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The Latest Breaking News from OPEC

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

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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

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."

The Street

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.

Reuters

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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…

Asharq Al-Awsat

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.

Tribune News Service

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 Street

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

The Hindu

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.

Reuters

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

The Independent UK

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…

Asharq Al-Awsat

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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…

The Street

Stock Market Today - 7/6: Stocks End Higher After Fed Minutes, Yield Curve Inversion Flash Recession Warning

An extended inversion of the U.S. Treasury yield curve, the market's go-to recession indicator, has heaped added pressure on the Fed.

AFP

OPEC secretary general Barkindo dies unexpectedly at 63

Vienna (AFP) - OPEC Secretary General, Nigeria's Mohammad Barkindo, has died unexpectedly at the age of 63, it was announced on Wednesday, leaving the oil cartel without a head at a tumultuous time for the markets.

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news in one place.

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The Street

Stocks Steady, Fed Minutes, Oil, Amazon And Boris Johnson In Focus - Five Things Know

Stock futures steady, yield curve inverts as recession fears linger; Fed minutes in focus as growth bets quickly fade; Oil prices higher, OPEC secretary general Barkindo dies at 63; Amazon takes small stake in Grubhub and Boris Johnson faces latest political crisis as senior ministers resign.

The Independent UK

OPEC secretary-general is dead, Nigerian officials announce

Nigerian authorities have announced that the Secretary-General of the Organization of Petroleum Exporting Countries has died

Bangkok Post

Opec secretary-general dies 'unexpectedly'

Organization of the Petroleum Exporting Countries (Opec) secretary-general Mohammad Barkindo, an oil industry veteran who steered the group through the creation of the Opec+ alliance, has died in his native Nigeria, according to officials.

Asharq Al-Awsat

OPEC Secretary-General Barkindo Dies

OPEC's Secretary-General Mohammad Barkindo has died, Mele Kyari, the chief executive of Nigerian National Petroleum Corp said on Wednesday. Barkindo, who was 63 years old, was due to step down at the end of this month after six years as OPEC's secretary-general, Reuters reported. "We lost our esteemed Dr.

Asharq Al-Awsat

Oil Prices Slip as Recession Fears Rumble On, Tight Supply Stems Losses

Oil prices fell on Monday, paring gains from the previous session, as fears of a global recession weighed on the market even as supply remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia. Brent crude futures for September slipped 36 cents, or 0.3%, to $111.27 a…

Bangkok Post

Saudi Arabia swings 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…

Asharq Al-Awsat

OPEC+ to Maintain Slight Output Hike in August

OPEC+ agreed on Thursday to stick to a planned oil output hike this summer but avoided discussing policy from September onwards as prices have risen on tight supplies and worries that the group has little ability to pump more. The group, which comprises the Organization of the Petroleum Exporting Countries…

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