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The Latest Breaking News from OPEC

Analysis: Iraq’s new budget may hamper more than it helps

This year’s budget is Iraq’s largest at 198.9 trillion dinars ($153bn) with the same allocated for 2024 and 2025.

Al Jazeera

Crude Prices Finish Sharply Higher on Hopes for Additional China Stimulus

July WTI crude oil (CLN23 ) on Tuesday closed up +2.30 (+3.43%), and July RBOB gasoline (RBN23 ) closed up +7.53 (+3.03%). Crude oil and gasoline prices Tuesday rallied sharply. A slump in the dollar index Tuesday to a 3-week low was bullish for energy prices. Also, the outlook for...

Barchart

FOMC, CPI and Other Key Themes to Watch This Week

This week is packed with news and events. The FOMC is the big one of the week, but we also have CPI, PPI, Bond Auctions, Oil Reserves (which may be important with the OPEC cut), and plenty of other big news.

Barchart

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Crude Prices Fall on Energy Demand Concerns in China

July WTI crude oil (CLN23 ) on Friday closed down -1.12 (-1.57%), and July RBOB gasoline (RBN23 ) closed down -1.95 (-0.75%). Crude oil and gasoline prices Friday posted moderate losses. A stronger dollar Friday undercut energy prices. Also, concern about weakness in China's energy demand is bearish for crude...

Barchart

Crude Slightly Lower on Energy Demand Concerns in China

July WTI crude oil (CLN23 ) this morning is down -0.08 (-0.11%), and July RBOB gasoline (RBN23 ) is down -0.16 (-0.06%). July Nymex natural gas (NGN23 ) is down -0.063 (-2.68%). Crude oil and gasoline prices today are slightly lower. A stronger dollar today is undercutting energy prices. Also,...

Barchart

America is going through an oil boom — and this time it's different

Business is pretty good in America's busiest oil patch. Prices are high enough to turn a profit and then some. But instead of going wild, producers have been aiming for something new: Discipline.

WEKU

Crude Prices Fall on Iran Media Reports and Global Energy Demand Concerns

July WTI crude oil (CLN23 ) on Thursday closed down -1.24 (-1.71%), and July RBOB gasoline (RBN23 ) closed down -2.85 (-1.08%). Crude oil and gasoline prices this morning gave up an early advance and posted moderate losses on reports that Iran and the U.S. have made progress in talks...

Barchart

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3 Foreign Oil Stocks to Buy for Value

Despite macroeconomic headwinds, strong global oil demand and constrained supply as Saudi signaled more output cuts could likely boost oil prices this year. Amid this, fundamentally strong foreign oil stocks BP (BP), Repsol (REPYY), and Ultrapar (UGP), currently trading at a discount, could be ideal investments. Keep reading….

StockNews.com

Which Energy Stock Should You Invest In: Marathon Oil (MRO) or Cheniere Energy (LNG)

After a stellar performance in 2022, the energy sector is expected to maintain its growth momentum this year. Strong energy demand worldwide and massive oil production cuts could significantly lift oil and gas prices. Energy producers Marathon Oil (MRO) and Cheniere Energy (LNG) are poised to benefit from the sector’s…

StockNews.com

Has Saudi Arabia lost control of oil prices?

Saudi Arabia has risked divisions within Opec, inflaming tensions with the US and reigniting inflation in Europe, all in a bid to boost flagging oil prices.

The Week

No Surprise as OPEC+ Trims Production

OPEC, the international oil cartel, meets twice yearly in a formal gathering in Vienna, Austria. The members convene to debate and decide on petroleum production policy for the coming months to balance supply and demand at a price that delivers the most attractive return for oil-producing countries and traditional energy…

Barchart

OPEC+ -- No Surprise as the Cartel Trims Production

Barchart

Eye on oil: on oil prices and India

The softening in crude oil purchase prices has not percolated to the Indian consumer

The Hindu

Oil Prices Jump As Saudi Arabia Rattles Short Sellers

Oil prices popped Monday following Saudi Arabia's decision to cut oil production.

Investors Business Daily

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The Guardian - UK

Brent crude price rises after Saudi Arabia agrees to cut oil output

Price gained more than 2% on Monday morning to touch one-month high of $78.73

Reuters

Venezuela's Maduro visits Saudi Arabia -state media

Venezuelan President Nicolas Maduro arrived in Saudi Arabia on Monday, state media reported, as the kingdom continues to expand its diplomatic outreach beyond traditional Western alliances.

The Guardian - UK

Oil price up after Saudi Arabia cuts output; UK mortgage rates and car sales rise – as it happened

Rolling coverage of the latest economic financial news, as Brent crude hits $78/barrel and new car market records longest period of growth since 2015

Bangkok Post

Saudi Arabia slashes output further to boost oil price

VIENNA - Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

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WEKU

Saudi Arabia cuts oil production again to shore up prices — this time on its own

OPEC+ countries also agreed to extend oil production cuts they announced in April through the end of 2024, reducing production by more than 1 million barrels per day.

The Guardian - UK

Opec+ to extend cuts in oil output into 2024 as prices flag

Oil cartel members reportedly agree to reduce output by a further 1.4m barrels, with oversupply a concern

The Hindu

India's import of Russian oil scales new high in May

India’s import of cheap Russian oil scaled another record and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the U.S., industry data showed. India took 1.96 million barrels a day from Russia, 15% more than the previous according to data from energy cargo tracker…

The Independent UK

With oil prices slumping, OPEC+ producers weigh more production cuts

The major oil-producing countries led by Saudi Arabia and Russia are deciding whether to make more cuts to the amount of crude they supply to the global economy

Barchart

Crude Closes Higher Ahead of Weekend OPEC+ Meeting

July WTI crude oil (CLN23 ) on Friday closed up +1.64 (+2.34%), and July RBOB gasoline (RBN23 ) closed up +6.45 (+2.65%). Crude oil and gasoline prices Friday closed moderately higher. Crude prices rose Friday in hopes of stronger Chinese energy demand after Bloomberg reported the Chinese government is working...

Barchart

Where are Corn, Soybean, and Wheat Prices Headed in June?

I was interviewed this morning by Michelle Rook on AgWeb's Markets Now. We discussed the recent action in the grain markets and the surge in cattle prices.

Barchart

Crude Rallies Ahead of Weekend OPEC+ Meeting

July WTI crude oil (CLN23 ) this morning is up +1.22 (+1.74%), and July RBOB gasoline (RBN23 ) is up +3.57 (+1.479%). July Nymex natural gas (NGN23 ) is up +0.038 (+1.76%). Crude oil and gasoline prices this morning are moderately higher. Crude prices are climbing in hopes of stronger...

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