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The Latest Breaking News from OPEC

US pump prices hit record as OPEC+ producers gather

The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to send to the world economy as U.S. gas prices hit another record high

The Independent UK

Biden Visit Might Push For Saudi Arabia And OPEC To Make Up For Russian Oil Loss

Saudi Arabia and other OPEC members may increase oil supply to compensate for a reduction in Russian output, which may relieve pressure on growing global inflation and pave the way for US President Joe Biden's historic visit to Riyadh,

Benzinga

Asian markets drop on recession fears, output report hits oil

Hong Kong (AFP) - Equities fell in Asia on Thursday as traders grow increasingly worried that central bank moves to rein in inflation could tip economies into recession.

AFP

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Asian markets drop on recession fears, output report drags oil down

Hong Kong (AFP) - Equities fell in Asia on Thursday as traders grow increasingly worried that central bank moves to rein in inflation could tip economies into recession.

AFP

OPEC debates oil output boost amid Russian isolation

Vienna (AFP) - Major oil producers led by Saudi Arabia and Russia began talks Thursday on whether to adjust output, hard on the heels of an EU ban on Russian oil imports.

AFP

Biden planning Gulf visit, could meet crown prince - sources

U.S. officials are planning a trip for President Joe Biden to the Middle East later this month to meet Gulf allies, which could put him in the same room with Saudi Crown Prince Mohammed bin Salman, sources said on Wednesday.

Reuters

Global stocks mostly fall on inflation worries as dollar gains

New York (AFP) - European and US stocks slipped on Wednesday, while the dollar rallied as traders digested data indicating that inflation shows no sign of easing.

AFP

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Oil prices rise as Opec prepares to set new output targets

Thursday’s meeting of oil-producing nations will be first since EU imposed sanctions on Russian crude

The Guardian - UK

Russia seeks to 'minimise' effects of EU oil ban, gas exports down

Moscow (AFP) - Russia said Wednesday it was moving to limit the damage from an EU oil ban as its other key energy export, gas, has fallen after President Vladimir Putin sent troops to Ukraine.

AFP

Markets slide on inflation worry; oil rebounds

London (AFP) - European and US stocks slipped on Wednesday, as traders digested data showing that runaway inflation shows no sign of easing.

AFP

Markets waver on inflation worry; oil rebounds from losses

London (AFP) - Global stock markets wavered on Wednesday, as traders digested data showing that runaway inflation shows no sign of easing.

AFP

Gulf-Russian Meeting in Riyadh to Strengthen Relations, Discuss Ukraine Crisis

Foreign ministers of Gulf Cooperation Council countries will hold a regular meeting on Wednesday at the headquarters of the GCC Secretariat in Riyadh. The top diplomats will discuss several reports, strategic dialogues with countries and global blocs, in addition to the latest regional and international developments. Russian Foreign Minister Sergei…

Asharq Al-Awsat

Asian markets mixed on inflation worry, oil bounces after drop

Hong Kong (AFP) - Asian markets fluctuated Wednesday following losses on Wall Street and data reminding traders that inflation shows no sign of easing.

AFP

FTSE 100 Live: Brent crude price falls, house market remains robust

Oil prices have retreated on speculation that Opec is paving the way for a potential boost to production.

Evening Standard

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AFP

Asian markets mixed on inflation worry, oil edges up after drop

Hong Kong (AFP) - Asian markets fluctuated Wednesday following losses on Wall Street and data reminding traders that inflation shows no sign of easing.

AFP

EU's Russian oil ban unlikely to affect OPEC+ decision

London (AFP) - Saudia Arabia, Russia and their allies are likely to stick to their policy of modest oil output increases when they meet Thursday after the EU banned most imports from Moscow.

Reuters

Russia's Lavrov to meet with GCC ministers in Riyadh on Wednesday -officials

Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with foreign ministers of the Gulf Cooperation Council countries (GCC), two Gulf officials said on Tuesday.

The Guardian - UK

Could a cartel of large energy consumers cut oil and gas prices?

Italy’s PM Mario Draghi suggests big consumers club together to limit how much is paid and raises idea of EU gas price cap

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Al Jazeera

Despite pain at the pump, Americans are hitting the road

Heading into the US summer driving season, Americans are fueling up but how long before they have to hit the brakes?

Asharq Al-Awsat

Oil Climbs on Tight Supply, Prospect of EU Ban on Russian Crude

Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine. Brent crude futures were up $1.60 cents, or 1.4%, to…

Reuters

Biden says weighs reducing tariffs on China, asking OPEC to pump more oil

U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods while increasing calls on OPEC to raise oil production as he grappled with a politically damaging wave of inflation.

Asharq Al-Awsat

Saudi Arabia Set for Oil Output Capacity above 13 Mln Bpd by 2027, Says Minister

Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million barrels bpd by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that…

Asharq Al-Awsat

OPEC Authorizes Iraq to Increase Output to 4.5 Mln Bpd

Iraq’s representative at OPEC said the organization had agreed to the country increasing its output to 4.5 million barrels of oil per day (bpd) starting from June, the state news agency (INA) reported on Saturday. There will be further increases of 50,000 bpd in output in each of the months…

Asharq Al-Awsat

World Leaders Pay Respects in UAE after Death of Sheikh Khalifa

World leaders began descending on the United Arab Emirates on Sunday to offer condolences on the death of President Khalifa bin Zayed Al Nahyan, who was succeeded by his half-brother Sheikh Mohammed bin Zayed. Sheikh Mohammed, now ruler of Abu Dhabi emirate, steered the Gulf state, an OPEC oil producer…

Bangkok Post

UAE president Sheikh Khalifa dies at 73

DUBAI: United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan, a pro-Western moderniser who had aligned the Gulf Arab state closer to the United States and its allies, died on Friday at age 73.

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