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The Latest Breaking News from Oil

UK car sales jumped 23.5% in November despite 2023 recession looming – as it happened

Rolling coverage of the latest economic and financial news, as CBI warns UK faces recession and a lost decade without a government growth plan

The Guardian - UK

Russian oil cap begins, trying to pressure Putin on Ukraine

Western countries on Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure against Moscow over its war on Ukraine

The Independent UK

Wave of Russian missiles strike Ukraine, Kremlin says Ukrainian drones hit air bases

Air alerts blared across Ukraine and officials urged civilians to take shelter from a wave of deadly Russian missile strikes that caused major power outages. The strikes followed what the Kremlin said were Ukrainian drone attacks on two air bases deep inside Russian territory. Read our live blog to see…

France 24

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Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

The Guardian - UK

Ukraine says it has shot down 60 of over 70 missiles launched after explosions at two Russian airbases – as it happened

No reports of missile impacts in Kyiv but two killed in Zaporizhzhia and Odesa hit hard after Russian strike follows blasts at Russian airfields

The Guardian - AU

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

Wales Online

Timeline: U.S.-Saudi ties through good times and bad

The U.S.-Saudi alliance has weathered many storms over the decades, but the relationship remains vital to both: Saudi Arabia is the world's biggest oil exporter and the United States' largest foreign military sales customer.

Reuters

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California lawmakers to meet, eye big oil's high gas prices

California lawmakers are preparing to return to work for a special session on gas prices

The Independent UK

Asian shares gain, oil prices up after Russia price cap deal

Asian shares are mostly higher and oil prices also have risen after the European Union and the Group of Seven agreed on a boycott of most Russian oil and a price cap of $60 per barrel on Russian exports

The Independent UK

House GOP announces investigation into reports of ‘secret’ Saudi oil production deal

WASHINGTON — House Republicans announced a probe into reports of a failed “secret deal to boost oil production” between Biden administration officials and Saudi Arabia, as the party prepares to take majority control of the chamber next year.

Tribune News Service

High gas prices prompt California lawmakers to consider penalties on oil profits

SACRAMENTO, Calif. — A new class of California lawmakers will be sworn in Monday and thrust into the middle of Gov. Gavin Newsom's political fight with oil companies, testing the clout of an industry that spends heavily to influence the Legislature and potentially affecting gas prices for Californians.

Los Angeles Times

OPEC+ Keeps Steady Policy

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday. The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary. The announcement is…

Asharq Al-Awsat

Saudi prince seeks Mideast leadership, independence with Xi's visit

Crown Prince Mohammed bin Salman hosts China's leader this week at a delicate moment in U.S.-Saudi ties, signalling Riyadh's resolve to navigate a polarised global order regardless of the wishes of its Western allies, analysts said.

Reuters

Vladimir Putin better informed now about Ukraine war, says US

Russian president not as insulated from bad news as earlier in campaign, claims intelligence chief

The Guardian - UK

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WEKU

OPEC keeps oil targets the same amid uncertainty on Russian sanctions

The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine.

WEKU

The war in Ukraine is set to slow this winter, according to U.S. intelligence

The head of U.S. intelligence says fighting in Russia's war in Ukraine is running at a "reduced tempo" and suggests Ukrainian forces could have brighter prospects in coming months.

The Independent UK

OPEC+ oil producers face uncertainty over Russian sanctions

Oil prices are down, and demand is lagging

Asharq Al-Awsat

US Intel Chief Thinking ‘Optimistically’ for Ukraine Forces

The head of US intelligence says fighting in Russia’s war in Ukraine is running at a “reduced tempo” and suggests Ukrainian forces could have brighter prospects in coming months. Avril Haines alluded to past allegations by some that Russian President Vladimir Putin’s advisers could be shielding him from bad news…

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The Independent UK

Russia’s war against Ukraine running at ‘reduced tempo’, US intelligence chief says

The head of US intelligence says Ukrainian forces may have the upper hand in coming months

Asharq Al-Awsat

Iraq: OPEC Members Committed to Agreed Production Rates

Iraqi oil minister Hayan Abdel-Ghani stressed OPEC members are committed to the agreed production rates until the end of 2023, a ministry statement said on Saturday. Abdel-Ghani made these remarks during a ministerial meeting of the member states of the Organization of the Petroleum Exporting Countries (OPEC) via video conference.

The Independent UK

US intel chief thinking 'optimistically' for Ukraine forces

The head of U.S. intelligence says Russia’s war against Ukraine is running at a “reduced tempo” and suggests Ukrainian forces may have the upper hand in coming months

The Guardian - AU

Public support in Russia for military campaign ‘falling significantly’, says UK – as it happened

British ministry of defence says it obtained official confidential survey that shows only 25% of Russians want war to go on

France 24

OPEC+ agrees to maintain current output levels amid uncertainty

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the…

Asharq Al-Awsat

Saudi Aramco’s Luberef Expects to Raise up to $1.32 Bln from IPO

Saudi oil giant Aramco's base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company's issued share capital, or 50.045…

The Guardian - AU

Russia-Ukraine war at a glance: what we know on day 284 of the invasion

UK says support within Russia for military action is waning; US intelligence chief says Putin ‘more informed’ about reality of challenges on the ground

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