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The Latest Breaking News from OPEC

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 New Daily

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

The Guardian - UK

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.

Radio France Internationale

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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

The Guardian - UK

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…

Asharq Al-Awsat

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

The Guardian - UK

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…

Asharq Al-Awsat

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OPEC Sec Gen Calls for Swift Action to Invest in Oil to Prevent Future Emergencies

The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Tuesday. "If we don't get it right this time we are…

Asharq Al-Awsat

Saudis tell US that Iran is prepping attack on kingdom

Saudi Arabia has shared intelligence with American officials that suggests Iran could be preparing for an imminent attack on the kingdom

The Independent UK

Abdulaziz bin Salman Stresses Saudi-UAE Cooperation for Future Energy Mix

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that Saudi Arabia and the UAE were working to increase production capacity, enhance refining volume, and convert oil into petrochemicals. He noted that the two countries were seeking to provide a safe and sustainable energy system. In his speech on the sidelines…

Asharq Al-Awsat

Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis said the diversification of energy sources was the European Union’s most important priority. He noted that the world would never return to the previous situation, even if the Russian-Ukrainian war ended. In this regard, Georgiadis stressed that all European countries would try…

Asharq Al-Awsat

Saudi, UAE back OPEC cuts as US envoy warns of 'uncertainty'

Saudi Arabia and the United Arab Emirates are defending a decision by OPEC and its allies to cut oil production

The Independent UK

Biden to head to Cambodia, Egypt, Indonesia for summits

President Joe Biden will make a week-long, three country trip next month for a quartet of summits—including one that could potentially put him in the same room as China’s Xi Jinping and Russia’s Vladimir Putin

The Independent UK

Why is diesel fuel still so expensive right now compared to petrol?

It's all said to be down to demand - and Americans!

Wales Online

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Asharq Al-Awsat

Reema bint Bandar: Revision of Saudi-US Ties Is a Positive Thing

Saudi Ambassador to the United States Princess Reema bint Bandar underscored the strength of the ties between Riyadh and Washington, describing them as strategic and dating back 80 years. In an interview to CNN aired on Tuesday, she said the United States’ revision of bilateral relations between Riyadh and Washington…

Reuters

Amid oil spat, White House welcomes Saudi moves on Ukraine

The White House on Tuesday welcomed moves taken by Saudi Arabia to help Ukraine in its war with Russia as President Joe Biden ponders how tough to be against the Saudis for joining an oil output cut.

The Independent UK

Natural gas exporters: market to be tight until 2025

The leader of the coalition of gas-exporting countries says that the group expects demand for the fuel to far outstrip supply until 2025 amid a global energy crisis sparked by the war in Ukraine

Foreign Affairs

The Saudis Need a Reality Check

Washington should pause arms sales to rein in Riyadh.

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Tribune News Service

GOP pans oil reserve sale despite a long and bipartisan history

WASHINGTON — After the Biden administration announced the latest sale of crude oil from the Strategic Petroleum Reserve to put a damper on pump prices earlier this week, Republican lawmakers called the move a stunt to mollify gasoline price-sensitive voters before the election in November.

Al Jazeera

Analysis: The Russia-Ukraine war and the view from Saudi Arabia

Although cooperation with Moscow continued, kingdom also showed support for Kyiv as it sought role of useful mediator.

Roll Call

GOP pans oil reserve sale despite a long and bipartisan history - Roll Call

Presidents from both parties have ordered sales from the Strategic Petroleum Reserve to soften spikes in gas prices.

Tribune News Service

Biden adviser says OPEC+ output cut was mainly political move

President Joe Biden’s top energy adviser said the oil output cut by Saudi Arabia and its allies was a largely political move that won’t deter the U.S. administration from trying to curb domestic energy prices.

The Independent UK

Algeria: Doctors tell Saudi crown prince don't go to summit

Saudi Arabia’s powerful 37-year-old crown prince will not attend an upcoming summit in Algeria after his doctors advised him not to travel

Benzinga

Biden's Plan To Help Taxpayers At The Gas Pump Comes As Strategic Reserves Fall To 1984 Levels

President Joe Biden announced on Oct. 19 the release of 15 million barrels of oil from the strategic petroleum reserve (SPR) due to recent production cuts announced by the OPEC + coalition.

Al Jazeera

Turkey accuses US of ‘bullying’ Saudi Arabia over OPEC+ oil cuts

Turkey’s foreign minister slams US for ‘bullying’ Saudi Arabia after OPEC+ announced oil production cuts.

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