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The Latest Breaking News from OPEC

Oil climbs after Biden fails to secure Saudi output hike – as it happened

Brent crude prices pushed past $100 per barrel after US president Joe Biden failed to secure output hike agreements with the world’s top oil exporter

The Guardian - UK

Oil Prices Extend Gains

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand. Brent crude futures for September settlement rose 69 cents, or 0.7%, to $101.85 a barrel by 0421…

Asharq Al-Awsat

A Shock-Proof Energy Economy

Taming Volatile Oil Markets Requires a New Kind of Government Intervention

Foreign Affairs

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US, Gulf Commitment to Preserving Regional Security, Deepening Defense Cooperation

The leaders of the Gulf Cooperation Council (GCC) countries and the US have reaffirmed on Saturday their joint commitment to maintaining regional security and stability and supporting diplomatic efforts seeking to reduce regional tensions. They also stressed the need for strengthening their regional cooperation on the levels of security, intelligence…

Asharq Al-Awsat

Jeddah Summit: Joint Vision for Stable, Prosperous Middle East

The leaders taking part in the Jeddah Security and Development Summit stressed on Saturday their joint vision for a peaceful and prosperous Middle East. They stressed the need to take all necessary measures to preserve the security and stability of the Middle East, develop means of cooperation and integration between…

Asharq Al-Awsat

Biden ends trip with U.S.-Saudi relations on the mend but few other wins

President Joe Biden and Saudi Crown Prince Mohammed bin Salman took a step to mending their troubled relationship with a fist bump, but the U.S. leader left the kingdom on Saturday with few big successes and doubts as to whether the visit was worth it.

Reuters

Saudis warn against 'unrealistic' energy policies

JEDDAH, Saudi Arabia: “Unrealistic” policies regarding energy sources will only push up costs and lead to “unprecedented inflation”, Saudi Arabian Crown Prince Mohammed bin Salman said on Saturday.

Bangkok Post

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Biden to Present US Strategy to Enhance Security in the Region

Energy security, confronting Iran’s threats, and stabilizing the Yemen truce will top the discussions of US President Joe Biden during the second phase of his Middle East tour. Hours before the arrival of the presidential plane in Jeddah, US National Security Adviser Jake Sullivan revealed that Biden would announce a…

Asharq Al-Awsat

US, Saudi Arabia pledge moves to stabilise global energy markets

Washington welcomes Riyadh’s commitment to supporting global oil markets as it seeks to lower the price of gasoline.

Al Jazeera

Biden fails to secure major security, oil commitments at Arab summit

President Joe Biden told Arab leaders on Saturday that the United States would remain an active partner in the Middle East, but he failed to secure commitments to a regional security axis that would include Israel or an immediate oil output rise.

Reuters

Biden says he brought up Khashoggi killing with Saudi leaders

On visit to the Gulf kingdom, US president says he made clear what he thinks of Saudi journalist’s 2018 murder.

Al Jazeera

Ali Velshi: Biden can't fix the economy

From sky-high food prices to rising interest rates, here's why we're heading into recession — and what happens next

Salon

Stocks Edge Higher, Banks, Retail Sales, Pinterest and President Biden in Focus - Five Things To Know

Stock futures edge higher as jumbo rate hike bets fade; Retail sales in focus amid gas price, inflation surge; Citigroup, Wells Fargo earnings on deck after JPMorgan miss; Pinterest shares surge on report of activist Elliott stake and Biden kicks-off controversial Saudi visit amid oil market retreat.

The Street

Will Joe Biden’s trip to Saudi Arabia affect US gas prices?

Issue weighs on president as midterms approach

The Independent UK

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The Street

Gas Prices Heading Under $4 By Mid-August As Crude Slump Continues; Biden Heads To Saudi Arabia

"Americans will spend $165 million LESS today on gasoline than a month ago," said GasBuddy's Patrick de Haan. "We're on target for the national average to drop to $3.99 by Aug 14."

Reuters

UAE president, in first address, stresses support for energy security, friendly relations

The president of the United Arab Emirates said on Wednesday the Gulf OPEC producer would continue to support global energy security as a main driver of global economic growth, ahead of a U.S.-Arab summit in neighbouring Saudi Arabia this week.

Asharq Al-Awsat

OPEC Sees Slower 2023 Oil Demand Growth

OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still robust economic growth and progress in containing COVID-19 in China. In a monthly report on Tuesday, the Organization of the Petroleum…

Tribune News Service

Biden’s woes at home loom over Mideast trip that’s all about oil

President Joe Biden will seek to salvage relations with Saudi Arabia and boost Israel’s beleaguered government in a Mideast trip that risks political embarrassment unless near-record U.S.. gasoline prices swiftly come back to Earth.

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The Street

Oil Plummets On Recession Fears, U.S. Gas Prices On Longest Weekly Decline Since 2020

Americans are saving around $140 million a day as gas prices extend their longest losing streak in two years amid a sharp pullback in global crude markets.

The Hindu

Oil slides on strong dollar and weaker demand outlook

Recession fears and China COVID curbs weigh on oil; Brent and WTI slide by more than $6 a barrel

Reuters

Biden will push for greater oil output on Mideast trip -Sullivan

U.S. President Joe Biden will make the case for greater oil production from OPEC nations to bring down gasoline prices when he meets Gulf leaders in Saudi Arabia this week, White House national security adviser Jake Sullivan said on Monday.

The Independent UK

Six things to watch during Biden's trip to the Middle East

President Joe Biden is heading to the Middle East for the first time since taking office last year

Asharq Al-Awsat

Oil up $5 as Tight Supply Outweighs Recession Fears

Oil prices surged on Thursday, rebounding from steep losses the previous two sessions, as investors returned their focus to tight supply despite nagging fears of a potential global recession. Brent crude futures were up $5.39, or 5.4%, at $106.08 a barrel by 12:23 p.m. EDT (1623 GMT). US WTI crude…

AFP

OPEC head Barkindo dies at 63 in 'shock' to oil cartel

Vienna (AFP) - OPEC's secretary general, Nigeria's Mohammad Barkindo, has died at the age of 63, leaving the oil cartel in "shock" on Wednesday at a tumultuous time for the markets.

Benzinga

OPEC Leader Mohammed Barkindo Dies Unexpectedly: How Will Oil Stocks Such as Exxon Mobil Respond?

OPEC has announced that its Secretary General Mohammad Barkindo had passed away at the age of 63. Barkindo held the position for six years and was due to step down from his post at the end of July. He was set to join the U.S. think tank Atlantic Council's Global Energy Center as…

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