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The Latest Breaking News from OPEC

Petrol prices ease before Christmas as Russian sanctions threaten diesel disruption

Australian motorists are enjoying bowser relief in the lead-up to Christmas, but oil markets are threatening to push up petrol prices.

The New Daily

Saudi Aramco Drops January's Arab Light Prices for Asia

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Asharq Al-Awsat

Infographic: How much oil does Russia produce?

Russia is one of the largest producers of crude oil, and it provides more than a third of Europe’s oil imports.

Al Jazeera

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Oil prices surge as cap on Russian crude comes into force

Russia is preparing response to price cap that will ‘destabilise world energy markets’, Kremlin says

The Independent UK

Biden crowned world energy czar as diplomacy triumphs over Putin’s tantrums

Putin thought he controlled the world’s energy supply. Now he’s just an impoverished warlord.

Fortune

G7 Russian oil price cap and EU embargo come into force

The price cap on Russian oil agreed by the European Union (EU), G7 and Australia is set to come into force on Monday. It aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

Radio France Internationale

UK car sales jumped 23.5% in November despite 2023 recession looming – as it happened

Rolling coverage of the latest economic and financial news, as CBI warns UK faces recession and a lost decade without a government growth plan

The Guardian - UK

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Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

The Guardian - UK

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

Wales Online

Petrol and diesel prices likely to rise once again after recent major announcement

While fuel prices have dropped significantly since the record highs Britons had to pay over the summer, they still remain quite high.

Chronicle Live

OPEC+ Keeps Steady Policy

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday. The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary. The announcement is…

Asharq Al-Awsat

Saudi prince seeks Mideast leadership, independence with Xi's visit

Crown Prince Mohammed bin Salman hosts China's leader this week at a delicate moment in U.S.-Saudi ties, signalling Riyadh's resolve to navigate a polarised global order regardless of the wishes of its Western allies, analysts said.

Reuters

OPEC keeps oil targets the same amid uncertainty on Russian sanctions

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.

WEKU

OPEC+ oil producers face uncertainty over Russian sanctions

Oil prices are down, and demand is lagging

The Independent UK

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Asharq Al-Awsat

Iraq: OPEC Members Committed to Agreed Production Rates

Iraqi oil minister Hayan Abdel-Ghani stressed OPEC members are committed to the agreed production rates until the end of 2023, a ministry statement said on Saturday. Abdel-Ghani made these remarks during a ministerial meeting of the member states of the Organization of the Petroleum Exporting Countries (OPEC) via video conference.

France 24

OPEC+ agrees to maintain current output levels amid uncertainty

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the…

The Guardian - UK

UK national highways workers to strike; US jobs growth beats forecasts – business live

Union members working on England’s roads have announced 12 days of strike action over Christmas and the new year, while US added 263,000 jobs in November

ABC News

ASX falls as share rally fades, economists bake in RBA interest rate rise on Tuesday

The ASX extends losses into the close, as investors take stock following yesterday's Jerome Powell-inspired share market surge and ahead of next week's Reserve Bank meeting.

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Reuters

Saudi Arabia to host China-Arab summit during Xi visit, sources say

Saudi Arabia plans to host a Chinese-Arab summit on Dec. 9 attended by Chinese President Xi Jinping during his visit to the kingdom, three Arab diplomats in the region familiar with the plans said on Wednesday.

Bangkok Post

Oil surges as speculation Opec+ will cut production intensifies

SINGAPORE: Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries (Opec) and its allies will deepen supply cuts to respond to weakening global demand.

Financial Times

The week that could unravel the global oil market

As western countries prepare to impose a price cap on Russian crude, many of the industry’s norms are being undermined

Asharq Al-Awsat

Saudi, Iraqi Energy Ministers Stress Importance of Working within OPEC+ Framework

Saudi Energy Minister Prince Abdulaziz bin Salman and his Iraqi counterpart Hayan Abdel-Ghani stressed on Thursday the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. The two sides also pointed to, "the ability to…

StockNews.com

2 Energy Stocks That Are Crushing the Market Right Now

Rumors of OPEC increasing output were negated by Saudi Arabia amid the embargo on Russian oil. This could translate to a tight supply this winter. Hence, quality energy stocks Marathon Petroleum (MPC) and Valero Energy (VLO), which have crushed the market this year, could be solid buys now. Read on….

Asharq Al-Awsat

Saudi Energy Minister Denies Output Increase Discussion

Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output to 500,000 barrels per day, according to state news agency SPA. "It is well-known that OPEC+ does…

The Guardian - AU

Australia’s new approach was a rare positive at Cop27 – but now the need for action is all the more acute

Qualified victory was snatched from defeat at the climate summit with a genuine and surprising agreement on loss and damage. But there’s still no plan to get to 1.5C

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