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The Latest Breaking News from Oil

What the papers say – October 6

The national mastheads focus on further Tory turmoil and attacks by dangerous dogs.

The Independent UK

Asian stocks mixed on strong US hiring, OPEC oil output cuts

Asian stocks are mixed after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC oil production cartel agreed to shore up prices by cutting output

The Independent UK

US could ease Venezuela sanctions, allow Chevron to pump oil: WSJ

Biden administration preparing to ease sanctions if Caracas takes steps towards restoring democracy, report says.

Al Jazeera

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Biden's new Saudi strategy

Biden sent a clear signal to the Saudis that he’s prepared to escalate after OPEC's production cut.

Axios

World Bank ‘has given nearly $15bn to fossil fuel projects since Paris deal’

A group of 50 NGOs found that bank and subsidiaries had funded oil refinery and gas processing

The Guardian - UK

Biden administration angered by Opec+ oil output cut

Senior figures see decision as a slight on the US and a sign that the oil producers club is aligning with Russia

The Guardian - UK

OPEC cuts oil production to drive up prices, ASX ends steady after volatile day

As the ASX finishes where it started, Saudi Arabia and Russia are on a collision course with the West after major producers cut oil production to drive up prices. The move could further increase energy prices, plunge the global economy into recession, and help Russia in its war in Ukraine.

ABC News

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Morning mail: skills shortages soar, oil production cuts agreed, complaints over ‘off-meter’ taxis

Thursday: The number of occupations experiencing a skills shortage in Australia has almost doubled. Plus: Alec Baldwin settles prop gun death lawsuit

The Guardian - AU

Exclusive-Venezuela's opposition seeks U.S. consultations on Chevron license

Venezuelan opposition leader Juan Guaido asked the United States for details of Chevron Corp's expanded license request to operate in the South American country, according to a letter sent to a senior U.S. official on Monday that also asked to be consulted before any U.S. decisions.

Reuters

Fuel price-rise warning as oil cartel agrees to significantly slash global production

A major oil cartel has announced the biggest cut in production in years which could push up fuel prices around the world while bolstering Russia's war in

The New Daily

OPEC+ to slash oil output, despite US lobbying

The group of oil producers known as OPEC+ say they will slash their daily output by 2 million barrels per day because of uncertainty in the global outlook. The decision has been slammed by the US, which had been lobbying for Saudi Arabia and other producers to pump more oil.…

France 24

EU approves fresh sanctions on Russia after Putin annexes four regions of Ukraine

Russia’s declaration that four areas of occupied Ukraine are now its territory has been condemned by the international community

Evening Standard

Kuwait forms cabinet with new oil minister, finance minister re-appointed

Kuwait appointed a new cabinet on Wednesday, naming Hussein Ismail as oil minister to replace Mohammed Al-Fares and reappointing finance minister Abdul Wahab al-Rasheed.

Reuters

White House blasts Opec saying it is ‘aligning with Russia’ after oil production cut announcement

Oil producers’ announcement could drive up costs at worst possible time for Democrats

The Independent UK

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Wales Online

Opec+ to raise oil prices as it cuts production by two million barrels a day

The cartel has decided to cut oil production by two million barrels a day. The decision was made to control prices which have fluctuated wildly due to the war in Ukraine.

Roll Call

OPEC production cuts add fuel to domestic energy debates - Roll Call

Lawmakers said OPEC's move to cut oil production underscores the need to break from fossil fuels, but they disagree on how.

Asharq Al-Awsat

OPEC+ Agrees Oil Output Cuts of 2 Mln Bpd

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices. Energy ministers cut production by 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of…

Tribune News Service

OPEC+ tries to keep oil above $90 with large production cut

OPEC+ agreed to cut its collective output limit by 2 million barrels day, stoking tensions with the U.S. as the cartel seeks to halt a slide in oil prices caused by the weakening global economy.

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Benzinga

Nasdaq Tumbles 200 Points; Crude Oil Rises Over 1%

U.S. stocks extended losses midway through trading, with the Nasdaq Composite dropping more than 200 points on Wednesday.

Reason

Rockets, Feathers, and Rising Gasoline Prices

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

France 24

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.

Tribune News Service

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…

The Hindu

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

The duo reportedly brought the substance from Andhra Pradesh

Reuters

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.

Al Jazeera

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.

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