh inflationary jolt to the world economy and irking the White House.

The Times of India

Oil price surges after surprise Opec+ production cut

Move by world’s largest producers likely to unsettle western nations grappling with inflation

The Guardian - UK

Oil prices surge as Saudi Arabia leads shock production cuts

Analysts say move will help fill Russian president Vladimir Putin’s war coffers

The Independent UK

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Analysis: Saudi prince pivots to peace after years of war

In the years since Saudi Crown Prince Mohammed bin Salman catapulted to power, it’s hard to find a controversy in the Middle East that doesn’t somehow involve the 37-year-old heir to the throne

The Independent UK

FTSE 100 Live: FTSE up for sixth straight day; $23bn mining mega-merger proposal rejected; oil prices surge

The price of Brent Crude today surged to near $85 a barrel after Opec+ oil producers announced a surprise output cut of more than one million barrels a day.

Evening Standard

Budget Bites: Three affordable, seasonal recipes for spring

Time to swap those hearty root vegetables for lighter, greener spring produce, says Hannah Twiggs. Here’s three recipe suggestions that don’t break the bank

The Independent UK

Malaysia open to talks with Beijing over dispute in South China Sea - PM

Malaysian Prime Minister Anwar Ibrahim on Monday said he was prepared to negotiate with China over a maritime dispute between the two countries, days after a think tank reported Chinese patrolling close to a Malaysian offshore gas project.

Reuters

OPEC+ slashes output on global recession fears; Australian motorists to be spared Easter pain

Australians hitting the road this Easter are likely to be spared any immediate hit from a bid by the global oil cartel to boost sagging prices.

ABC News

Oil prices soar on producer output cuts; Asian shares mixed

Oil prices have soared more than 5% after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year

The Independent UK

OPEC+ Just Announced Oil Output Cuts In A Surprise Move. Here’s How It Could Really Affect You.

OPEC+ announced an unexpected production cut that will likely give a further boost to oil prices bouncing off their recent lows

Zenger

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ABC News

Oil prices surge after OPEC+ surprises the market with supply cuts, ASX rises to three-week high

Australian shares rise to their highest level in three weeks, while oil prices surge after a surprise decision by Saudi Arabia and OPEC nations to cut production by more than 1 million barrels per day, and Scott's Refrigerated Logistics is now in liquidation.

Tribune News Service

OPEC+ makes shock million-barrel cut in new inflation risk

OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.

Tribune News Service

OPEC+ makes surprise 1 million-barrel oil production cut

OPEC+ announced a surprise oil production cut that will exceed 1 million barrels a day, abandoning previous assurances that it would hold supply steady to maintain a stable market.

The Independent UK

Saudis to cut oil production by 500,000 barrels per day

Saudi Arabia says it will cut oil production by 500,000 barrels per day from May until the end of 2023

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Asharq Al-Awsat

Saudi Arabia, Russia, Gulf, Arab Countries Announce Voluntary Oil Output Cuts

Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day (bpd) from May until the end of 2023, state media reported. Russia's deputy prime minister also said Moscow would extend a voluntary cut…

Reuters

Rough week for Alberta's ruling UCP casts shadow ahead of May election

As Canada's main oil-producing province Alberta prepares for an election next month, its combative Premier Danielle Smith is facing a series of controversies and resignations that could undermine support for her ruling United Conservative Party (UCP), political analysts say.

Al Jazeera

Iraq, KRG reach deal to resume oil exports: Kurdish official

Turkey had stopped extracting oil from the Kurdish region to its Ceyhan port after Iraq won an arbitration case.

Inverse

New Squishy 3D-Printing Method Could Make Brain Surgery Safer

Many neurosurgeons practice each surgery before they get into the operating room based on models of what they know about the patient’s brain.

Asharq Al-Awsat

S&P Revises Oman’s Outlook to ‘Positive’

S&P Global Ratings has revised Oman’s outlook to positive and affirmed its ratings at 'BB', in light of improving fiscal performance. S&P said in its credit rating report on the Sultanate issued Saturday, that the revised outlook came as a result of the reform measures undertaken by the government in…

Asharq Al-Awsat

Baghdad and KRG Close to Deal to Resume Iraq’s Northern Oil Exports

Iraq's federal government and the Kurdistan Regional Government (KRG) are close to striking a deal aimed at resuming northern oil exports, four sources familiar with the discussions told Reuters on Saturday. Türkiye stopped pipeline flows from the Kirkuk fields in northern Iraq's semi-autonomous Kurdistan region to its port of Ceyhan…

The Guardian - UK

New oilfield in the North Sea would blow the UK’s carbon budget

Campaigners say Rosebank, with a potential yield of 500m barrels, would seriously undermine legal commitment to net zero

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