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The Latest Breaking News from OPEC

OPEC cuts oil production to drive up prices, ASX ends steady after volatile day

As the ASX finishes where it started, Saudi Arabia and Russia are on a collision course with the West after major producers cut oil production to drive up prices. The move could further increase energy prices, plunge the global economy into recession, and help Russia in its war in Ukraine.

ABC News

Fuel price-rise warning as oil cartel agrees to significantly slash global production

A major oil cartel has announced the biggest cut in production in years which could push up fuel prices around the world while bolstering Russia's war in

The New Daily

White House blasts Opec saying it is ‘aligning with Russia’ after oil production cut announcement

Oil producers’ announcement could drive up costs at worst possible time for Democrats

The Independent UK

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Opec+ to raise oil prices as it cuts production by two million barrels a day

The cartel has decided to cut oil production by two million barrels a day. The decision was made to control prices which have fluctuated wildly due to the war in Ukraine.

Wales Online

OPEC production cuts add fuel to domestic energy debates - Roll Call

Lawmakers said OPEC's move to cut oil production underscores the need to break from fossil fuels, but they disagree on how.

Roll Call

OPEC+ Agrees Oil Output Cuts of 2 Mln Bpd

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices. Energy ministers cut production by 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of…

Asharq Al-Awsat

OPEC+ tries to keep oil above $90 with large production cut

OPEC+ agreed to cut its collective output limit by 2 million barrels day, stoking tensions with the U.S. as the cartel seeks to halt a slide in oil prices caused by the weakening global economy.

Tribune News Service

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Rockets, Feathers, and Rising Gasoline Prices

Saudi Arabia snubs Biden by advocating OPEC cut oil production by 2 million barrels per day.

Reason

OPEC+ agrees to cut oil production to boost prices

The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

France 24

OPEC+ cuts oil production by 2m barrels a day despite US pressure

US expresses disappointment in move that could spur an increase in oil prices, which had dropped in recent months.

Al Jazeera

Fears grow over oil price as Opec+ agrees to bigger than expected output cuts

Cartel curbs production by 2m barrels a day despite strong US pressure, further squeezing supplies

The Guardian - UK

What OPEC's 2 million-barrel cut could mean for U.S. gas prices

OPEC and Russia are looking to prop up prices that have fallen greatly since early June.

Axios

OPEC+ agrees deep oil production cuts, Biden calls it shortsighted

OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.

Reuters

OPEC+ weighs large oil cutback to boost sagging prices

A cut in oil production is on the table when OPEC oil-producing countries meet Wednesday

The Independent UK

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WEKU

Russia and Saudi Arabia agree to massive cuts to oil output. Here's why it matters

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

Evening Standard

FTSE 100 Live: Tesco profits fall, OPEC considers oil output cut

Tesco’s half-year profits have fallen 10% as the supermarket giant grapples with the impact of “significant” cost inflation.

The Guardian - UK

White House ‘disappointed’ as Opec+ cuts production by 2m barrels per day – business live

Oil cartel and allies including Russia make biggest cut in output since the start of the pandemic, despite pressure from the White House

The Independent UK

AP News Digest 3 am

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at https://newsroom.ap.org.

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Bangkok Post

Opec+ expected to slash oil output

VIENNA: Major oil producers led by Saudi Arabia and Russia were set to meet Wednesday as reports said they were mulling an output cut of up to 2 million barrels per day in a bid to prop up slumping prices.

The Guardian - UK

‘Significant risk’ of winter gas shortages in Great Britain, warns Ofgem

Electricity-producing firms ask regulator to change rules that could penalise them if gas supplies run out

Asharq Al-Awsat

Oil Jumps More Than $3 as OPEC+ Weighs Output Cut

Oil prices jumped by more than $3 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures rebounded $3.37, or 4%, to $88.51 a…

Tribune News Service

OPEC+ to consider output cut of more than 1 million barrels

The OPEC+ group of oil producers will consider cutting output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.

Asharq Al-Awsat

OPEC+ to Hold Oct. 5 Meeting in Person in Vienna

OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday. A virtual option will also be available for some delegations due to the short notice if they are unable to. OPEC+, which combines OPEC countries with allies such as Russia, is…

Asharq Al-Awsat

OPEC+ Has Begun Talks on Output Cut - Source

Leading OPEC+ members have begun discussions about an oil output cut at the group's next meeting on Oct.

StockNews.com

3 Energy Stocks to Buy Right Now if You’re a Long-Term Investor

Russia is likely to propose a significant reduction in output at the next OPEC meeting. Amid the supply crunch, JPMorgan expects Brent to head toward $100 a barrel in the coming months. Hence, fundamentally strong energy stocks Valero Energy Corporation (VLO), Marathon Oil Corporation (MRO), and APA Corporation (APA) might…

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