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The Latest Breaking News from OPEC

Russia discusses debt, energy stability with Venezuela

Russian Deputy Prime Minister Alexander Novak met on Wednesday with Venezuela's oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela's outstanding debts to Russia.

Reuters

OPEC Sees Robust Global Oil Demand Growth in 2023

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will…

Asharq Al-Awsat

Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

Asharq Al-Awsat

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Haitham Al Ghais: OPEC+ Plays Instrumental Role in Supporting Market Stability

The OPEC+ alliance plays an instrumental role in supporting market stability, said OPEC Secretary General Haitham Al Ghais on the sixth anniversary of the group’s formation. The Declaration of Cooperation (DoC) is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue, Al…

Asharq Al-Awsat

Saudi Energy Minister: OPEC+ Members’ Collective Efforts Achieved the Miracle

Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday that the ongoing global developments have proven that OPEC+ has taken the right decision. The collective efforts of the group have led to what he described as the “miracle” in 2020. OPEC+ is keen on being regulators of the market…

Asharq Al-Awsat

China, Saudi Arabia strengthen partnership on energy, defence

Beijing and Riyadh say they will ‘firmly support each other’s core interests’ during an official visit by Xi Jinping.

Al Jazeera

Mohamed bin Zayed and Putin Discuss Bilateral Relations

The President of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan, discussed in a telephone call on Wednesday with Russian President Vladimir Putin the relations between the two countries and ways to promote friendship and cooperation, WAM news agency reported. The two officials also discussed regional and international matters…

Asharq Al-Awsat

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U.S. climate envoy Kerry hails holding COP28 conference in OPEC member UAE

U.S. Special Climate Envoy John Kerry on Wednesday hailed the decision to hold next year’s COP28 climate summit in OPEC member the United Arab Emirates, saying fossil fuel economies should be encouraged to lead the transition to clean energy.

Reuters

China’s Xi arrives in Saudi Arabia to ‘bolster ties’

Initial agreements worth $29bn will be signed at a Saudi Arabian-Chinese summit this week, official news agency says.

Al Jazeera

A new playbook for buying oil

Some 70 years later, the West has a response to OPEC

Axios

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

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

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Fortune

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.

Radio France Internationale

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.

The Guardian - UK

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

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

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Wales Online

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

Chronicle Live

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.

Asharq Al-Awsat

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…

Reuters

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.

WEKU

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.

The Independent UK

OPEC+ oil producers face uncertainty over Russian sanctions

Oil prices are down, and demand is lagging

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.

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