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The Latest Breaking News from OPEC

OPEC+ agrees to maintain current output levels amid uncertainty

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the…

France 24

UK national highways workers to strike; US jobs growth beats forecasts – business live

Union members working on England’s roads have announced 12 days of strike action over Christmas and the new year, while US added 263,000 jobs in November

The Guardian - UK

ASX falls as share rally fades, economists bake in RBA interest rate rise on Tuesday

The ASX extends losses into the close, as investors take stock following yesterday's Jerome Powell-inspired share market surge and ahead of next week's Reserve Bank meeting.

ABC News

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Saudi Arabia to host China-Arab summit during Xi visit, sources say

Saudi Arabia plans to host a Chinese-Arab summit on Dec. 9 attended by Chinese President Xi Jinping during his visit to the kingdom, three Arab diplomats in the region familiar with the plans said on Wednesday.

Reuters

Oil surges as speculation Opec+ will cut production intensifies

SINGAPORE: Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries (Opec) and its allies will deepen supply cuts to respond to weakening global demand.

Bangkok Post

The week that could unravel the global oil market

As western countries prepare to impose a price cap on Russian crude, many of the industry’s norms are being undermined

Financial Times

Saudi, Iraqi Energy Ministers Stress Importance of Working within OPEC+ Framework

Saudi Energy Minister Prince Abdulaziz bin Salman and his Iraqi counterpart Hayan Abdel-Ghani stressed on Thursday the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. The two sides also pointed to, "the ability to…

Asharq Al-Awsat

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2 Energy Stocks That Are Crushing the Market Right Now

Rumors of OPEC increasing output were negated by Saudi Arabia amid the embargo on Russian oil. This could translate to a tight supply this winter. Hence, quality energy stocks Marathon Petroleum (MPC) and Valero Energy (VLO), which have crushed the market this year, could be solid buys now. Read on….

StockNews.com

Saudi Energy Minister Denies Output Increase Discussion

Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output to 500,000 barrels per day, according to state news agency SPA. "It is well-known that OPEC+ does…

Asharq Al-Awsat

Australia’s new approach was a rare positive at Cop27 – but now the need for action is all the more acute

Qualified victory was snatched from defeat at the climate summit with a genuine and surprising agreement on loss and damage. But there’s still no plan to get to 1.5C

The Guardian - AU

'Opec for nickel' proposal debated

A proposal by Indonesia, the world’s biggest nickel producer, to create an Opec-like group of suppliers of the metal used in EV batteries has raised eyebrows among Australian miners.

Bangkok Post

Saudi Crude Exports Surge to 29-Month High in September

Saudi Arabia's crude oil exports rose for a fourth straight month in September to the highest in 29 months, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. Crude exports rose about 1.6 percent to 7.721 million barrels per day (bpd) in September - the highest since April…

Asharq Al-Awsat

Saudis funneled "billions" to Trump fam

Earlier this week, Trump "struck a deal with a Saudi-based real estate company" on $1.6 billion development

Salon

Kiplinger Energy Outlook: Gas Prices Pull Back but Stay Elevated

Prices at the pump are coming down, but not enough to make drivers feel much relief.

Kiplinger

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Daily Mirror

Rishi Sunak meets Saudi Crown Prince - and doesn't mention journalist's brutal murder

The Prime Minister held 'lengthy' one-on-one talks with Mohammed bin Salman at the G20 summit - but did not bother to raise the cause of Jamal Khashoggi, Downing Street confirmed

Evening Standard

Rishi Sunak did not raise Jamal Khashoggi’s murder in meeting with Saudi crown prince

Downing Street said the Prime Minister and Mohammed bin Salman met at the G20 summit in Bali.

The Independent UK

Sunak did not raise journalist’s murder in meeting with Saudi crown prince

Downing Street said the Prime Minister and Mohammed bin Salman met at the G20 summit in Bali.

The Independent UK

Sunak meets Saudi Arabia’s controversial crown prince at G20

The PM was likely to use the encounter to encourage Riyadh to produce more oil and gas in response to the disruption of supplies from Russia.

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The New Daily

Relief in sight for motorists as petrol prices hit $2 a litre

Petrol prices have continued to rise over the past week and are now hovering around $2 a litre ahead of an expected dip before Christmas.

The Guardian - UK

Labour would create ‘anti-Opec’ alliance for renewable energy, says Miliband

Shadow climate change secretary says group would cooperate to cut energy prices and promote clean technology

Radio France Internationale

France seeks to break Venezuela political deadlock at Paris Peace Forum

French President Emmanuel Macron has indicated he hopes the Paris Peace Forum, opening on Friday, will set the stage to relaunch the stalled dialogue between Venezuelan President Nicolas Maduro and his opponents. The South American nation remains a key OPEC oil producer as countries weather the global energy crisis.

The Guardian - UK

Brazil, Indonesia and DRC in talks to form ‘Opec of rainforests’

Spurred by Lula’s election, the three countries, home to half of all tropical forests, will pledge stronger conservation efforts

Asharq Al-Awsat

OPEC Stresses the Importance of Increasing Oil Investments

OPEC Secretary-General Haitham al-Ghais stressed the importance of increasing investments in the oil sector to avoid any future volatility in the oil markets. Ghais said that among the main challenges are the energy transition and the future of energy in general, adding that OPEC has adopted a policy that aims…

The Guardian - UK

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

Asharq Al-Awsat

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…

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