The Latest Breaking News from OPEC

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

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

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

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 · Oct 14, 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.

Benzinga · Oct 13, 2022