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The Latest Breaking News from Oil

First Thing: Biden administration angered by Opec+ oil output cut

Senior figures see decision as slight on US and sign that oil producers’ club is aligning with Russia. Plus, can brown noise help you concentrate?

The Guardian - UK

OPEC's October surprise: Gift to GOP

Who benefits from higher oil prices and a new spike in inflation? Mitch McConnell and Kevin McCarthy, for starters

Salon

Water was once as precious as oil is today: Tirthankar Roy

Economic historian Tirthankar Roy on how we overcame floods and droughts, and the price we paid for it

The Hindu

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OPEC+ production cuts pile further pressure on global inflation

The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides…

France 24

Shell’s rapid growth to slow as weaker gas trading hits profits

Europe’s largest oil and gas firm says margins in refining business have nearly halved, hitting third-quarter profits

The Guardian - UK

Petrol prices ‘to rise again’ after oil exports cut by 2m barrels a day

Members of the OPEC decided to make their biggest cut in oil production since 2020

The Independent UK

Lebanon Years Away From Gas Riches Despite Israel Deal, Analysts Say

Lebanon is nearing agreement with Israel over a maritime dispute involving offshore gas fields, but the cash-strapped country still faces an uphill struggle towards unlocking potential hydrocarbon riches, analysts said. "A deal would mark one step forward but it does not mean that Lebanon has become a gas- or oil-producing…

Asharq Al-Awsat

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Editorial: Poisonous abandoned oil wells are all over North Texas

Tens of thousands of dangerous and abandoned oil wells pierce the Texas landscape.

Tribune News Service

Quick Fix: Skillet Lasagna a comforting fall weeknight meal

I love to make lasagna, but it takes time to make. So, I created this Skillet Lasagna. It has the flavors of my favorite lasagna but takes about 15 minutes to make. It’s perfect for a comforting fall weeknight meal. The lasagna noodles are broken into small pieces, boiled and…

Tribune News Service

Explainer-Israel, Lebanon closing in on maritime border deal

Lebanon and Israel are closer than ever to signing a deal demarcating their maritime border, opening the door to new oil and gas exploration, after years of U.S.-brokered negotiations.

Reuters

Ducks by Kate Beaton review – powerful big oil memoir

The cartoonist mines her time working in Canada’s oil fields to paint an angry and humane picture of the destructiveness of humankind

The Guardian - UK

Motorists warned that petrol prices are set to rise again

RAC says its a question of when, not if, prices increase

Wales Online

ADNOC CEO: Policies Aimed at Pulling the Plug on the Current Energy System are Misguided

Energy security is essential for social, economic and climate progress, said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of Abu Dhabi National Oil Company (ADNOC). Speaking at the Energy Intelligence Forum in London, Dr. Al Jaber said market sentiment does…

Asharq Al-Awsat

Drivers warned petrol prices will rise after oil supply slashed by 2m barrels a day

Members of the Organisation of the Petroleum Exporting Countries (Opec) and Russia have agreed to cut oil production by two million barrels per day as part of plans to stabilise prices

Daily Mirror

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Evening Standard

FTSE 100 Live: Oil price holds gains after OPEC move, Imperial Brands plans £1bn buyback

Brent crude futures remained near $93 today as traders evaluated OPEC’s controversial move to cut oil production by two million barrels a day from next month.

Asharq Al-Awsat

Saudi Energy Minister Tackles Int’l Press Questions for an Hour

In a nearly-hour long conference, Saudi Energy Minister Prince Abdulaziz bin Salman, who also chairs the OPEC+ joint ministerial committee, tackled world-press inquiries about the future of oil market trends and outcomes of OPEC meetings with a sense of humor and joy. “Enjoy the sun…It’s going to be a sunny…

The Independent UK

What the papers say – October 6

The national mastheads focus on further Tory turmoil and attacks by dangerous dogs.

The Independent UK

Asian stocks mixed on strong US hiring, OPEC oil output cuts

Asian stocks are mixed after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC oil production cartel agreed to shore up prices by cutting output

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news in one place.

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Al Jazeera

US could ease Venezuela sanctions, allow Chevron to pump oil: WSJ

Biden administration preparing to ease sanctions if Caracas takes steps towards restoring democracy, report says.

Axios

Biden's new Saudi strategy

Biden sent a clear signal to the Saudis that he’s prepared to escalate after OPEC's production cut.

The Guardian - UK

World Bank ‘has given nearly $15bn to fossil fuel projects since Paris deal’

A group of 50 NGOs found that bank and subsidiaries had funded oil refinery and gas processing

The Guardian - UK

Biden administration angered by Opec+ oil output cut

Senior figures see decision as a slight on the US and a sign that the oil producers club is aligning with Russia

ABC News

OPEC cuts oil production to drive up prices, ASX ends steady after volatile day

As the ASX finishes where it started, Saudi Arabia and Russia are on a collision course with the West after major producers cut oil production to drive up prices. The move could further increase energy prices, plunge the global economy into recession, and help Russia in its war in Ukraine.

The Guardian - AU

Morning mail: skills shortages soar, oil production cuts agreed, complaints over ‘off-meter’ taxis

Thursday: The number of occupations experiencing a skills shortage in Australia has almost doubled. Plus: Alec Baldwin settles prop gun death lawsuit

Reuters

Exclusive-Venezuela's opposition seeks U.S. consultations on Chevron license

Venezuelan opposition leader Juan Guaido asked the United States for details of Chevron Corp's expanded license request to operate in the South American country, according to a letter sent to a senior U.S. official on Monday that also asked to be consulted before any U.S. decisions.

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