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The Latest Breaking News from OPEC

EXPLAINER: What is the Strategic Petroleum Reserve?

The Biden administration plans to release 15 million barrels of oil from the U.S. strategic reserve to counter recent production cuts announced by OPEC+ nations

The Independent UK

Saudi Arabia pressed Arab nations to issue statements publicly supporting OPEC+ cut

The Biden administration blames Saudi Arabia for the move, which the U.S. claims will strengthen Russia.

Axios

Exclusive-U.S. says Russia oil price cap will not be aimed at OPEC

New steps from Group of Seven countries to cap Russian oil sales at an enforced low price will not be replicated against OPEC producers, whose plans to cut output have irked consumer countries, a United States Treasury official told Reuters.

Reuters

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‘Troubled marriage’: Oil spat unlikely to break US-Saudi ties

Analysts say shared interests will sustain ties despite Washington’s promise of ‘consequences’ over oil production cuts.

Al Jazeera

OPEC: Move to Cut Oil Output Was Unanimous to Prevent Crisis

The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haitham al-Ghais said on Tuesday that OPEC+ alliance took an unanimous decision to cut oil output as a pre-emptive measure to prevent a crisis. Speaking at the African Energy Week in South Africa, al-Ghais said the heads of delegations unanimously decided…

Asharq Al-Awsat

Biden to announce more oil reserve sales to reduce gas prices - Roll Call

The Biden administration will sell another tranche of oil from the national reserve in December to put a damper on gasoline prices.

Roll Call

Malaysia: OPEC+ Decision to Cut Output Made to Address Market Uncertainties

Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertainties. Malaysia joins other OPEC+ countries this week in backing a steep cut to the group's output target. "OPEC+ countries collectively took into consideration…

Asharq Al-Awsat

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Biden taps oil reserve in attempt to curb gas prices

It's the latest of several attempts by the Biden administration to try and tame gas prices via the SPR.

Axios

OPEC's price hike: A history lesson

U.S. leaders threaten revenge against Saudi Arabia over OPEC's production cuts. They're missing the point

Salon

Saudi Crude Oil Exports Hit 2-Year High

Saudi Arabia’s crude oil exports hit a more than two-year high of 7.6 million barrels per day in August, according to data from the Joint Organization Data Initiative. The Kingdom saw a 3% rise from July, recording its highest volume since April 2020. It was also the third month in…

Asharq Al-Awsat

UAE Says It Fully Stands with Saudi Arabia to Support Energy Stability, Security

The United Arab Emirates (UAE) on Monday said it fully stands with Saudi Arabia in its efforts to support energy stability and security, UAE state news agency (WAM) reported, citing a foreign ministry statement. UAE also added that it supports the Saudi foreign ministry's statement regarding the latest OPEC+ decision…

Asharq Al-Awsat

Arab Countries Support Saudi Arabia’s Decision at OPEC+

Several Arab countries expressed on Monday their solidarity with and support to Saudi Arabia in wake of the decision taken at the OPEC+ group last week. Oman’s foreign ministry said it was following the developments related to OPEC+’s decision to partially cut output. It stressed that it supports the decision…

Asharq Al-Awsat

Take Advantage of These 3 Energy Stocks Before It’s Too Late

Although oil prices are down from their summer highs, the OPEC+ output cuts amid other factors could squeeze the market. This could lead to oil prices skyrocketing once again. Hence, quality energy Stocks Valero Energy (VLO), Energy Transfer (ET), and APA Corp (APA) might be solid buys now. Read on.

StockNews.com

Egypt Supports Saudi Arabia’s Position on OPEC+ Decision

Egypt stressed on Monday its support to Saudi Arabia’s position on the recent OPEC+ decision, reported the Saudi Press Agency. The Egyptian Foreign Ministry said it was following closely and with interest the reactions to the decision. It added that Cairo support Riyadh's position in explaining the technical considerations of…

Asharq Al-Awsat

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The Guardian - UK

Oil addiction will keep the west in hock to dictators

Letters: David Woollcombe and Richard Baker on the urgent need to move towards renewable energy

The New Daily

Dip in petrol prices, but expect more pain at the pump

The nation's average petrol price dropped 3.9 cents to 178.6 cents a litre last week, according to Australian Institute of Petroleum data.

The Guardian - UK

First Thing: Russia hits Kyiv with ‘kamikaze’ drones

Drones seen swooping low across skies of Ukraine’s capital as people seek cover. Plus, why pet shelters are overrun with guinea pigs

Asharq Al-Awsat

Iraq, Algeria, Oman, Kuwait and Bahrain Affirm Support for OPEC+ Production Cut

OPEC+ member states lined up on Sunday to endorse the production cut agreed this month after the US had accused Riyadh of coercing some other nations into supporting the move. Algeria's Energy Minister Mohamed Arkab called the decision “historic” and expressed his full confidence in it, Algeria's Ennahar TV reported.…

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The Guardian - UK

Senator raises alarm Saudis could share US defense technology with Russia

Richard Blumenthal to seek reassurances from Pentagon that ‘they are on top of’ risk of sharing information with Gulf state

Al Jazeera

Joe Biden has ‘no plans’ to meet Saudi Arabia’s MBS at G20 summit

After OPEC+ decided to cut oil production, the US accused the Saudis of aligning with Russia, worsening their relations.

Asharq Al-Awsat

Khalid bin Salman: OPEC+ Decision Taken Unanimously for Economic Reasons

Saudi Defense Minister Prince Khalid bin Salman said Sunday that the decision by OPEC+ to cut oil output was taken unanimously and for purely economic reasons. “Although the OPEC+ decision, which was taken unanimously, was due to purely economic reasons, some accused the Kingdom of standing with Russia,” he said…

Asharq Al-Awsat

OAPEC Says OPEC+ Decision is Correct and Came at Right Time

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali bin Sabt, said the OPEC+ decision to cut oil production is correct and was taken at the right time. In a press statement issued by OAPEC on Saturday, bin Sabt confirmed that the "decision took into account the…

The Guardian - UK

BAE Systems in middle of dogfight between Saudis and Biden over oil

As the row between the US president and the Gulf kingdom over increasing oil production escalates, the UK arms industry giant may have to choose which of its two lucrative customers to side with

Radio France Internationale

Saudi Arabia to give Ukraine over €400million in humanitarian aid

Saudi Arabia has announced it will give over €400million in humanitarian aid for Ukraine, as Crown Prince Mohammed bin Salman reportedly held a phone conversation with President Volodymyr Zelensky.

Asharq Al-Awsat

Arab, Islamic Officials Condemn Negative Campaign against Saudi Arabia

Saudi Arabia’s rejection of the negative statements against it in wake of the OPEC+ decision was welcomed by Arab and Islamic leaders. The officials expressed their solidarity with Saudi Arabia and strong condemnation of the statements and campaigns against Riyadh. On Thursday, an official source at the Saudi Foreign Ministry…

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