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The Latest Breaking News from OPEC

Soaring diesel prices a ‘severe shock’ to UK motorists, says RAC

Cost rose by 10p a litre to average of 190.5p in October in third worst monthly increase on record

The Guardian - UK

Arab Summit Hails OPEC+ Efforts in Securing Stability of Global Markets

Arab leaders on Wednesday concluded the 31st Arab League summit. The first Arab League gathering in three years took place against the backdrop of rising inflation, food and energy shortages, drought and the soaring cost of living across the region. The gatherers stressed the centrality of the Palestinian cause and…

Asharq Al-Awsat

OPEC Sec Gen Calls for Swift Action to Invest in Oil to Prevent Future Emergencies

The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Tuesday. "If we don't get it right this time we are…

Asharq Al-Awsat

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Saudis tell US that Iran is prepping attack on kingdom

Saudi Arabia has shared intelligence with American officials that suggests Iran could be preparing for an imminent attack on the kingdom

The Independent UK

Abdulaziz bin Salman Stresses Saudi-UAE Cooperation for Future Energy Mix

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that Saudi Arabia and the UAE were working to increase production capacity, enhance refining volume, and convert oil into petrochemicals. He noted that the two countries were seeking to provide a safe and sustainable energy system. In his speech on the sidelines…

Asharq Al-Awsat

Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis said the diversification of energy sources was the European Union’s most important priority. He noted that the world would never return to the previous situation, even if the Russian-Ukrainian war ended. In this regard, Georgiadis stressed that all European countries would try…

Asharq Al-Awsat

Saudi, UAE back OPEC cuts as US envoy warns of 'uncertainty'

Saudi Arabia and the United Arab Emirates are defending a decision by OPEC and its allies to cut oil production

The Independent UK

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Biden to head to Cambodia, Egypt, Indonesia for summits

President Joe Biden will make a week-long, three country trip next month for a quartet of summits—including one that could potentially put him in the same room as China’s Xi Jinping and Russia’s Vladimir Putin

The Independent UK

Why is diesel fuel still so expensive right now compared to petrol?

It's all said to be down to demand - and Americans!

Wales Online

Reema bint Bandar: Revision of Saudi-US Ties Is a Positive Thing

Saudi Ambassador to the United States Princess Reema bint Bandar underscored the strength of the ties between Riyadh and Washington, describing them as strategic and dating back 80 years. In an interview to CNN aired on Tuesday, she said the United States’ revision of bilateral relations between Riyadh and Washington…

Asharq Al-Awsat

Amid oil spat, White House welcomes Saudi moves on Ukraine

The White House on Tuesday welcomed moves taken by Saudi Arabia to help Ukraine in its war with Russia as President Joe Biden ponders how tough to be against the Saudis for joining an oil output cut.

Reuters

Natural gas exporters: market to be tight until 2025

The leader of the coalition of gas-exporting countries says that the group expects demand for the fuel to far outstrip supply until 2025 amid a global energy crisis sparked by the war in Ukraine

The Independent UK

The Saudis Need a Reality Check

Washington should pause arms sales to rein in Riyadh.

Foreign Affairs

GOP pans oil reserve sale despite a long and bipartisan history

WASHINGTON — After the Biden administration announced the latest sale of crude oil from the Strategic Petroleum Reserve to put a damper on pump prices earlier this week, Republican lawmakers called the move a stunt to mollify gasoline price-sensitive voters before the election in November.

Tribune News Service

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Al Jazeera

Analysis: The Russia-Ukraine war and the view from Saudi Arabia

Although cooperation with Moscow continued, kingdom also showed support for Kyiv as it sought role of useful mediator.

Roll Call

GOP pans oil reserve sale despite a long and bipartisan history - Roll Call

Presidents from both parties have ordered sales from the Strategic Petroleum Reserve to soften spikes in gas prices.

Tribune News Service

Biden adviser says OPEC+ output cut was mainly political move

President Joe Biden’s top energy adviser said the oil output cut by Saudi Arabia and its allies was a largely political move that won’t deter the U.S. administration from trying to curb domestic energy prices.

The Independent UK

Algeria: Doctors tell Saudi crown prince don't go to summit

Saudi Arabia’s powerful 37-year-old crown prince will not attend an upcoming summit in Algeria after his doctors advised him not to travel

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Benzinga

Biden's Plan To Help Taxpayers At The Gas Pump Comes As Strategic Reserves Fall To 1984 Levels

President Joe Biden announced on Oct. 19 the release of 15 million barrels of oil from the strategic petroleum reserve (SPR) due to recent production cuts announced by the OPEC + coalition.

Al Jazeera

Turkey accuses US of ‘bullying’ Saudi Arabia over OPEC+ oil cuts

Turkey’s foreign minister slams US for ‘bullying’ Saudi Arabia after OPEC+ announced oil production cuts.

Asharq Al-Awsat

Saudi Energy Minister, Top Chinese Official Stress Importance of Stable Long-Term Crude Supplies

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman and the director of China's National Energy Administration Zhang Jianhua on Friday stressed the importance of stable long-term supplies to crude oil markets, the Saudi state news agency SPA reported. The two agreed to continue cooperation efforts to maintain stability in oil…

StockNews.com

3 Energy Stocks Not Worth The Money

President Biden has announced a sale of U.S. strategic reserves to bring down gas prices, while OPEC has slashed its oil demand growth estimates. Amid this, we believe fundamentally weak energy stocks Frontline (FRO), Tellurian (TELL), and Camber Energy (CEI) might be best avoided. Read on….

Zenger

Janet Yellen Calls OPEC+ Move ‘Unhelpful And Unwise’ For Global Economy

The United States has expressed disappointment in OPEC+'s plans to cut output.

Al Jazeera

Middle East round-up: Iran rock climber in headscarf controversy

Here’s a round-up of Al Jazeera’s Middle East coverage this week.

The New Daily

‘Fill up ASAP’: Motorists warned ahead of petrol spike

Motorists have been urged to make beeline to the bowser to fill up with petrol with prices tipped to jump as much as 40 cents a litre.

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