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The Latest Breaking News from OPEC

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

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

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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

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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

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)…

Asharq Al-Awsat

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.

Tribune News Service

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.

Bangkok Post

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

Reuters

Benzinga

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

The Independent UK

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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…

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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.

Reuters

Russia's Lavrov to meet with GCC ministers in Riyadh on Wednesday -officials

Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with foreign ministers of the Gulf Cooperation Council countries (GCC), two Gulf officials said on Tuesday.

The Guardian - UK

Could a cartel of large energy consumers cut oil and gas prices?

Italy’s PM Mario Draghi suggests big consumers club together to limit how much is paid and raises idea of EU gas price cap

Al Jazeera

Despite pain at the pump, Americans are hitting the road

Heading into the US summer driving season, Americans are fueling up but how long before they have to hit the brakes?

Asharq Al-Awsat

Oil Climbs on Tight Supply, Prospect of EU Ban on Russian Crude

Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine. Brent crude futures were up $1.60 cents, or 1.4%, to…

Reuters

Biden says weighs reducing tariffs on China, asking OPEC to pump more oil

U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods while increasing calls on OPEC to raise oil production as he grappled with a politically damaging wave of inflation.

Asharq Al-Awsat

Saudi Arabia Set for Oil Output Capacity above 13 Mln Bpd by 2027, Says Minister

Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million barrels bpd by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that…

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