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The Latest Breaking News from OPEC

China’s Xi arrives in Saudi Arabia to ‘bolster ties’

Initial agreements worth $29bn will be signed at a Saudi Arabian-Chinese summit this week, official news agency says.

Al Jazeera

China's Xi to visit Saudi Arabia from Wednesday

Riyadh (AFP) - Chinese President Xi Jinping will make a three-day visit to Saudi Arabia this week, meeting the king and de facto ruler of the world's biggest oil exporter.

AFP

A new playbook for buying oil

Some 70 years later, the West has a response to OPEC

Axios

From analysis to the latest developments in health,
read the most diverse news in one place.

Petrol prices ease before Christmas as Russian sanctions threaten diesel disruption

Australian motorists are enjoying bowser relief in the lead-up to Christmas, but oil markets are threatening to push up petrol prices.

The New Daily

Saudi Aramco Drops January's Arab Light Prices for Asia

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Asharq Al-Awsat

US stocks slide on Fed worries as Asian bourses rally

New York (AFP) - US stocks fell Monday on worries the Federal Reserve will prolong aggressive policies to counter inflation, while Asian bourses rallied on signs China is pivoting from its zero-tolerance Covid policies.

AFP

Oil Markets In Flux As Embargo Deepens; China, India Demand Russian Discounts

Oil markets swung into a massive redrawing of trade routes Monday as EU's embargo of Russian oil took full effect.

Investors Business Daily

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Infographic: How much oil does Russia produce?

Russia is one of the largest producers of crude oil, and it provides more than a third of Europe’s oil imports.

Al Jazeera

Stocks retreat on interest rate worries

London (AFP) - US stocks fell on Monday as resilient economic data fuelled concerns that the Federal Reserve may not be able to relent on interest rate hikes.

AFP

Oil jumps on China easing Covid restrictions, Russia price cap

London (AFP) - World oil prices rallied Monday after more easing of strict Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force.

AFP

Oil prices surge as cap on Russian crude comes into force

Russia is preparing response to price cap that will ‘destabilise world energy markets’, Kremlin says

The Independent UK

Biden crowned world energy czar as diplomacy triumphs over Putin’s tantrums

Putin thought he controlled the world’s energy supply. Now he’s just an impoverished warlord.

Fortune

Oil jumps on China easing of Covid restrictions, Russia price cap

London (AFP) - World oil prices rallied Monday after more easing of strict Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force.

AFP

Russian oil price cap put to the test

Brussels (AFP) - The price cap on Russian oil agreed by the EU, G7 and Australia came into force on Monday.It aims to restrict Russia's revenue as punishment for its invasion of Ukraine, while making sure Moscow keeps supplying the global market.

AFP

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The Street

Oil Jumps On OPEC Output Agreement, Russia Price Cap, China Demand Bets

A lower-than-expected cap on Russian crude prices, as well as the potential for improving China demand, has oil prices on the move Monday.

Radio France Internationale

G7 Russian oil price cap and EU embargo come into force

The price cap on Russian oil agreed by the European Union (EU), G7 and Australia is set to come into force on Monday. It aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

The Street

Stocks Edge Lower, Week Ahead, OPEC, Tesla And Sam Bankman-Fried - Five Things To Know

Stock futures lower as market weigh recession risk; Week Ahead: light calendar puts china, sentiment data in focus; Oil prices gain on china optimism; OPEC holds production levels; Tesla slides on reports of VE production cuts in China and Sam Bankman-Fried says he'll testify on FTX collapse before Congress.

The Guardian - UK

UK car sales jumped 23.5% in November despite 2023 recession looming – as it happened

Rolling coverage of the latest economic and financial news, as CBI warns UK faces recession and a lost decade without a government growth plan

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The Guardian - UK

Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

Wales Online

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

Chronicle Live

Petrol and diesel prices likely to rise once again after recent major announcement

While fuel prices have dropped significantly since the record highs Britons had to pay over the summer, they still remain quite high.

Asharq Al-Awsat

OPEC+ Keeps Steady Policy

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday. The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary. The announcement is…

Reuters

Saudi prince seeks Mideast leadership, independence with Xi's visit

Crown Prince Mohammed bin Salman hosts China's leader this week at a delicate moment in U.S.-Saudi ties, signalling Riyadh's resolve to navigate a polarised global order regardless of the wishes of its Western allies, analysts said.

AFP

OPEC+ to keep output unchanged in uncertain climate

Vienna (AFP) - Major oil-producing countries led by Saudi Arabia and Russia agreed Sunday to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week.

AFP

OPEC+ agrees to keep output levels unchanged

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