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The Latest Breaking News from OPEC

Opec+ agrees small oil output rise despite Biden plea

VIENNA: The Opec+ oil cartel agreed to a small increase in production Wednesday, likely disappointing US President Joe Biden who lobbied for a big hike to tame soaring energy prices on a recent trip to Saudi Arabia.

Bangkok Post

OPEC+ agrees small oil output rise despite Biden plea

Vienna (AFP) - The OPEC+ oil cartel agreed to a tiny increase in production Wednesday, an amount analysts say will disappoint US President Joe Biden after he personally lobbied Saudi leaders for help to tame soaring energy prices.

AFP

Stocks Waver, Pelosi and Taiwan, OPEC+, Robinhood, Starbucks - Five Things To Know

Stock waver as Pelosi pledges to stand by Taiwan; oil falls as OPEC+ decides on fall output; Robinhood slashes more full-time jobs; Starbucks posts earnings beat; Airbnb falls on cloudy outlook

The Street

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OPEC+ to decide oil output to world amid high inflation

The OPEC oil cartel and its allies are meeting to decide how much oil to produce in September

The Independent UK

OPEC+ meets after Biden push to hike oil output

Vienna (AFP) - The OPEC+ group of major oil exporters began talks on its output strategy on Wednesday after US President Joe Biden lobbied Saudi Arabia to boost production to tame soaring prices.

AFP

Opec+ agrees small oil output rise in rebuff to Biden; UK inflation ‘could hit 15%’ – as it happened

Oil producers will lift oil production by 100,000 barrels per day in September, a much smaller rise than in recent months

The Guardian - UK

AP News Digest 3:25 am

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at https://newsroom.ap.org.

The Independent UK

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OPEC+ meeting to test Biden's Saudi oil entreaty

Vienna (AFP) - The OPEC+ group of major oil exporters meets Wednesday to discuss its output strategy after US President Joe Biden lobbied Saudi Arabia to boost production to tame energy-fuelled inflation.

AFP

OPEC+ Agrees To Small Production Increase With Capacity Limited, Crude Oil Prices Off Highs

OPEC+ will meet Wednesday to discuss September production quotas. But spare capacity is scant while demand fears are weighing on crude oil prices.

Investors Business Daily

US sanctions UAE, Hong Kong firms that ship Iranian oil

The U.S. has sanctioned a United Arab Emirates-based firm and several Asian companies for facilitating the illicit sale of millions of dollars’ worth of Iranian oil for shipment to East Asia

The Independent UK

OPEC+ faces output decision after Biden's Saudi trip

London (AFP) - The OPEC+ group of oil exporters meets Wednesday to discuss another output increase, weeks after US President Joe Biden sought to persuade Saudi Arabia to boost production during a controversial visit to the country.

AFP

Kuwait Reappoints Oil, Finance Ministers in New Cabinet

Kuwait reappointed Oil Minister Mohammed Al-Fares and Finance Minister Abdul Wahab al-Rasheed in a cabinet formed on Monday under a new prime minister. Last week the crown prince of the Gulf Arab OPEC producer had named Sheikh Ahmed Nawaf al-Sabah as prime minister to replace Sheikh Sabah al-Khalid, who had…

Asharq Al-Awsat

Commentary: Putin won’t let OPEC help bring down oil prices

Oil producers from the OPEC+ group meet on Wednesday to agree to the next step in their market management. For the first time in a year, there is no clear policy for them to rubber stamp. That could make for an interesting (virtual) gathering.

Tribune News Service

Stocks Lower, Earnings, Jobs and Inflation In Focus - Five Things To Know

Stock futures slip on first trading day of August; Oil dips ahead of key OPEC meeting; Pinterest, Activation Blizzard, Starbucks, Airbnb and Block set to report earnings this week.

The Street

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Asharq Al-Awsat

Kuwait’s Al-Ghais Takes Role as OPEC Secretary General

Kuwait’s Haitham Al-Ghais assumed on Monday his new role as Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), following the late outgoing chief, Mohammad Barkindo. Al-Ghais affirmed his determination to work for the advancement of the international organization, especially considering the concerns surrounding the global energy market. In an…

AFP

OPEC+ walks 'fine line' between US and Russia

London (AFP) - The OPEC+ group of oil exporters are set to hammer out a new strategy at their meeting Wednesday, with all eyes on how they will react to soaring crude prices.

Asharq Al-Awsat

Oil Drops as Weak China Factory Data Fan Demand Concerns

Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down $1.19, or 1.1%, at $102.78 a…

AFP

Asian markets mixed as traders weigh rates outlook, China data

Hong Kong (AFP) - Asian markets were mixed Monday and oil fell as investors assessed data showing further weakness in China's economy and comments from Federal Reserve officials showing it was wedded to its campaign of interest rate hikes to fight inflation.

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Reuters

Saudi energy minister, Russia's Novak discuss cooperation ahead of OPEC+ meeting

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman met Russian Deputy Prime Minister Alexander Novak on Friday in Riyadh, the Saudi energy ministry said on Twitter.

The Hindu

The message for Biden — West Asia has moved on

The U.S. President’s visit could serve his domestic interests to some extent, but it has made no difference to the region

Asharq Al-Awsat

Saudi Arabia, Russia Stress Expanding Relations

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, held telephone talks on Thursday with Russian President Vladimir Putin. The talks focused on bilateral relations between their countries and ways to bolster them in various fields. They tackled the latest regional and international developments and efforts…

The Independent UK

Sky-high diesel prices squeeze truckers, farmers, consumers

High diesel prices are driving up the cost of everything, from groceries to Amazon orders and furniture

Asharq Al-Awsat

Saudi Arabia Says There Is a Lack of Refining Capacity in Market, Not Oil

Saudi Foreign Minister Prince Faisal bin Farhan stressed on Tuesday the Kingdom's commitment to the stability of energy markets. The Minister said Saudi Arabia is focused on maintaining the stability of oil markets through OPEC+, asserting that dialogue within the group is very active and responds to the requirements of…

Tribune News Service

Julian Lee: If we're lucky, OPEC is wrong about oil demand going up

We’d better hope the forecasters at OPEC have got their numbers wrong. If they haven’t, then the members of the oil producer group may struggle to supply as much crude as the world will need next year.

The Guardian - UK

Oil price rises after Joe Biden fails to secure Saudi output increase

Increase will keep up the pressure at pumps, where drivers have faced record petrol and diesel prices

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