The Latest Breaking News from OPEC

Saudi Arabia will face ‘consequences’, says Biden, amid anger at cuts in oil output

Moves by Opec+ to reduce production seen as siding with Putin over the US just as midterms loom

The Guardian - UK · Oct 11, 2022

Biden warns Saudi Arabia will face "consequences" over OPEC oil production cut

OPEC+ decided to cut oil production by 2 million barrels per day starting next month.

Axios · Oct 11, 2022

Saudi Govt Hails OPEC+’s Pivotal Role in Achieving Balance, Stability in Oil Markets

The Saudi government praised on Tuesday the pivotal role played by OPEC+ in achieving balance and stability in the global oil markets, and consequently, supporting the world economy. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Jeddah. The ministers reviewed…

Asharq Al-Awsat · Oct 11, 2022

First Thing: backlash against Saudi Arabia grows in Congress over oil cut

An influential Democratic senator has threatened to freeze weapons sales to the kingdom. Plus, Ukraine demands more western missiles

The Guardian - UK · Oct 11, 2022

US senator wants ‘freeze’ on Saudi cooperation after OPEC+ cuts

The US has accused Saudi Arabia of helping underwrite Russia’s war in Ukraine as the supply cut will raise prices.

Al Jazeera · Oct 11, 2022

Key Senate chair urges US to freeze cooperation with Saudis

The head of the Senate Foreign Relations Committee is calling for freezing all U.S. cooperation with Saudi Arabia, including arms sales

The Independent UK · Oct 10, 2022

The fuel excise is back, but tax isn't the only thing driving petrol prices

Despite the return of the fuel excise, the national average price of a litre of unleaded went down last week. Prices at the pump are expected to rise again, but there's no one simple explanation for it.

ABC News · Oct 10, 2022

UAE president to meet Russia’s Vladimir Putin on Tuesday

Sheikh Mohammed heads to Moscow for talks after OPEC+ cuts oil production.

Al Jazeera · Oct 10, 2022

Commentary: OPEC’s move to raise oil prices is all about Russia

On Wednesday, OPEC+ announced a dramatic reduction in production quotas, by 2 million barrels per day. According to oil ministers, the goal is to boost crude prices and “encourage investment” in the sector — making it sound like they are doing the world a favor. In fact, this is an…

Los Angeles Times · Oct 10, 2022

Oil Falls as Investors Take Profit amid China Demand Concerns

Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1%, and was last…

Asharq Al-Awsat · Oct 10, 2022