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The Latest Breaking News from OPEC

ASX recovers as Woodside profit and oil prices surge, but Wall Street sell-off intensifies

Australian shares claw back some of yesterday's heavy losses despite another slump in global markets over the possibility of more aggressive US and European interest rate hikes ahead.

ABC News

This ETF Is a “Buy” as Energy Sector Surges

OPEC recently announced its supply cut plans, boosting the energy sector. As energy prices could soar again, the ETF Energy Select Sector SPDR Fund (XLE), which is rated Buy in our proprietary rating system, might be worth your attention. Read on….

StockNews.com

Stock Market Today-8/29: Stocks End Lower as Rate Bets Jump On Powell's Inflation Reality Check

The Fed's pledge to 'forcefully' bring down inflation has Treasury yields spiking, the dollar extending gains and stocks back in the red Monday.

The Street

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Stocks Extend Slump, Week Ahead, Oil, Bitcoin And Artemis I - Five Things To Know

Stock futures extend slide after Powell's inflation reality check; Week Ahead: Jobs data in focus as September headwind looms; Oil prices extend gains on supply concerns; Bitcoin slumps back below $20,000 and Artemis I is 'Go for Launch' in Cape Canaveral.

The Street

Oil Climbs on Prospect of OPEC Supply Cut, Demand Growth

Oil prices rose 1% on Monday, as expectations that OPEC would cut output if needed to support prices, coupled with conflict in Libya and rising demand amid soaring natural gas prices in Europe, helped offset a dire outlook for US growth. US West Texas Intermediate (WTI) crude futures jumped $1.09,…

Asharq Al-Awsat

Clashes in Libyan capital kill 23, stoking fears of war’s return

Clashes between militias in Libya’s capital left at least 23 people dead, sparking concern the OPEC nation that has two rival governments is descending into another full-blown conflict.

Tribune News Service

Clashes in Libyan capital kill 13, stoking fears of war’s return

Clashes between militias in Libya’s capital left at least 13 people dead, sparking concern the OPEC nation that has two rival governments is descending into another full-blown conflict.

Tribune News Service

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OPEC+ Member States Support Saudi Arabia’s Stance on Balancing Oil Markets

A statement by Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on balancing oil markets has been met by a flurry of support by OPEC+ member states. The United Arab Emirates is aligned with Saudi Arabia’s thinking on crude oil markets, a source with knowledge of the matter told Reuters…

Asharq Al-Awsat

Will Joe Biden’s gamble on big oil pay off in leveling gas prices?

After begging the industry to increase supply, the White House used its reserve to strategically set fuel prices

The Guardian - US

Oil Companies Prioritize Buybacks Over Production Gains

Oil companies are focusing on returning money to investors over increasing oil production.

Investors Business Daily

Oil Prices Rise on Potential OPEC+ Supply Cuts

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a US refinery. Brent crude rose 59 cents, or 0.6%, to $101.81 a barrel by 0400 GMT, while US West Texas Intermediate…

Asharq Al-Awsat

How much longer can we tolerate this price-gouging racket of an energy sector?

We are all footing the bill of a crooked system that drains our bank balances and heats the planet, says Damian Carrington, the Guardian’s environment editor

The Guardian - UK

Stocks Edge Higher, Oil, Twitter, Nordstrom, Nvidia In Focus - Five Things To Know

Stock futures edge higher with Fed retreat in focus; oil prices march higher amid OPEC production cut worries; Twitter shares steady as whistleblower complaint reaches Congress; Nordstrom shares dive after cutting 2022 profit forecast and Nvidia Q2 earnings in focus as gaming sector weakens.

The Street

Felixstowe port disruption ‘could continue until Christmas’ says union – as it happened

Disruption at the UK’s largest container port could escalate until Christmas unless workers are given an improved pay offer, Unite boss says

The Guardian - UK

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Asharq Al-Awsat

Oil Slips as Fears of Imminent OPEC+ Output Cut Fade

Oil prices fell on Wednesday, taking a breather from a near 4% surge the previous day, on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+. Global benchmark Brent crude futures fell 40 cents, or 0.4%, to…

StockNews.com

2 Oil Stocks Investors Might Want to Load up on This Fall

Gas-to-oil switching and soaring oil use for power generation are boosting oil demand. Moreover, OPEC might be planning a supply cut, which should drive prices higher. So, we think it could be wise to load up on oil stocks Marathon Oil (MRO) and Murphy Oil (MUR) this fall. Read more….

Asharq Al-Awsat

Saudi Energy Minister: Soon We Will Start Working on New OPEC+ Deal

Saudi Energy Minister Prince Abdulaziz bin Salman has said a new deal between OPEC+ partners beyond 2022 would be agreed. “The paper and physical markets have become increasingly more disconnected,” he said in response to written questions from Bloomberg News. "Soon we will start working on a new agreement beyond…

WEKU

Your price at the pump went up. So did Saudi Aramco's profits — to a new record

Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion.

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Asharq Al-Awsat

Saudi Arabia: Stability of Oil Market Pivotal to Kingdom’s Energy Strategy

The Saudi government stressed on Tuesday the great need to commit to oil production in line with the agreements reached by OPEC and OPEC+. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Jeddah. The government tackled the outcomes of 31st…

StockNews.com

Are These Two Stocks Worth Buying After Oil Prices

Oil prices dropped on the news of growing U.S. stockpiles and OPEC raising supply. However, a ban on Russian oil amid robust demand might cause oil prices to hit significant highs soon. So, should you invest in energy stocks Occidental Petroleum (OXY) and Devon Energy (DVN) now? Read on to…

Asharq Al-Awsat

OPEC+ Agrees to Boost Oil Output by 100,000 Barrels Per Day

OPEC+ is set to raise its oil output goal by 100,000 barrels starting September. OPEC and its allies had been increasing production by about 430,000-650,000 bpd a month. They had, however, struggled to meet full targets as most members have exhausted their output potential following years of under-investment in new…

Asharq Al-Awsat

Oil Prices Edge Up on Supply Concerns after Drop to Near 6-Month Low

Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after US data signaled weak fuel demand. Brent crude futures rose 10 cents, or 0.1%, at $96.88 a barrel at 0653 GMT, while West Texas Intermediate (WTI) crude futures was last…

The Independent UK

WH says falling gas prices matter more than OPEC numbers

President Joe Biden traveled to Saudi Arabia almost three weeks ago on the possibility that he could get some additional oil production out of OPEC+

Investors Business Daily

Stock Market Climbs As Services Sector Jumps; PayPal And Moderna Lead On Earnings

Stock market climbs as services sector data beats forecasts. PayPal and Moderna lead the way on strong earnings reports.

The Guardian - UK

Pelosi’s Taiwan trip could have significant consequences for global economy

Rising tensions between US and China threaten to accelerate decoupling of world’s two biggest economies

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