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The Latest Breaking News from OPEC

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

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

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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

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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

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.

The Street

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.

Radio France Internationale

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 Street

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

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

The Guardian - UK

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

Wales Online

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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.

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AFP

OPEC+ agrees to keep output levels unchanged

WEKU

OPEC keeps oil targets the same amid uncertainty on Russian sanctions

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.

AFP

OPEC+ likely to maintain oil output levels

Vienna (AFP) - Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force.

The Independent UK

OPEC+ oil producers face uncertainty over Russian sanctions

Oil prices are down, and demand is lagging

Asharq Al-Awsat

Iraq: OPEC Members Committed to Agreed Production Rates

Iraqi oil minister Hayan Abdel-Ghani stressed OPEC members are committed to the agreed production rates until the end of 2023, a ministry statement said on Saturday. Abdel-Ghani made these remarks during a ministerial meeting of the member states of the Organization of the Petroleum Exporting Countries (OPEC) via video conference.

France 24

OPEC+ agrees to maintain current output levels amid uncertainty

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the…

AFP

Opec+ likely to maintain oil output levels

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