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The Latest Breaking News from OPEC

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

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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

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,

Benzinga

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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.

AFP

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

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.

The Independent UK

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.

AFP

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.

WEKU

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

The Independent UK

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.

AFP

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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)…

Salon

The long history of oil price shocks

Oil prices were steadily climbing before Russia's invasion of Ukraine

The Street

Exxon Makes Goldman List of Top Oil Stocks

Goldman sees 'a turning point in the oil and gas capex cycle, as seven years of declining activity have depleted spare capacity.'

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Asharq Al-Awsat

Oil Rises as Investors Focus on Lower Supply from Russia, Libya

Oil prices rose on Thursday as concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports, days after diminished supplies from Libya rocked the market. Brent crude futures rose $1.11, or 1%, to $107.91 a barrel at 0852 GMT.

The Independent UK

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

Europe is discussing a boycott of Russian oil over the Kremlin's invasion of Ukraine

Tribune News Service

2 Libyan ports stop loading oil amid political standoff

Two Libyan ports have been forced to stop loading oil after protests calling for Prime Minister Abdul Hamid Dbeibah to step down spilled over into the OPEC member’s energy sector.

Asharq Al-Awsat

Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

Iraq was pressured to increase its oil production outside the remit of OPEC's policy on output, Oil Minister Ihsan Abdul Jabbar said on Saturday. He also told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages. OPEC has resisted calls by…

Inverse

5 reasons making daylight saving time permanent will improve life in America

The so-called Sunshine Protection Act could boost health, lower crime, and more by making Daylight Savings Time the default year-round.

The Guardian - UK

China’s lockdowns will help cut global oil demand, predicts IEA

Organisation lowers its oil demand forecast as Covid measures cushion impact of lost Russian flows

ABC News

New Zealand interest rates jump 0.5pc in 'highly uncertain' environment, ASX lifts on surging oil price

New Zealand announces its fourth straight interest rate hike, US consumer prices rise at their fastest pace since 1981, while surging commodity prices boost the Australian share market.

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