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The Latest Breaking News from OPEC

Oil Prices Reach Highest Level in Three Months after ‘OPEC+’ Deal

Oil prices have stabilized near the highest level in three months, after OPEC+ key ministers agreed oil production cuts of 2 million barrels per day. This is the highest oil cut since 2020. Saudi Energy Minister Abdulaziz bin Salman said OPEC+ had needed to be pro-active as central banks around…

Asharq Al-Awsat

Larry Summers Says Sense Of Saudi-Russian Collaboration 'Can't Be Happy One For Americans'

Former Treasury Secretary Lawrence H.

Benzinga

Putin Helped By Saudi Arabia In His 'Despicable' Ukraine War, Says Schumer As Anti-Oil Cartel Bill Gains Bipartisan Momentum

As the ‘No Oil Producing and Exporting Cartels’ (NOPEC) bill gained momentum among both parties, Senate Majority Leader Chuck Schumer (D-NY) said in his tweet that Saudi Arabia’s actions will long be remembered by Americans.

Benzinga

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Chuck Schumer says ‘NOPEC’ bill targeting OPEC is on the table

WASHINGTON — Legislation that would allow the U.S. to sue OPEC nations is being considered as a possible response to the oil cartel’s production cut this week that benefited Russian President Vladimir Putin, said Senate Majority Leader Chuck Schumer on Thursday.

Tribune News Service

US Democrats rally against Saudi Arabia, UAE after oil cuts

Riyadh defends decision to curb oil output, saying move aims to stabilise the oil market, not drive up prices.

Al Jazeera

A bump and a miss: Saudi oil cut slaps down Biden's outreach

President Joe Biden is effectively acknowledging the failure of one of his biggest foreign policy gambles: a fist-bump with the de-facto leader of Saudi Arabia, the crown prince associated with human rights abuses

The Independent UK

Some Democrats push to punish Saudi Arabia after OPEC+ move to cut oil production

OPEC+ announced a cut of 2 million barrels a day starting next month. Some Democrats on Capitol Hill want to retaliate by cutting off military aid and reexamine ties to Saudi Arabia.

WEKU

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US midterm elections: Five economic issues to watch

Inflation is on the minds of American voters as they head to the polls next month to decide who will control Congress.

Al Jazeera

EXPLAINER: How will OPEC+ cuts affect oil prices, inflation?

Oil cartel OPEC and its allies are cutting production

The Independent UK

Biden says Opec+ production cut ‘shows there are problems’ with US-Saudi relationship

The president says he and his advisers ‘haven’t made up our minds’ on pursuing ‘alternatives’ including easing sanctions on Venezuela

The Independent UK

Opec output cut: Petrol, diesel price freeze in India just gets longer

NEW DELHI: The record six-month-long freeze in petrol and diesel price revision in all likelihood will be extended after international oil prices rose on the announcement of deep production cuts by Opec+.

The Times of India

Liz Truss: this is what happens when governments pursue growth at all costs

When Chancellor Kwasi Kwarteng unveiled his mini-budget on September 23, he was making it clear that the government is prioritising economic growth over inflation – which was one reason the financial markets reacted so badly to his plan.

The Conversation

Biden pardons all federal offenses of simple marijuana possession – as it happened

President urges governors to do the same with state offenses: ‘No one should be in a local jail or state prison for that reason’

The Guardian - US

Oil prices climb as world's biggest exporters agree to cut output

In Vienna, ministers from the 13-nation Organization of the Petroleum Exporting Countries (OPEC) and a group of 10 exporters led by Russia agreed to reduce production by 2 million barrels a day from November. The move pushed up global oil prices, but the Kremlin says production reduction is intended to…

Radio France Internationale

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Glasgow Live

Drivers issued warning as petrol prices could rise again as oil supply slashed

Oil supplies are set to be cut by two million barrels per day and experts are warning drivers that they could see the knock-on effect at the petrol pumps as prices are expected to rise.

Edinburgh Live

Drivers warned petrol prices could rise as oil supply slashed by 2m barrels a day

Drivers taking to the roads soon have been warned that they could see rise in petrol prices yet again - news which comes after it was confirmed oil production will be slashed by two million barrels per day.

Daily Record

Why could petrol prices rise again soon? Everything drivers should know

Motorists are being warned that the price of petrol could climb again.

The Guardian - UK

First Thing: Biden administration angered by Opec+ oil output cut

Senior figures see decision as slight on US and sign that oil producers’ club is aligning with Russia. Plus, can brown noise help you concentrate?

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Salon

OPEC's October surprise: Gift to GOP

Who benefits from higher oil prices and a new spike in inflation? Mitch McConnell and Kevin McCarthy, for starters

The Independent UK

Petrol prices ‘to rise again’ after oil exports cut by 2m barrels a day

Members of the OPEC decided to make their biggest cut in oil production since 2020

Wales Online

Motorists warned that petrol prices are set to rise again

RAC says its a question of when, not if, prices increase

Evening Standard

FTSE 100 Live: Oil price holds gains after OPEC move, Imperial Brands plans £1bn buyback

Brent crude futures remained near $93 today as traders evaluated OPEC’s controversial move to cut oil production by two million barrels a day from next month.

Asharq Al-Awsat

Saudi Energy Minister Tackles Int’l Press Questions for an Hour

In a nearly-hour long conference, Saudi Energy Minister Prince Abdulaziz bin Salman, who also chairs the OPEC+ joint ministerial committee, tackled world-press inquiries about the future of oil market trends and outcomes of OPEC meetings with a sense of humor and joy. “Enjoy the sun…It’s going to be a sunny…

The Independent UK

Asian stocks mixed on strong US hiring, OPEC oil output cuts

Asian stocks are mixed after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC oil production cartel agreed to shore up prices by cutting output

Axios

Biden's new Saudi strategy

Biden sent a clear signal to the Saudis that he’s prepared to escalate after OPEC's production cut.

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