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The Latest Breaking News from OPEC

OPEC+ agrees oil output cut to prop up prices

Vienna (AFP) - The OPEC+ oil cartel agreed Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears.

AFP

OPEC+ weighs output decision, with a possible cut

Vienna (AFP) - The OPEC+ oil cartel is expected to agree on another small production increase Monday, though it could opt to cut output to lift prices that have tumbled over recession fears.

AFP

OPEC+ faces what to do about lower oil prices; drivers cheer

Oil prices are sagging amid fears of recessions across the globe

The Independent UK

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Gas prices soar and pound and euro fall as Russia shuts Nord Stream pipeline

European countries scramble to store as much gas as possible before winter as they brace for shortages

The Guardian - UK

Oil Prices Climb over $2/bbl Ahead of OPEC+ Meeting

Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day. Brent crude futures had risen $2.42, or 2.6%, to $95.44 a barrel by 0641 GMT after gaining…

Asharq Al-Awsat

Opec and allies to cut oil output in October; gas prices jump after Russia pipeline closure – as it happened

Oil cartel agrees 100,000 barrels/day cut to production; wholesale gas prices jump after Russia keeps a key pipeline to Europe closed

The Guardian - UK

Look for selective plays with strong growth stories

We expect the SET Index to move higher in September. On the external front, we believe investors have digested the prospect of more rate hikes from the US Federal Reserve and thus expect a limited impact from the next upward move, given the hawkish signals sent recently by Fed chairman…

Bangkok Post

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Oil Prices Erase Gains Despite Surprise OPEC+ Production Cut

Oil prices erased Monday's initial gains despite OPEC+ unexpectedly agreeing to trim production quotas. This may have little impact on output.

Investors Business Daily

OPEC+ JTC Raises 2022 Oil Market Surplus Forecast

The oil market is likely to have a surplus greater than forecast earlier this year amid pressures from rising energy costs and tightening monetary policy that decreased demand for oil, OPEC + said in a report on Wednesday. The report comes days ahead of an OPEC+ policy meeting on Sept.…

Asharq Al-Awsat

Looking Behind the Curtain at Crude Market Volatility

Between March and mid-August, the daily price change in WTI crude oil has averaged $3 per barrel, approximately three times the levels seen in 2021. We look at the events driving higher volatility.

The Street

Russia Confounds the West by Recapturing Its Oil Riches

Russia pumps almost as much oil into the global market as it did before its invasion of Ukraine. With oil prices up, Moscow is also making more money.

Bangkok Post

Oil Slides More than $7 on Inflation and Iraq Exports

Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent in the OPEC nation's crude exports. Brent crude futures…

Asharq Al-Awsat

Deadly turmoil erupts in Iraq after top cleric’s resignation

Iran closed its border crossings with Iraq after deadly clashes erupted in Baghdad over a prominent cleric’s decision to resign from politics, deepening a government crisis in the OPEC-member state.

Tribune News Service

‘Double whammy’: Petrol prices to surge as global oil rebounds before tax relief ends

Australians are being warned to brace for higher fuel costs in September as rising global oil prices flow through to local petrol bowsers.

The New Daily

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AFP

Most markets bounce after Powell-induced sell-off

Hong Kong (AFP) - Markets mostly rose Tuesday on bargain-buying following the latest sell-off, but confidence remains at a premium as traders contemplate the prospect of more Federal Reserve interest rate hikes and a possible recession.

AFP

Asian markets mixed as traders steel for more rate hikes

Hong Kong (AFP) - Asian markets were mixed Tuesday with confidence at a premium as traders contemplate the prospect of more Federal Reserve interest rate hikes and a possible recession.

ABC News

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.

StockNews.com

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….

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The Street

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

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.

Asharq Al-Awsat

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,…

Tribune News Service

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.

Asharq Al-Awsat

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…

The Guardian - US

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

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