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The Latest Breaking News from OPEC

Biden says Saudi Arabia will face ‘consequences’ for OPEC cut

WASHINGTON — President Joe Biden said there would be “consequences” for Saudi Arabia over the decision by OPEC+ to slash production, a move the administration says will benefit Russia by propping up oil prices.

Tribune News Service

Biden says Saudi Arabia will face 'consequences' for OPEC+ oil production cut

President Joe Biden said Tuesday there will be "consequences” for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis.

France 24

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Outraged Biden team vows consequences for Saudis over OPEC+ cut

Tribune News Service

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Biden is rethinking the U.S. relationship with Saudi Arabia after OPEC cuts

After the cartel said it would cut oil production by 2 million barrels per day starting next month, the White House said it's time to look at the longstanding partnership with Saudi Arabia.

WEKU

Outraged Biden team vows consequences for Saudis over OPEC+ cut

WASHINGTON — Top aides to President Joe Biden voiced their fury with Saudi Arabia over OPEC+ oil production cuts Tuesday, saying the administration was undertaking a sweeping reevaluation of its relationship and planned to engage with lawmakers clamoring to punish the kingdom.

Tribune News Service

Biden ‘reviewing’ ties with Saudi Arabia amid anger over oil cuts

Riyadh says oil production curbs are ‘purely economic’ as critics in Washington accuse it of empowering Moscow.

Al Jazeera

Saudi Arabia will face ‘consequences’, says Biden, amid anger at cuts in oil output

Moves by Opec+ to reduce production seen as siding with Putin over the US just as midterms loom

The Guardian - UK

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Biden warns Saudi Arabia will face "consequences" over OPEC oil production cut

OPEC+ decided to cut oil production by 2 million barrels per day starting next month.

Axios

Saudi Govt Hails OPEC+’s Pivotal Role in Achieving Balance, Stability in Oil Markets

The Saudi government praised on Tuesday the pivotal role played by OPEC+ in achieving balance and stability in the global oil markets, and consequently, supporting the world economy. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Jeddah. The ministers reviewed…

Asharq Al-Awsat

Biden open to re-evaluating Saudi relationship after Opec+ cuts, says White House – as it happened

‘In light of the Opec decision, I think that’s where he is,’ says John Kirby, spokesman for Biden’s national security council

The Guardian - US

UK petrol prices rise after Opec decides to cut oil production

Fuel price increase is blow to drivers amid soaring domestic energy costs and other inflation

The Guardian - UK

Putin hosts United Arab Emirates leader for economic talks

Russian President Vladimir Putin has hailed a recent decision by OPEC, Russia and other oil producing nations to limit production as key to stabilizing the global energy market, as he met the leader of the United Arab Emirates for talks on fostering economic ties

The Independent UK

Putin says Russia not working 'against anyone' in energy markets

President Vladimir Putin said on Tuesday that Russia was not working against anyone on energy markets and was seeking a balance between oil supply and demand, a week after Washington criticised a decision by OPEC+ to steeply cut oil production.

Reuters

First Thing: backlash against Saudi Arabia grows in Congress over oil cut

An influential Democratic senator has threatened to freeze weapons sales to the kingdom. Plus, Ukraine demands more western missiles

The Guardian - UK

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Al Jazeera

US senator wants ‘freeze’ on Saudi cooperation after OPEC+ cuts

The US has accused Saudi Arabia of helping underwrite Russia’s war in Ukraine as the supply cut will raise prices.

The Independent UK

Key Senate chair urges US to freeze cooperation with Saudis

The head of the Senate Foreign Relations Committee is calling for freezing all U.S. cooperation with Saudi Arabia, including arms sales

ABC News

The fuel excise is back, but tax isn't the only thing driving petrol prices

Despite the return of the fuel excise, the national average price of a litre of unleaded went down last week. Prices at the pump are expected to rise again, but there's no one simple explanation for it.

Al Jazeera

UAE president to meet Russia’s Vladimir Putin on Tuesday

Sheikh Mohammed heads to Moscow for talks after OPEC+ cuts oil production.

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Los Angeles Times

Commentary: OPEC’s move to raise oil prices is all about Russia

On Wednesday, OPEC+ announced a dramatic reduction in production quotas, by 2 million barrels per day. According to oil ministers, the goal is to boost crude prices and “encourage investment” in the sector — making it sound like they are doing the world a favor. In fact, this is an…

Asharq Al-Awsat

Oil Falls as Investors Take Profit amid China Demand Concerns

Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1%, and was last…

The Guardian - UK

Cutting oil output risks global economy, warns US Treasury secretary

Janet Yellen’s comments come as figures show business activity declining across most UK regions

The Independent UK

Biden preaches patience to voters spooked by economic tumult

When it comes to reassuring Americans about an economy that's an election-year challenge to his party, President Joe Biden is telling the country to hold on

Tribune News Service

Why Saudi Arabia rebuffed Biden’s pleas for more oil

The U.S. has accused Saudi Arabia of siding with Russia after it led OPEC+ in a shock decision to slash crude output, keeping oil prices high at a time of global concern about inflation. The world’s largest oil exporter insists the decision was about economics, not politics.

The Guardian - UK

The Observer view on the global escalation of Russia’s war on Ukraine

Putin’s plague has put the entire postwar consensus on life support

Asharq Al-Awsat

OPEC Head: Uncertainty Over Demand, Global Economy are the Reasons for the Cut, Not Politics

The reduction in oil production targets more spare capacity in case of any global emergency, OPEC's Secretary-General Haitham al-Ghais has announced. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 11 of its allies led by Russia, known as OPEC+, agreed on Wednesday to lower their…

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