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The Latest Breaking News from OPEC

Saudi Arabia, Russia Stress Commitment to OPEC+ Decision on Oil Output Cuts

Saudi Minister of Energy Prince Abdulaziz bin Salman met in Riyadh on Thursday with Russian Deputy Prime Minister Alexander Novak who is visiting the Kingdom, the Saudi Press Agency reported. They discussed global oil markets and the efforts of OPEC+ to promote market stability, SPA said. They also stressed their…

Asharq Al-Awsat

Chevron, Exxon Mobil Falter As Oil Prices Skid To 15-Month Lows

U.S. oil prices dropped Wednesday to their lowest levels since December 2021 and energy stocks responded.

Investors Business Daily

A year after the Ukraine invasion, oil market much changed

HOUSTON: A year after Russia's invasion of Ukraine, the oil market has become more fragmented and uncertain, a dynamic expected to boost crude prices over the long term.

Bangkok Post

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Saudi FM: Situation in Syria Not Tenable, We Are Open to Dialogue with Iran

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah denied on Tuesday divergence between Saudi Arabia and the United Arab Emirates, saying reports that have made such claims are “overdramatized” and “far from the truth.” Speaking to the press in London, he said: “All decisions in OPEC and OPEC+ are…

Asharq Al-Awsat

China’s Return, Price Ceiling Are Two Challenges to Global Energy Market Balance

Cornelia Meyer, macro-economist, energy expert and advisor to OPEC, said the reopening of China following the zero-Covid-19 policy and the price ceilings imposed on the purchase of energy products from Russia will pose challenges to the balance of the global energy market. She also expected the demand for gas to…

Asharq Al-Awsat

Saudi Oil Exports Rose to 7.4 Mln Bpd in December

Decisions by OPEC+ are not politicized and are based on market fundamentals, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed. Meanwhile, Saudi Arabia’s crude oil exports in December 2022 rose by 157,000…

Asharq Al-Awsat

McConnell-led Republican delegation to meet with UAE president

WASHINGTON — Senate Republican Leader Mitch McConnell will meet with Sheikh Mohammed bin Zayed Al Nahyan, the president of the United Arab Emirates, on Tuesday, according to people familiar with their plans.

Tribune News Service

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IOGP Looks Forward to Working with OPEC to Ensure Global Energy Security

For three years now, energy security has been the most prevalent issue for the global economy. The world blames the high prices of oil and gas and accuses the sector of causing record-high inflation rates. Curbing high inflation requires increasing interest rates, which drags the global economy toward recession. Governments…

Asharq Al-Awsat

Saudi Energy Minister Says OPEC+ Deal Will Continue Until End of Year

Saudi Energy Minister Prince Abdulaziz bin Salman said the current OPEC+ deal on oil output would be locked in until the end of the year. In an interview published by Energy Aspects, the minister said the oil group can't increase output based solely on initial signals. OPEC+ agreed in October…

Asharq Al-Awsat

OPEC Raises 2023 Oil Demand Growth View

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China's relaxation of COVID-19 restrictions. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, the Organization of the Petroleum Exporting Countries said on Tuesday…

Asharq Al-Awsat

Oil Prices Slide As White House, OPEC Give Markets A Stir

Oil prices fell Tuesday as the White House prepared another Strategic Petroleum Reserve sale, and as OPEC hoisted its demand forecast.

Investors Business Daily

UAE Energy Minister: Oil Market Is Balanced

There is no need for the OPEC+ group of oil-producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia's announcement last week that it would unilaterally cut output. "I do not see a requirement for a meeting. The market is balanced," Suhail…

Asharq Al-Awsat

OPEC Expects Demand to Reach Pre-pandemic Levels

OPEC Secretary General Haitham Al Ghais said on Sunday that the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day. Demand is projected to further rise to 110 million barrels per day by 2025, he said. “OPEC remains committed to supporting oil…

Asharq Al-Awsat

OPEC Oil Output Falls as Iraqi Exports Decline

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87…

Asharq Al-Awsat

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Al Jazeera

OPEC does not control price of oil, says cartel chief

OPEC president talks to Al Jazeera about output cuts, price volatility, and the war in Ukraine and its effect on prices.

Investors Business Daily

Dow Jones Reverses Lower Ahead Of Fed Meeting; Caterpillar, Exxon, Pfizer, McDonald's Fall On Earnings

The Dow Jones reversed lower Tuesday, as the Fed's two-day meeting kicks off today. Caterpillar, Exxon and Pfizer dropped on earnings.

Asharq Al-Awsat

Saudi Crown Prince, Putin Discuss Cooperation within OPEC+

Prince Mohammed bin Salman, Crown Prince and Prime Minister, received on Monday a telephone call from Russian President Vladimir Putin. They discussed bilateral relations between their countries and ways of developing them in a number of fields. They also tackled issues of mutual concern. The Kremlin said the leaders discussed…

Investors Business Daily

Dow Jones Falls 260 Points Ahead Of Fed Meeting, Big Earnings; What To Do Now

Dow Jones futures were lower early Tuesday ahead of the Federal Reserve's two-day meeting and big earnings from Amazon and Apple this week.

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Reuters

Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin

Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.

Investors Business Daily

Dow Jones Falls 100 Points With Fed Meeting In Sight; Tesla Stock Upgraded To Buy After 33% Surge

The Dow Jones fell 100 points Monday, with the Federal Reserve's policy meeting set for this week. Tesla stock was upgraded to buy.

Investors Business Daily

Baker Hughes Stock Teases Buy Point On 2023 Oil Optimism, Despite Q4 Miss

Baker Hughes edged lower Monday as oil field service industry stocks are in the midst of a rally.

Investors Business Daily

SLB Stock Drops On Strong Earnings, Bullish 2023 Outlook For Oil And Gas

SLB topped Q4 estimates and the oilfield service giant is optimistic about energy demand in 2023.

Investors Business Daily

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.

Asharq Al-Awsat

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,…

Financial Times

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

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