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The Latest Breaking News from OPEC

Biden’s proposed federal tax cut on gas could cost dearly in the future

Experts warn cutting the 18 cents will take a toll on highway upkeep and cause prices to rise further when the holiday ends

The Guardian - US

Prolonged Russia-Ukraine war shakes up global energy stability

The prolonged Russia-Ukraine war started in February and dragging on into the second quarter of 2022, has caused a hike in global crude oil prices to high levels. The average price of ICE Brent crude oil increased from 13.86 USD per barrel in the first quarter of 2022 to 111.63…

Bangkok Post

OPEC’s Barkindo: Common Objective with Non-OPEC Partners is Market Stability

The common objective of the Organization of the Petroleum Exporting Countries and its non-OPEC partners has always been to maintain oil market stability, not to raise prices or bring them down, OPEC Secretary-General Mohammad Barkindo said on Saturday. Asked whether bringing 9.7 million barrels a day back to the market…

Asharq Al-Awsat

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Stagflation: what is it and is it really happening in Australia?

Australians are feeling the pinch from rising inflation, but experts are divided on whether the 1970s economic phenomenon is back

The Guardian - AU

Oil prices surge higher as OPEC boss warns they are “nowhere near” the peak

Drivers braced for the £100 tank of petrol as oil price continues to rise

Evening Standard

Saudi is swinging again, but for how long?

Fluctuating Chinese demand has contributed to this year’s volatility in international oil prices. But the latest evolution on the supply side will have immediate geopolitical and financial implications that go well beyond the oil market. Specifically, Saudi Arabia has returned as the most important swing producer and thus the most…

Bangkok Post

The Hunt For New Oil Supplies

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

Benzinga

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Biden Planning 1st Middle East Visit, May Meet Gulf, Arab Leaders

US President Joe Biden stressed on Thursday that he is engaged in working towards achieving peace and stability in the Middle East. He revealed that his plans for his first visit to the Middle East have not been completed yet, but he expects to meet with the leaders of Israel…

Asharq Al-Awsat

Global stock markets fall after US jobs report

New York (AFP) - Stock markets mostly fell worldwide on Friday after data showed US employers added jobs at a better-than-expected pace last month, raising the prospect the Federal Reserve's aggressive interest rate hikes will not be enough to contain inflation and avoid a recession.

AFP

Biden affirms human rights commitment as he warms to Saudis

President Joe Biden says he’s not changed his views on human rights despite his administration offering praise of Saudi Arabia for getting OPEC+ to step up oil production

The Independent UK

Biden urges economic confidence despite inflation challenge

President Joe Biden touted the state of the U.S. economy following a better-than-expected May jobs report, even as he acknowledged its likely to be overshadowed by record-high inflation that’s causing pain for Americans.

Tribune News Service

Stock markets fall after US jobs report

Paris (AFP) - Stock markets mostly fell on Friday after US government data showed employers added jobs at a better-than-expected pace last month, raising the prospect that the Federal Reserve will continue its aggressive monetary tightening.

AFP

Oil Stocks: Crude Jumps Back Above $120 As Drilling Activity Flattens

Oil rig numbers have climbed, but producers remain reluctant to deliver more oil, focusing instead on oil stock investors.

Investors Business Daily

Saudi Arabia, the Balance Point between Moscow, Washington in OPEC Agreement

The White House praised a major Saudi role in controlling oil markets, through a greater increase in the production of the OPEC+ alliance during July and August than previously announced. “We welcome the important decision from OPEC+ today to increase supply in July and August based on new market conditions,”…

Asharq Al-Awsat

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AFP

Stock markets rise ahead of US jobs data

Paris (AFP) - Asian and European stock markets rose on Friday as investors awaited a key US jobs report that could provide fresh clues about central bank action against inflation.

Asharq Al-Awsat

Oil Price Rises Even as OPEC Boosts Output More than Expected

Oil prices rose Thursday despite an agreement by major crude producers to boost output more than expected, while US stocks rallied ahead of closely-watched employment data seen as a key input to the inflation debate. In Vienna, the OPEC+ group decided to add 648,000 barrels per day to the market…

The Independent UK

Asian shares rise, China trading closed for national holiday

Asian shares have risen amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China

Reuters

White House praises Saudi royals on Yemen truce before expected Biden trip

The White House took the rare step of recognizing the role played by Saudi Arabia's Crown Prince Mohammed bin Salman in extending a ceasefire in Yemen on Thursday ahead of what is expected to be a trip to Riyadh by President Joe Biden.

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ABC News

ASX closes higher on miners and tech, Australian dollar jumps, Wall Street gains on tech

The Australian share market closes higher after a strong session for miners and tech, while the Australian dollar jumps.

AFP

Oil price rises even as OPEC boosts output more than expected

New York (AFP) - Oil prices rose Thursday despite an agreement by major crude producers to boost output more than expected, while US stocks rallied ahead of closely-watched employment data seen as a key input to the inflation debate.

AFP

Oil price rises as OPEC boosts output more than expected

Paris (AFP) - Oil prices rose Thursday even as major crude producers agreed to boost output by more than the usual amount following an EU ban on Russian imports.

The Independent UK

Pledge of more oil heightens odds of Saudi trip for Biden

The Biden administration is praising Saudi Arabia for its role in a promised boost in oil production and a cease-fire in Yemen

The Guardian - UK

Opec agrees to ramp up oil production, but fails to exclude Russia

Brent crude makes small rise to $116.94 as group sets extra output higher at 650,000 barrels a day

AFP

OPEC+ agrees bigger output boost amid Russian isolation

Vienna (AFP) - Major oil producers led by Saudi Arabia and Russia agreed on Thursday to open the taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports.

Asharq Al-Awsat

OPEC+ Brings Forward Oil Output Rises

OPEC+, an alliance of the Organization of the Petroleum Exporting Countries and other producing nations, agreed on Thursday to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation. OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd)…

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