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The Latest Breaking News from OPEC

EU agrees to impose price cap on Russian crude

Brussels (AFP) - The European Union will join the G7 powers in imposing a $60-per-barrel price cap on Russian oil, the Polish ambassador to the bloc said Friday, three days ahead of an EU embargo on imports by sea.

AFP

Stocks fall after strong US jobs data

London (AFP) - Stock markets stumbled on Friday after strong US jobs data raised concerns that the US Federal Reserve may continue to aggressively hike interest rates to tame inflation.

AFP

European stocks, oil steady before US jobs data and OPEC

London (AFP) - European stock markets and oil prices steadied Friday before key US jobs data and an oil output decision by OPEC and its Russia-led allies.

AFP

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EU cap on Russian oil price on hold as Poland urges lower price

Brussels (AFP) - The West's plan to starve Russia of resources to fight its war in Ukraine by imposing a price cap on its oil exports hit a diplomatic logjam in Brussels on Friday.

AFP

OPEC set to stick or cut more amid plan to cap Russian oil price

London (AFP) - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a Russian oil price cap and an embargo on Russian crude shipments.

AFP

UK national highways workers to strike; US jobs growth beats forecasts – business live

Union members working on England’s roads have announced 12 days of strike action over Christmas and the new year, while US added 263,000 jobs in November

The Guardian - UK

ASX falls as share rally fades, economists bake in RBA interest rate rise on Tuesday

The ASX extends losses into the close, as investors take stock following yesterday's Jerome Powell-inspired share market surge and ahead of next week's Reserve Bank meeting.

ABC News

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Oil Prices Rebound Ahead Of Massive Supply Chain Shift

OPEC+ meets on Sunday. U.S. oil prices and oil-related stocks edged lower Friday.

Investors Business Daily

Saudi Arabia to host China-Arab summit during Xi visit, sources say

Saudi Arabia plans to host a Chinese-Arab summit on Dec. 9 attended by Chinese President Xi Jinping during his visit to the kingdom, three Arab diplomats in the region familiar with the plans said on Wednesday.

Reuters

Gasoline Prices Could Reach $3 a Gallon by Christmas

The pace of decline in gasoline prices continues and is expected to extend into December.

The Street

Oil surges as speculation Opec+ will cut production intensifies

SINGAPORE: Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries (Opec) and its allies will deepen supply cuts to respond to weakening global demand.

Bangkok Post

The week that could unravel the global oil market

As western countries prepare to impose a price cap on Russian crude, many of the industry’s norms are being undermined

Financial Times

Stock Market Investing Action Plan: What Part Of November Don't You Understand?

A turnabout month left the market sitting on some nice gains. The next week's data might determine whether those gains hold.

Investors Business Daily

Saudi, Iraqi Energy Ministers Stress Importance of Working within OPEC+ Framework

Saudi Energy Minister Prince Abdulaziz bin Salman and his Iraqi counterpart Hayan Abdel-Ghani stressed on Thursday the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. The two sides also pointed to, "the ability to…

Asharq Al-Awsat

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StockNews.com

2 Energy Stocks That Are Crushing the Market Right Now

Rumors of OPEC increasing output were negated by Saudi Arabia amid the embargo on Russian oil. This could translate to a tight supply this winter. Hence, quality energy stocks Marathon Petroleum (MPC) and Valero Energy (VLO), which have crushed the market this year, could be solid buys now. Read on….

The Street

Stock Market Today: Stocks End Higher As Dollar Retreats, Oil Prices Leap

Stocks finished higher Tuesday, thanks in part to thin holiday trading volumes and an overnight pullback for the U.S. dollar.

The Street

Stocks Edge Higher; Oil Prices, GameStop, Zoom And Dell In Focus - Five Things To Know

Stock futures nudge higher as dollar retreats; oil prices steady as OPEC report, demand bets unsettle markets; GameStop edges higher after reports of Carl Icahn short; Zoom slumps after cutting sales outlook in 'challenging' environment and Dell Technologies slips lower as profit outlook clouds solid Q3 earnings.

AFP

Global stocks mostly tumble on fears of fresh China Covid curbs

New York (AFP) - Global stocks mostly fell Monday as renewed concerns about harsh coronavirus curbs in China rattled investor sentiment, while oil prices gyrated as Saudi Arabia denied a report that exporters were weighing a production increase.

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The Street

Why Traders Increasingly Seek Insights Via CVOL Indexes

In an era of heightened volatility, CVOL indexes are revealing valuable information to traders across several markets. “It helps me to identify opportunities to buy or sell volatility.”

Asharq Al-Awsat

Saudi Energy Minister Denies Output Increase Discussion

Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output to 500,000 barrels per day, according to state news agency SPA. "It is well-known that OPEC+ does…

The Guardian - AU

Australia’s new approach was a rare positive at Cop27 – but now the need for action is all the more acute

Qualified victory was snatched from defeat at the climate summit with a genuine and surprising agreement on loss and damage. But there’s still no plan to get to 1.5C

Bangkok Post

'Opec for nickel' proposal debated

A proposal by Indonesia, the world’s biggest nickel producer, to create an Opec-like group of suppliers of the metal used in EV batteries has raised eyebrows among Australian miners.

Asharq Al-Awsat

Saudi Crude Exports Surge to 29-Month High in September

Saudi Arabia's crude oil exports rose for a fourth straight month in September to the highest in 29 months, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. Crude exports rose about 1.6 percent to 7.721 million barrels per day (bpd) in September - the highest since April…

Salon

Saudis funneled "billions" to Trump fam

Earlier this week, Trump "struck a deal with a Saudi-based real estate company" on $1.6 billion development

Kiplinger

Kiplinger Energy Outlook: The Cheapest Gasoline in Years

While not dirt-cheap, gas costs less now than it has in a few years, just in time for the busy travel weekend.

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