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The Latest Breaking News from OPEC

Stagflation: what is it and is it really happening in Australia?

Australians are feeling the pinch from rising inflation, but experts are divided on whether the 1970s economic phenomenon is back

The Guardian - AU

Oil prices surge higher as OPEC boss warns they are “nowhere near” the peak

Drivers braced for the £100 tank of petrol as oil price continues to rise

Evening Standard

Saudi is swinging again, but for how long?

Fluctuating Chinese demand has contributed to this year’s volatility in international oil prices. But the latest evolution on the supply side will have immediate geopolitical and financial implications that go well beyond the oil market. Specifically, Saudi Arabia has returned as the most important swing producer and thus the most…

Bangkok Post

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The Hunt For New Oil Supplies

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Benzinga

Biden Planning 1st Middle East Visit, May Meet Gulf, Arab Leaders

US President Joe Biden stressed on Thursday that he is engaged in working towards achieving peace and stability in the Middle East. He revealed that his plans for his first visit to the Middle East have not been completed yet, but he expects to meet with the leaders of Israel…

Asharq Al-Awsat

Biden affirms human rights commitment as he warms to Saudis

President Joe Biden says he’s not changed his views on human rights despite his administration offering praise of Saudi Arabia for getting OPEC+ to step up oil production

The Independent UK

Biden urges economic confidence despite inflation challenge

President Joe Biden touted the state of the U.S. economy following a better-than-expected May jobs report, even as he acknowledged its likely to be overshadowed by record-high inflation that’s causing pain for Americans.

Tribune News Service

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Saudi Arabia, the Balance Point between Moscow, Washington in OPEC Agreement

The White House praised a major Saudi role in controlling oil markets, through a greater increase in the production of the OPEC+ alliance during July and August than previously announced. “We welcome the important decision from OPEC+ today to increase supply in July and August based on new market conditions,”…

Asharq Al-Awsat

Oil Price Rises Even as OPEC Boosts Output More than Expected

Oil prices rose Thursday despite an agreement by major crude producers to boost output more than expected, while US stocks rallied ahead of closely-watched employment data seen as a key input to the inflation debate. In Vienna, the OPEC+ group decided to add 648,000 barrels per day to the market…

Asharq Al-Awsat

Asian shares rise, China trading closed for national holiday

Asian shares have risen amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China

The Independent UK

White House praises Saudi royals on Yemen truce before expected Biden trip

The White House took the rare step of recognizing the role played by Saudi Arabia's Crown Prince Mohammed bin Salman in extending a ceasefire in Yemen on Thursday ahead of what is expected to be a trip to Riyadh by President Joe Biden.

Reuters

ASX closes higher on miners and tech, Australian dollar jumps, Wall Street gains on tech

The Australian share market closes higher after a strong session for miners and tech, while the Australian dollar jumps.

ABC News

Pledge of more oil heightens odds of Saudi trip for Biden

The Biden administration is praising Saudi Arabia for its role in a promised boost in oil production and a cease-fire in Yemen

The Independent UK

Opec agrees to ramp up oil production, but fails to exclude Russia

Brent crude makes small rise to $116.94 as group sets extra output higher at 650,000 barrels a day

The Guardian - UK

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Asharq Al-Awsat

OPEC+ Brings Forward Oil Output Rises

OPEC+, an alliance of the Organization of the Petroleum Exporting Countries and other producing nations, agreed on Thursday to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation. OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd)…

Tribune News Service

Oil rises as stockpiles fall, OPEC+ supply hike disappoints

Oil increased as US crude inventories dropped, exacerbating concerns about a tight market after traders expressed doubt that OPEC+ can deliver on its agreement to accelerate the pace of a supply hike.

Tribune News Service

Oil reverses losses as OPEC+ agrees on supply increase plan

Oil reversed losses to trade near $116 as OPEC+ ministers agreed to boost supply increases by around 50%, after prices dropped on reports U.S. President Joe Biden is likely to visit Saudi Arabia this month and that the kingdom is ready to pump more crude.

Bangkok Post

Opec+ agrees on bigger oil-production hikes

Opec+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure from major consumers including the United States to help ease the pain of high energy prices.

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Benzinga

Morning Brief: Top Financial Stories Dominating on Thursday, June 2

Reuters

The Independent UK

US pump prices hit record as OPEC+ producers gather

The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to send to the world economy as U.S. gas prices hit another record high

Benzinga

Biden Visit Might Push For Saudi Arabia And OPEC To Make Up For Russian Oil Loss

Saudi Arabia and other OPEC members may increase oil supply to compensate for a reduction in Russian output, which may relieve pressure on growing global inflation and pave the way for US President Joe Biden's historic visit to Riyadh,

Reuters

Biden planning Gulf visit, could meet crown prince - sources

U.S. officials are planning a trip for President Joe Biden to the Middle East later this month to meet Gulf allies, which could put him in the same room with Saudi Crown Prince Mohammed bin Salman, sources said on Wednesday.

The Guardian - UK

Oil prices rise as Opec prepares to set new output targets

Thursday’s meeting of oil-producing nations will be first since EU imposed sanctions on Russian crude

Asharq Al-Awsat

Gulf-Russian Meeting in Riyadh to Strengthen Relations, Discuss Ukraine Crisis

Foreign ministers of Gulf Cooperation Council countries will hold a regular meeting on Wednesday at the headquarters of the GCC Secretariat in Riyadh. The top diplomats will discuss several reports, strategic dialogues with countries and global blocs, in addition to the latest regional and international developments. Russian Foreign Minister Sergei…

Evening Standard

FTSE 100 Live: Brent crude price falls, house market remains robust

Oil prices have retreated on speculation that Opec is paving the way for a potential boost to production.

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