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The Latest Breaking News from OPEC

Iraq, Algeria, Oman, Kuwait and Bahrain Affirm Support for OPEC+ Production Cut

OPEC+ member states lined up on Sunday to endorse the production cut agreed this month after the US had accused Riyadh of coercing some other nations into supporting the move. Algeria's Energy Minister Mohamed Arkab called the decision “historic” and expressed his full confidence in it, Algeria's Ennahar TV reported.…

Asharq Al-Awsat · Oct 17, 2022

Senator raises alarm Saudis could share US defense technology with Russia

Richard Blumenthal to seek reassurances from Pentagon that ‘they are on top of’ risk of sharing information with Gulf state

The Guardian - UK · Oct 17, 2022

Joe Biden has ‘no plans’ to meet Saudi Arabia’s MBS at G20 summit

After OPEC+ decided to cut oil production, the US accused the Saudis of aligning with Russia, worsening their relations.

Al Jazeera · Oct 16, 2022

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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 · Oct 16, 2022

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 · Oct 16, 2022

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 · Oct 15, 2022

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 · Oct 15, 2022

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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 · Oct 15, 2022

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 · Oct 15, 2022

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 · Oct 14, 2022

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 · Oct 14, 2022

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 · Oct 14, 2022

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 · Oct 14, 2022

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 · Oct 14, 2022

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Los Angeles Times · Oct 14, 2022

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.

Benzinga · Oct 13, 2022

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.

Daily Record · Oct 13, 2022

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

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

The Independent UK · Oct 13, 2022

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

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The Guardian - US · Oct 13, 2022

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 · Oct 13, 2022

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 · Oct 13, 2022

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

Benzinga · Oct 13, 2022

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 · Oct 13, 2022

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 · Oct 13, 2022

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 · Oct 13, 2022

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,…

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