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The Latest Breaking News from OPEC

China’s lockdowns will help cut global oil demand, predicts IEA

Organisation lowers its oil demand forecast as Covid measures cushion impact of lost Russian flows

The Guardian - UK

New Zealand interest rates jump 0.5pc in 'highly uncertain' environment, ASX lifts on surging oil price

New Zealand announces its fourth straight interest rate hike, US consumer prices rise at their fastest pace since 1981, while surging commodity prices boost the Australian share market.

ABC News

Stocks mixed as US inflation jumps to four-decade high

London (AFP) - Stock markets diverged on Tuesday as investors digested official data showing US inflation hit a four-decade high in March, raising expectations the Federal Reserve will act more aggressively to tame prices.

AFP

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Lawmakers question oil executives on price gouging, but seem cool to price controls

WASHINGTON — As consumers fume over skyrocketing prices for gasoline and other commodities, congressional Democrats on Wednesday called executives from big oil companies on the carpet to explain why they appear to be making unseemly fat profits in the face of an international crisis.

Los Angeles Times

5 ways Americans' lives will change if Congress makes daylight saving time permanent

The U.S. Senate approved the Sunshine Protection Act in March 2022, with the goal of making daylight saving time permanent starting in November 2023. If that happens, the U.S. will never again “spring forward” or “fall back.”

The Conversation

Why Biden’s release of US oil reserves won’t end pain at the pump

Gas prices will keep rising amid Russian war in Ukraine as sanctions tighten and demand outstrips supply, experts say.

Al Jazeera

‘Who’s talking climate change now?’ energy producers say

With the Russian invasion of Ukraine boosting energy costs and reducing availability, fossil fuel proponents push back.

Al Jazeera

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Iraq Exports $11.07 Billion of Oil During March, Highest for 50 Years

Iraq exports of oil reached $11.07 billion last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia's invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported "100,563,999 barrels for…

Asharq Al-Awsat

Iraq oil exports $11.07 bn in March, highest for 50 years

Baghdad (AFP) - Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia's invasion of Ukraine, the oil ministry said.

AFP

Fossil fuel backers overshadow climate change talks in Dubai

A flurry of summits this week across Dubai all focused in one way or another on climate change, or at least acknowledgement that the global energy transition is needed to keep temperatures from rising

The Independent UK

OPEC+ Alliance Maintains Production Policies

The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production, despite Western pressure to end the price volatility, as the war in Ukraine rocked the market. The Organization of Petroleum Exporting Countries said in a statement on Thursday that it would…

Asharq Al-Awsat

Oil prices sink as US taps reserves; equities fall

New York (AFP) - Oil prices tumbled on Thursday after the United States announced it would release a record amount of oil from its stockpiles to fight soaring gas prices sparked by Russia's invasion of Ukraine.

AFP

OPEC Holds Special Meeting to Ditch IEA Data

OPEC on Thursday held a brief extraordinary meeting to ditch the International Energy Agency from its list of trusted data contributors, an OPEC source said on Thursday. The meeting followed a regular policy decision meeting. Earlier this week, OPEC experts recommended ditching the IEA and choosing consultancies Rystad and Wood…

Asharq Al-Awsat

Oil prices sink as US mulls tapping reserves; equities fall

London (AFP) - Oil prices tumbled on Thursday on reports that the United States is considering tapping reserves to combat a supply crisis sparked by the Ukraine war.

AFP

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The Guardian - UK

Oil prices fall after US ponders record-breaking release of crude reserves

Joe Biden seeks to allay fears of shortages over Russian invasion of Ukraine

AFP

OPEC+ sticks to modest oil output increase despite Western pressure

Vienna (AFP) - The OPEC group of oil producing countries and its Russia-led allies agreed on another modest oil output increase on Thursday, ignoring Western pressure to significantly boost production as the Ukraine conflict has rocked prices.

AFP

OPEC and Russia-led allies set to resist oil output pressure

Vienna (AFP) - The OPEC group of oil producing countries and its Russia-led allies were expected Thursday to again ignore Western pressure to significantly boost production as the Ukraine conflict has rocked prices.

AFP

Oil prices sink as US mulls tapping reserves; equities struggle

London (AFP) - Oil prices tumbled Thursday on reports that the United States is considering tapping reserves to combat a supply crisis sparked by the Ukraine war.

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The Independent UK

OPEC likely to stick to modest oil boost despite war jitters

It's decision time again for the OPEC+ group of oil-producing countries

Asharq Al-Awsat

Oil Prices Dive as US Weighs Record Reserves Release

Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR. Brent futures for May fell $5.47, or 4.8%, to $107.98…

Asharq Al-Awsat

Saudi Arabia, UAE Say OPEC+ Mission Is to Stabilize Market

Saudi Arabia and the UAE reiterated that OPEC+ has only a mission to "stabilize the market," adding that the alliance keeps politics out of its decision-making in favor of the "common good" of energy prices. Saudi Energy Minister Prince Abdulaziz bin Salman stressed that the focus is on balancing crude…

AFP

Oil volatility 'worse' without OPEC+ bloc that includes Russia: Saudi

Dubai (AFP) - 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.

Benzinga

Sanctions On Russia After Ukraine Invasion, Are Likely To Lead To Higher Prices: CNBC

According to an energy expert, consumers will have to be ready for higher prices as Russia continues its war in Ukraine and disruptions to the global energy market persist, writes CNBC. Washington and its allies have imposed sanctions on Russia, including energy exports, which could lead to inflation. “What is the…

Reuters

UAE, Saudi say OPEC+ should not play politics

The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers' group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine.

Bangkok Post

Global Oil Outlook: First Quarter in 2022 Russia-Ukraine Crisis drives continuous surge in crude oil price

The oil market has encountered severe changes in various aspects including price volatility and alternating trade flows since the end of February 2022, as Russia’s sudden invasion of Ukraine has caused more serious consequences than initially expected. The western nations’ initial estimation of the crisis was that it would only…

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Organization of Petroleum Exporting Countries

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IRENA

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