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The Latest Breaking News from OPEC

Russian frigate makes rare port call in Saudi

Jeddah (Saudi Arabia) (AFP) - Two Russian vessels left Jeddah on Thursday after making the first port call by the Russian navy in a Saudi port for a decade, Russian officials said.

AFP

Wall Street Analysts Raise Their Oil Price Forecasts After Shocking Supply Cuts By OPEC+

Analysts on Wall Street are becoming far more bullish on oil prices, after OPEC+ announced voluntary output cuts totaling 1

Zenger

Easter bowser squeeze looms, but there’s a way around it

Australian motorists are being advised to fill-up their tanks outside major capitals as petrol prices rise ahead of the Easter long weekend.

The New Daily

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Crude Prices Supported by the Outlook for Tighter Global Supplies

May WTI crude oil (CLK23 ) on Tuesday closed up +0.29 (+0.36%), and May RBOB gasoline (RBJ23 ) closed down -2.04 (-0.74%). Crude oil and gasoline prices Tuesday settled mixed with crude posting a 2-1/4 month high. Crude prices have carryover support from Sunday when OPEC+ unexpectedly announced a -1.0...

Barchart

Surprise Oil Cuts Undergird Unusual Options Volume for Vaalco Energy (EGY)

Hydrocarbon specialist Vaalco Energy represents an under-the-radar opportunity, especially as surprise oil production cuts bolster EGY stock.

Barchart

European equities climb; oil prices firm after surge

London (AFP) - European equities rose further Tuesday, while oil prices held onto Monday's surge after top OPEC+ producers announced shock output cuts.

AFP

Stocks Higher, Walmart Job Cuts, Credit Suisse Apology, Virgin Orbit Bankruptcy, Donald Trump Arraignment - Five Things To Know

Stock futures edge higher as recession worries clip treasury yields; Walmart planning 2,000 e-commerce job cuts as demand wanes; Credit Suisse chairman 'truly sorry' for bank collapse as shareholders vent ire; Virgin orbit files for bankruptcy after January launch failure and Former President Donald Trump faces historic arraignment in Manhattan…

The Street

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Voluntary Oil Production Cut: Decision to Balance Demand, Production Levels

Oil and economic experts confirmed that the voluntary oil production cuts taken by oil-exporting countries within OPEC+, starting May and continuing until the end of 2023, aim to achieve market balance. Mubarak Alhajeri, a faculty member at Kuwait's College of Technological Studies, explained that the cut had shocked global markets…

Asharq Al-Awsat

Should You Buy Oil Stocks Now? How to Profit From the OPEC+ Production Cut

OPEC+ announced they would cut oil output by 1.16 million bpd. Here's how to potentially profit from it.

Barchart

Yellen says OPEC+ cut ‘unconstructive’ as world fights inflation

U.S. Treasury Secretary Janet Yellen criticized the decision by OPEC+ oil producers over the weekend to cut output, saying it was “unconstructive” and would add to the uncertainty overhanging global growth.

Tribune News Service

Crude Prices Settle Sharply Higher after OPEC+ Cuts Production

May WTI crude oil (CLK23 ) on Monday closed up +4.75 (+6.28%), and May RBOB gasoline (RBJ23 ) closed up +7.65 (+2.85%). Crude oil and gasoline prices Monday rallied sharply, with crude posting a 2-1/4 month high and gasoline posting a 5-1/4 month high. The main bullish factor was the...

Barchart

Oil Prices Rise Sharply Following OPEC Announcement

In total, cutbacks in production will be over one million barrels a day. Because of these announced cutbacks, the global benchmark of oil prices, Brent crude, had a 5.31% increase in cost, rising to $84.13 a barrel. The U.S. benchmark, WTI, surged to $79.83 a barrel, a 5.48% increase.

Kiplinger

Oil surges most in a year after OPEC+’s shocking production cut

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

Tribune News Service

OPEC+ pricing power is ‘higher than it’s ever been’ after oil cuts, Goldman Sachs says

Oil-producing allies approved another oil production cut that could deal damage to the West.

Fortune

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AFP

How Russia will benefit from fresh oil production cuts

London (AFP) - The shock announcement by several OPEC+ members to voluntarily cut their oil production by more than a million barrels per day from May has sent world oil prices soaring, in a move widely seen as the tightening of the bond between Russia and Saudi Arabia.

Reuters

Analysis - Saudi crown prince acts to realign Mideast dynamics amid concern over US support

Saudi Arabia's unpredictable crown prince is pushing hard to realign Middle East dynamics, engaging with old foes and orchestrating OPEC oil cuts like the ones on Sunday which took the global market by surprise.

Barchart

Crude Oil Found a Bottom

In 2022, the U.S. sold an unprecedented level of its Strategic Petroleum Reserve, sending the SPY to the lowest level since December 1983. The sales weighed on crude oil but appeared to have set a floor under the energy commodity that continues to power the world.

Asharq Al-Awsat

OPEC+ Says Additional Voluntary Oil Production Cuts Will Be 1.66 Mln Bpd

The 48th Meeting of OPEC’s Joint Ministerial Monitoring Committee (JMMC) was held via videoconference on Monday. The Committee reviewed the crude oil production data for January and February 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).

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Barchart

Broader Market Climbs as Bond Yields Fall on U.S. ISM Manufacturing Miss

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.21%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.87%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.48%. U.S. stock indexes this morning are mixed, with the...

The Independent UK

Oil producers' cuts could boost gasoline prices, help Russia

Some of the globe's biggest oil producers are cutting back

The Street

Jim Cramer Is Frustrated That People Dislike One Sector He Remains Bullish on

Cramer doesn't understand what the problem is.

Radio France Internationale

Oil prices soar after Opec+ announces surprise production cuts

World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts despite already angering the United States with a similar move last year.

Barchart

Markets Today: Stock Indexes Slip as Soaring Crude Prices Spark Inflation Concerns

Morning Markets June S&P 500 futures (ESM2 3) this morning are down -0.18%, and June Nasdaq 100 E-Mini futures (NQM2 3) are down -0.81%. U.S. stock index futures this morning are moderately lower on higher bond yields after the action by OPEC+ to cut its crude production by 1 million...

Investors Business Daily

Chevron, Energy Stocks Surge After OPEC+ Surprise Production Cut

Energy stocks rallied with oil prices Monday after OPEC+ announced a surprise production cut Sunday.

The Guardian - UK

Why are oil prices rising and what does it mean for inflation?

All you need to know about the Opec+ decision to cut production and the potential knock-on effects

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