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The Latest Breaking News from OPEC

Khalid bin Salman: OPEC+ Decision Taken Unanimously for Economic Reasons

Saudi Defense Minister Prince Khalid bin Salman said Sunday that the decision by OPEC+ to cut oil output was taken unanimously and for purely economic reasons. “Although the OPEC+ decision, which was taken unanimously, was due to purely economic reasons, some accused the Kingdom of standing with Russia,” he said…

Asharq Al-Awsat

OAPEC Says OPEC+ Decision is Correct and Came at Right Time

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali bin Sabt, said the OPEC+ decision to cut oil production is correct and was taken at the right time. In a press statement issued by OAPEC on Saturday, bin Sabt confirmed that the "decision took into account the…

Asharq Al-Awsat

BAE Systems in middle of dogfight between Saudis and Biden over oil

As the row between the US president and the Gulf kingdom over increasing oil production escalates, the UK arms industry giant may have to choose which of its two lucrative customers to side with

The Guardian - UK

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Saudi Arabia to give Ukraine over €400million in humanitarian aid

Saudi Arabia has announced it will give over €400million in humanitarian aid for Ukraine, as Crown Prince Mohammed bin Salman reportedly held a phone conversation with President Volodymyr Zelensky.

Radio France Internationale

Arab, Islamic Officials Condemn Negative Campaign against Saudi Arabia

Saudi Arabia’s rejection of the negative statements against it in wake of the OPEC+ decision was welcomed by Arab and Islamic leaders. The officials expressed their solidarity with Saudi Arabia and strong condemnation of the statements and campaigns against Riyadh. On Thursday, an official source at the Saudi Foreign Ministry…

Asharq Al-Awsat

Australian fuel prices likely to rise as Opec+ countries cut oil production to ‘squeeze the market’

Cuts by world’s biggest petrol producers will work against other governments’ efforts to tame inflation by releasing fuel stocks

The Guardian - AU

Democrats suggest shifting weapons from Saudi Arabia to Ukraine

Democrats call for suspension of transfer of Patriot missiles in wake of ‘turning point’ in relationship with Saudis

The Guardian - UK

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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

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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The Independent UK

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 Guardian - US

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 Independent UK

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 Guardian - 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

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Benzinga

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

The Guardian - UK

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

Al Jazeera

Middle East round-up: The backlash against OPEC+

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

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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