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The Latest Breaking News from OPEC

Oil Prices Break Above Resistance On Optimistic Forecasts, Energy Stocks Climb

U.S. oil prices broke out of a seven week rut Wednesday on expectations for strong demand in China. Oil stocks climbed.

Investors Business Daily

Oil Prices Extend Gains on Optimism Over China’s Recovery

Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. Brent crude futures firmed 63 cents, or 0.73%, to $86.55 a barrel by 0401 GMT,…

Asharq Al-Awsat

What the end of the US shale revolution would mean for the world

Fracking catapulted America to the top of the energy hierarchy, but low yields and a lack of reinvestment threaten that position

Financial Times

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Iraq Oil Revenues Top $115 Billion in 2022

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer…

Asharq Al-Awsat

Iraq oil revenues top $115 billion in 2022

Baghdad (AFP) - Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic.

AFP

Auto review: Looking for an econobox? The 2023 Nissan Kicks is one answer

There was a time when entry-level buyers had their choice of fuel-efficient hatchbacks, powered by frugal four-cylinder engines and boasting names like Colt, Rabbit, Omni, Horizon, Chevette and Sentra. And while most might consider the humble econobox to be a vestige of the 1980s, a relic of the long-forgotten OPEC…

Tribune News Service

Saudi Energy Minister: OPEC+’s More Accurate Predictions Are Due to Focusing on Market Fundamentals

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud stressed on Tuesday that OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting. In an interview with the Saudi Press Agency (SPA), he added: “As I have emphasized multiple times, in…

Asharq Al-Awsat

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Russia discusses debt, energy stability with Venezuela

Russian Deputy Prime Minister Alexander Novak met on Wednesday with Venezuela's oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela's outstanding debts to Russia.

Reuters

OPEC Sees Robust Global Oil Demand Growth in 2023

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will…

Asharq Al-Awsat

Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

Asharq Al-Awsat

Haitham Al Ghais: OPEC+ Plays Instrumental Role in Supporting Market Stability

The OPEC+ alliance plays an instrumental role in supporting market stability, said OPEC Secretary General Haitham Al Ghais on the sixth anniversary of the group’s formation. The Declaration of Cooperation (DoC) is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue, Al…

Asharq Al-Awsat

Saudi Energy Minister: OPEC+ Members’ Collective Efforts Achieved the Miracle

Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday that the ongoing global developments have proven that OPEC+ has taken the right decision. The collective efforts of the group have led to what he described as the “miracle” in 2020. OPEC+ is keen on being regulators of the market…

Asharq Al-Awsat

China, Saudi Arabia strengthen partnership on energy, defence

Beijing and Riyadh say they will ‘firmly support each other’s core interests’ during an official visit by Xi Jinping.

Al Jazeera

Mohamed bin Zayed and Putin Discuss Bilateral Relations

The President of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan, discussed in a telephone call on Wednesday with Russian President Vladimir Putin the relations between the two countries and ways to promote friendship and cooperation, WAM news agency reported. The two officials also discussed regional and international matters…

Asharq Al-Awsat

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Reuters

U.S. climate envoy Kerry hails holding COP28 conference in OPEC member UAE

U.S. Special Climate Envoy John Kerry on Wednesday hailed the decision to hold next year’s COP28 climate summit in OPEC member the United Arab Emirates, saying fossil fuel economies should be encouraged to lead the transition to clean energy.

AFP

China's Xi arrives in Saudi Arabia for energy-focused visit

Riyadh (AFP) - Chinese President Xi Jinping touched down in Saudi Arabia on Wednesday for a visit that is likely to focus on energy ties as Washington warned of Beijing's growing influence.

Investors Business Daily

Lithium Stocks 2023: A Cartel Takes Shape

Lithium stocks made gains in 2022 as spot prices ballooned. Headwinds on the way in 2023 include a possible alliance of producing countries.

AFP

Chinese flags flutter in Saudi capital ahead of Xi visit

Riyadh (AFP) - The Saudi capital was bedecked with Chinese flags ahead of President Xi Jinping's visit on Wednesday that is likely to focus on energy ties but also follows months of tensions with the United States.

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AFP

Xi travels to Saudi for three days of Mideast outreach

Riyadh (AFP) - Chinese President Xi Jinping arrives in Saudi Arabia on Wednesday for three days of meetings with regional leaders likely focused on energy.

Al Jazeera

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.

AFP

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.

Axios

A new playbook for buying oil

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

The New Daily

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.

Asharq Al-Awsat

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…

AFP

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.

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