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The Latest Breaking News from OPEC

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

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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

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…

Asharq Al-Awsat

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….

StockNews.com

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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…

Asharq Al-Awsat

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.

WEKU

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…

Asharq Al-Awsat

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…

StockNews.com

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…

Asharq Al-Awsat

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+

The Independent UK

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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

Bangkok Post

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.

AFP

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.

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The Street

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 Independent UK

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

AFP

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.

The Guardian - UK

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 Independent 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.

AFP

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.

Investors Business Daily

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.

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