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The Latest Breaking News from OPEC

Despite pain at the pump, Americans are hitting the road

Heading into the US summer driving season, Americans are fueling up but how long before they have to hit the brakes?

Al Jazeera

Oil Climbs on Tight Supply, Prospect of EU Ban on Russian Crude

Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine. Brent crude futures were up $1.60 cents, or 1.4%, to…

Asharq Al-Awsat

Biden says weighs reducing tariffs on China, asking OPEC to pump more oil

U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods while increasing calls on OPEC to raise oil production as he grappled with a politically damaging wave of inflation.

Reuters

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Saudi Arabia Set for Oil Output Capacity above 13 Mln Bpd by 2027, Says Minister

Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million barrels bpd by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that…

Asharq Al-Awsat

OPEC Authorizes Iraq to Increase Output to 4.5 Mln Bpd

Iraq’s representative at OPEC said the organization had agreed to the country increasing its output to 4.5 million barrels of oil per day (bpd) starting from June, the state news agency (INA) reported on Saturday. There will be further increases of 50,000 bpd in output in each of the months…

Asharq Al-Awsat

World Leaders Pay Respects in UAE after Death of Sheikh Khalifa

World leaders began descending on the United Arab Emirates on Sunday to offer condolences on the death of President Khalifa bin Zayed Al Nahyan, who was succeeded by his half-brother Sheikh Mohammed bin Zayed. Sheikh Mohammed, now ruler of Abu Dhabi emirate, steered the Gulf state, an OPEC oil producer…

Asharq Al-Awsat

UAE president Sheikh Khalifa dies at 73

DUBAI: United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan, a pro-Western moderniser who had aligned the Gulf Arab state closer to the United States and its allies, died on Friday at age 73.

Bangkok Post

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Saudi, UAE Ministers Warn against Capacity Decreasing in All Energy Sectors

The energy ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors as producers slash investment, causing everything from crude to diesel and natural gas to trade at or near record highs. “I have a lot of experience, but I've never…

Asharq Al-Awsat

Oil Rises as Supply Concerns Persist

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. Brent futures rose $1.75, or 1.58%, to $112.65 per barrel by 1159 GMT, while US West Texas Intermediate (WTI)…

Asharq Al-Awsat

OPEC+ Sticks to Existing Deal Despite Price Rally

OPEC+ agreed on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China's coronavirus lockdowns threatened the outlook for demand. Ignoring calls from Western nations for accelerating output hikes, the group agreed to raise its…

Asharq Al-Awsat

Top oil producers agree modest supply boost amid demand concerns

Vienna (AFP) - Saudi Arabia, Russia and other key oil producers agreed Thursday on another marginal increase in output, bolstered by risks to demand amid coronavirus restrictions in China.

AFP

Pound slumps after tepid BoE rate hike

London (AFP) - The pound tumbled after the Bank of England raised interest rates by just a quarter of a percentage point despite surging inflation, while oil prices jumped after OPEC+ only modestly hiked production.

AFP

Oil Prices Hit 5-Week High As OPEC Shrugs Off EU Russia Crude Ban, Keeps Output Plan In Place

OPEC leaders agreed to only a modest increase in the cartel's monthly output, arguing China's Covid crisis will hit global demand.

The Street

Top oil producers agree on modest supply boost amid demand concerns

Vienna (AFP) - Saudi Arabia, Russia and other key oil producers agreed on Thursday to another marginal increase in output, bolstered by risks to demand amid coronavirus restrictions in China.

AFP

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Benzinga

Morning Brief: Top Financial Stories Dominating on Thursday, May 5

CNBC

Benzinga

Post EU's Latest Russian Oil Ban, OPEC+ Is Expected To Raise Production Marginally: CNBC

On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum,

AFP

Stocks rally as Fed eases fears of bigger rate hike

London (AFP) - Stock markets rallied Thursday after the Federal Reserve played down chances of an even bigger US interest rate hike in the near future.

The Independent UK

Russian war, China lockdowns roil oil markets as OPEC+ meets

Oil markets have been fluctuating over fears of lost supplies from Russia because of the war in Ukraine

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The Independent UK

AP News Digest 3 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+ eye modest supply boost as demand dented by China Covid rules

Vienna (AFP) - OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China.

WEKU

What Europe's ban of Russian oil could mean for energy markets – and your gas prices

The EU ban on Russian oil imports will likely lead to higher crude and gasoline prices, further upending energy markets.

The Independent UK

EXPLAINER: What's the impact if Europe cuts off Russian oil?

The European Union's executive commission has proposed phasing out imports of Russian oil within six months

AFP

Pressure on OPEC+ eases amid oil demand fears

Vienna (AFP) - Major oil producers led by Saudi Arabia and Russia meet Thursday with less pressure to open tabs more widely than planned as China's Covid lockdown threatens demand.

Investors Business Daily

Devon Energy, Diamondback Earnings Soar; Shale Oil Stocks Hike Payouts, Not Production

Devon Energy and Diamondback Energy earnings boomed late Monday. The shale oil stocks hiked payouts but won't up production despite $100 oil.

Asharq Al-Awsat

OPEC Fund to Finance Nigeria-Morocco Gas Pipeline

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria, said Moroccan authorities. The legal documentation relating to the $14.3 million financing granted by the OPEC Fund to the National Office of Hydrocarbons and Mines (ONHYM)…

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