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The Latest Breaking News from OPEC

Yellen says OPEC+ cut ‘unconstructive’ as world fights inflation

U.S. Treasury Secretary Janet Yellen criticized the decision by OPEC+ oil producers over the weekend to cut output, saying it was “unconstructive” and would add to the uncertainty overhanging global growth.

Tribune News Service

Crude Prices Settle Sharply Higher after OPEC+ Cuts Production

May WTI crude oil (CLK23 ) on Monday closed up +4.75 (+6.28%), and May RBOB gasoline (RBJ23 ) closed up +7.65 (+2.85%). Crude oil and gasoline prices Monday rallied sharply, with crude posting a 2-1/4 month high and gasoline posting a 5-1/4 month high. The main bullish factor was the...

Barchart

Oil Prices Rise Sharply Following OPEC Announcement

In total, cutbacks in production will be over one million barrels a day. Because of these announced cutbacks, the global benchmark of oil prices, Brent crude, had a 5.31% increase in cost, rising to $84.13 a barrel. The U.S. benchmark, WTI, surged to $79.83 a barrel, a 5.48% increase.

Kiplinger

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Oil surges most in a year after OPEC+’s shocking production cut

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

Tribune News Service

OPEC+ pricing power is ‘higher than it’s ever been’ after oil cuts, Goldman Sachs says

Oil-producing allies approved another oil production cut that could deal damage to the West.

Fortune

Analysis - Saudi crown prince acts to realign Mideast dynamics amid concern over US support

Saudi Arabia's unpredictable crown prince is pushing hard to realign Middle East dynamics, engaging with old foes and orchestrating OPEC oil cuts like the ones on Sunday which took the global market by surprise.

Reuters

Crude Oil Found a Bottom

In 2022, the U.S. sold an unprecedented level of its Strategic Petroleum Reserve, sending the SPY to the lowest level since December 1983. The sales weighed on crude oil but appeared to have set a floor under the energy commodity that continues to power the world.

Barchart

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OPEC+ Says Additional Voluntary Oil Production Cuts Will Be 1.66 Mln Bpd

The 48th Meeting of OPEC’s Joint Ministerial Monitoring Committee (JMMC) was held via videoconference on Monday. The Committee reviewed the crude oil production data for January and February 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).

Asharq Al-Awsat

Broader Market Climbs as Bond Yields Fall on U.S. ISM Manufacturing Miss

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.21%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.87%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.48%. U.S. stock indexes this morning are mixed, with the...

Barchart

Oil producers' cuts could boost gasoline prices, help Russia

Some of the globe's biggest oil producers are cutting back

The Independent UK

Oil prices soar after Opec+ announces surprise production cuts

World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year.

Radio France Internationale

Markets Today: Stock Indexes Slip as Soaring Crude Prices Spark Inflation Concerns

Morning Markets June S&P 500 futures (ESM2 3) this morning are down -0.18%, and June Nasdaq 100 E-Mini futures (NQM2 3) are down -0.81%. U.S. stock index futures this morning are moderately lower on higher bond yields after the action by OPEC+ to cut its crude production by 1 million...

Barchart

Why are oil prices rising and what does it mean for inflation?

All you need to know about the Opec+ decision to cut production and the potential knock-on effects

The Guardian - UK

Reducing Oil Production: A New Pillar to Support Global Economic Conditions

In support of the stability of the global oil markets, and the enhancement of the balance between supply and demand, the member of the Organization of Petroleum Exporting Countries (OPEC) and the producing countries within the OPEC+ have decided to implement a voluntary reduction of crude oil production. Experts described…

Asharq Al-Awsat

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The Guardian - UK

First Thing: Trump ‘vows to escalate attacks’ on Manhattan prosecutor

Stunned by indictment at first, ex-president indicates he wants to politically ‘rough ’em up’. Plus, Judy Blume calls for fight back against censorship

The Independent UK

Oil prices surge after Opec+ production cuts

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

The Times of India

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 Guardian - UK

Oil price surges after surprise Opec+ production cut

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

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Evening Standard

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.

ABC News

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.

Zenger

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

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.

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…

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