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The Latest Breaking News from OPEC

Saudi Arabia will face ‘consequences’, says Biden, amid anger at cuts in oil output

Moves by Opec+ to reduce production seen as siding with Putin over the US just as midterms loom

The Guardian - UK

Biden warns Saudi Arabia will face "consequences" over OPEC oil production cut

OPEC+ decided to cut oil production by 2 million barrels per day starting next month.

Axios

Saudi Govt Hails OPEC+’s Pivotal Role in Achieving Balance, Stability in Oil Markets

The Saudi government praised on Tuesday the pivotal role played by OPEC+ in achieving balance and stability in the global oil markets, and consequently, supporting the world economy. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Jeddah. The ministers reviewed…

Asharq Al-Awsat

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Biden open to re-evaluating Saudi relationship after Opec+ cuts, says White House – as it happened

‘In light of the Opec decision, I think that’s where he is,’ says John Kirby, spokesman for Biden’s national security council

The Guardian - US

UK petrol prices rise after Opec decides to cut oil production

Fuel price increase is blow to drivers amid soaring domestic energy costs and other inflation

The Guardian - UK

Putin hosts United Arab Emirates leader for economic talks

Russian President Vladimir Putin has hailed a recent decision by OPEC, Russia and other oil producing nations to limit production as key to stabilizing the global energy market, as he met the leader of the United Arab Emirates for talks on fostering economic ties

The Independent UK

Putin says Russia not working 'against anyone' in energy markets

President Vladimir Putin said on Tuesday that Russia was not working against anyone on energy markets and was seeking a balance between oil supply and demand, a week after Washington criticised a decision by OPEC+ to steeply cut oil production.

Reuters

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First Thing: backlash against Saudi Arabia grows in Congress over oil cut

An influential Democratic senator has threatened to freeze weapons sales to the kingdom. Plus, Ukraine demands more western missiles

The Guardian - UK

US senator wants ‘freeze’ on Saudi cooperation after OPEC+ cuts

The US has accused Saudi Arabia of helping underwrite Russia’s war in Ukraine as the supply cut will raise prices.

Al Jazeera

Top Democrat urges US block on weapons sales to Riyadh

Washington (AFP) - A powerful US senator called Monday for Washington to freeze all cooperation with Saudi Arabia over its decision to "underwrite" Russia's war in Ukraine by slashing oil production.

AFP

Key Senate chair urges US to freeze cooperation with Saudis

The head of the Senate Foreign Relations Committee is calling for freezing all U.S. cooperation with Saudi Arabia, including arms sales

The Independent UK

The fuel excise is back, but tax isn't the only thing driving petrol prices

Despite the return of the fuel excise, the national average price of a litre of unleaded went down last week. Prices at the pump are expected to rise again, but there's no one simple explanation for it.

ABC News

UAE president to meet Russia’s Vladimir Putin on Tuesday

Sheikh Mohammed heads to Moscow for talks after OPEC+ cuts oil production.

Al Jazeera

Commentary: OPEC’s move to raise oil prices is all about Russia

On Wednesday, OPEC+ announced a dramatic reduction in production quotas, by 2 million barrels per day. According to oil ministers, the goal is to boost crude prices and “encourage investment” in the sector — making it sound like they are doing the world a favor. In fact, this is an…

Los Angeles Times

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Asharq Al-Awsat

Oil Falls as Investors Take Profit amid China Demand Concerns

Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1%, and was last…

The Guardian - UK

Cutting oil output risks global economy, warns US Treasury secretary

Janet Yellen’s comments come as figures show business activity declining across most UK regions

The Independent UK

Biden preaches patience to voters spooked by economic tumult

When it comes to reassuring Americans about an economy that's an election-year challenge to his party, President Joe Biden is telling the country to hold on

Tribune News Service

Why Saudi Arabia rebuffed Biden’s pleas for more oil

The U.S. has accused Saudi Arabia of siding with Russia after it led OPEC+ in a shock decision to slash crude output, keeping oil prices high at a time of global concern about inflation. The world’s largest oil exporter insists the decision was about economics, not politics.

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The Guardian - UK

The Observer view on the global escalation of Russia’s war on Ukraine

Putin’s plague has put the entire postwar consensus on life support

Asharq Al-Awsat

OPEC Head: Uncertainty Over Demand, Global Economy are the Reasons for the Cut, Not Politics

The reduction in oil production targets more spare capacity in case of any global emergency, OPEC's Secretary-General Haitham al-Ghais has announced. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 11 of its allies led by Russia, known as OPEC+, agreed on Wednesday to lower their…

The Conversation

Uganda’s fuel smugglers: are the Opec Boys (anti-)heroes of the marginalised?

Smuggling in the Ugandan border region of West Nile has a long and chequered history. It straddles the fine line between legitimacy and legality. Governance and conflict researcher Kristof Titeca has studied smuggling in the border region since 2003. He explains the dynamics.

Benzinga

S&P 500 Gives Up Early Week Gains Following Latest Jobs Report: Is A Recession Looming?

After a strong two-day rally to start October, the SPDR S&P 500 ETF Trust (NYSE: SPY) gave up some of its gains on Friday following a mixed U.S. jobs report.

Reuters

OPEC+ oil output cut shows widening rift between Biden and Saudi royals

The OPEC+ organization's decision this week to cut oil production despite stiff U.S. opposition has further strained already tense relations between President Joe Biden's White House and Saudi Arabia's royal family, once one of Washington's staunchest Middle East allies, according to interviews with about a dozen government officials and experts…

Investors Business Daily

Market Rally Starts, Soon Stumbles; OPEC+ Cuts Fuels Oil, Musk-Twitter Saga Continues: Weekly Review

A market rally got underway, but fell back as yields rebounded. Oil prices soared on an OPEC+ production cut. Elon Musk now says he wants to buy Twitter.

The Guardian - AU

What happened in the Russia-Ukraine war this week? Catch up with the must-read news and analysis

Russia at weakest point in war so far; pro-war bloggers turn on Putin; and demining in Ukraine’s east

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