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The Latest Breaking News from OPEC

Arab League Praises Saudi Arabia’s Balanced Approach in Oil Markets

Arab League Secretary-General Ahmed Aboul Gheit expressed on Friday his rejection of the “negative media campaign against Saudi Arabia in wake of OPEC+’s partial oil cut” last week. A spokesman for Aboul Gheit said the “baseless” statements are “far removed from the truth.” “Rather, they are aimed at politicizing purely…

Asharq Al-Awsat

Biden Asked OPEC+ To Delay Output Decision, Elon Musk Faces Federal Probe Over Twitter Deal, Netflix Ad-Supported Plan: Top Stories Friday, Oct. 14

Reuters Twitter Says Elon Musk Under Federal Probe Over $44B Twitter Deal, In Court Filing

Benzinga

Republicans Slam Biden’s ‘Short-sighted’ Foreign Policy

Republicans accused the administration of US President Joe Biden of destabilizing relations with the Gulf States, following statements on “reviewing the relationship” with Saudi Arabia in the wake of the OPEC+ decision to reduce oil production. Rep.

Asharq Al-Awsat

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How OPEC's oil cuts are souring the relationship between the US and Saudi Arabia

The world's major oil producers are slashing the amount of oil they supply. Here's how it could affect the global economy and why US President Joe Biden is disappointed.

ABC News

Saudis angrily say US oil accusations are political, unfounded

BEIRUT — The spat between the United States and Saudi Arabia and its fellow OPEC members over the management of petroleum supplies intensified Thursday when Riyadh accused Washington of “politicizing oil” and declared it would not submit to “dictates” from supposedly friendly countries.

Los Angeles Times

These 2 Small Energy Stocks Sport 10% Yields — And Maybe More — As OPEC+ Slashes Oil Quotas

With the Energy Select Sector SPDR Fund (ARCA: XLE) up roughly 45% year-to-date, shopping for energy stocks may prove to be more difficult when searching for more upside.

Benzinga

Gap between petrol and diesel prices reaches record 20p following OPEC+ announcement

Diesel drivers are expected to be hit hard by reduced oil supplies.

Daily Record

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Biden vs the Kingdom: Is this the end of the US-Saudi relationship?

The US-Saudi relationship endured a crippling oil embargo and the 9/11 attacks. Has the relationship run its course? Richard Hall investigates

The Independent UK

Saudi Arabia has screwed over the US – and the world – yet again. Enough is enough

By gouging global oil prices, Saudi Arabia has humiliated Biden and boosted Putin. The US must end this unofficial alliance

The Guardian - US

Biden global strategy tackles China, Russia, domestic needs

The White House has laid out a national security strategy aimed at checking an ascendant China and a more assertive Russia

The Independent UK

Let Saudi Arabia’s friendship with Putin be a wake-up call for the west

Prince Mohammed bin Salman can no longer be allowed privileged access to, and support from, western leaders, says the foreign affairs commentator Simon Tisdall

The Guardian - UK

Oil Output Cut May Tip Global Economy Into Recession, Elon Musk's Starship's First Space Tourist, Alphabet Approves Distribution Of Trump's Truth Social App: Top Stories Thursday, Oct. 13

Reuters

Benzinga

US-Saudi rift grows over decision to cut oil production

Washington has accused Saudi Arabia of coercing other Opec+ members into 2m-barrel-a-day reduction

The Guardian - UK

Middle East round-up: The backlash against OPEC+

Here’s a round-up of Al Jazeera’s Middle East coverage this week.

Al Jazeera

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Asharq Al-Awsat

GCC Hails Saudi Role in Preserving World Economy, Stabilizing Oil Markets

The Secretary-General of the Gulf Cooperation Council, Nayef Al-Hajraf, on Thursday praised Saudi Arabia's role in protecting the global economy and the stability of energy markets, and affirmed total rejection of the statements issued against the Kingdom following the decision of the OPEC+ group. Hajraf expressed solidarity with Saudi Arabia,…

WEKU

The White House accuses Saudi Arabia of aiding Russia and coercing OPEC oil producers

A major oil output cut by Saudi Arabia, Russia and other oil producers has drawn sharp accusations in Washington.

Bangkok Post

Oil output cuts 'raise recession risk'

LONDON: A decision by the Opec+ oil producers’ group last week to cut output has driven up prices and could push the global economy into recession, the International Energy Agency warned on Thursday.

The Guardian - UK

Why is the US so angry with Saudi Arabia about oil supply cuts?

Joe Biden has threatened ‘consequences’ after Opec+ decided to reduce output in a decision that will benefit Russia

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Asharq Al-Awsat

Saudi Arabia Rejects Dictates, Attempts for Altering Kingdom’s Global Economy Protection Goals

Saudi Arabia, on Thursday, voiced total rejection of the statements issued towards the Kingdom following the OPEC+ decision to cut oil production. An official at the Foreign Ministry stated that the Saudi government has viewed the statements issued about the Kingdom following the OPEC+ decision announced on October 5, 2022.…

The Independent UK

Saudis say US sought 1 month delay of OPEC+ production cuts

Saudi Arabia says that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production

The Guardian - UK

Thursday briefing: Has Saudi Arabia picked Putin over Biden?

In today’s newsletter: After a summer spent persuading Saudi Arabia to lower costs, the world’s largest oil producer is doing the opposite – now the US president promises ‘consequences’

The Guardian - US

America’s love for cars continues – will gas prices decide the midterms?

Economy in focus: The US loves its cars – but soaring prices are a big issue. In the midwest, Adam Gabbatt asks voters what they think

WEKU

Gloom oozes from energy forecasts that show oil demand dropping, heating bills rising

The weakening economy around the world will drive down demand for oil in the coming months, according to OPEC, while the U.S. government warns that households will pay more for heat this winter.

StockNews.com

3 Oil and Gas Stocks to Watch for Gains in October

OPEC+ has announced a deep output cut from November, which should bolster prices. Moreover, analysts expect oil prices could reach the $125 mark in the near term amid supply cuts. Given this backdrop, we think investing in sound oil and gas stocks Marathon Petroleum (MPC), Valero Energy (VLO), and PBF…

The Guardian - UK

Democrats issue fresh ultimatum to Saudi Arabia over oil production

Members of Congress raise prospect of one-year arms sales ban unless kingdom reverses Opec+ decision to cut output

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