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The Latest Breaking News from OPEC

Dow Jones Falls 260 Points Ahead Of Fed Meeting, Big Earnings; What To Do Now

Dow Jones futures were lower early Tuesday ahead of the Federal Reserve's two-day meeting and big earnings from Amazon and Apple this week.

Investors Business Daily

Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin

Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.

Reuters

Dow Jones Falls 100 Points With Fed Meeting In Sight; Tesla Stock Upgraded To Buy After 33% Surge

The Dow Jones fell 100 points Monday, with the Federal Reserve's policy meeting set for this week. Tesla stock was upgraded to buy.

Investors Business Daily

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Baker Hughes Stock Teases Buy Point On 2023 Oil Optimism, Despite Q4 Miss

Baker Hughes edged lower Monday as oil field service industry stocks are in the midst of a rally.

Investors Business Daily

SLB Stock Drops On Strong Earnings, Bullish 2023 Outlook For Oil And Gas

SLB topped Q4 estimates and the oilfield service giant is optimistic about energy demand in 2023.

Investors Business Daily

Oil Prices Break Above Resistance On Optimistic Forecasts, Energy Stocks Climb

U.S. oil prices broke out of a seven week rut Wednesday on expectations for strong demand in China. Oil stocks climbed.

Investors Business Daily

Oil Prices Extend Gains on Optimism Over China’s Recovery

Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. Brent crude futures firmed 63 cents, or 0.73%, to $86.55 a barrel by 0401 GMT,…

Asharq Al-Awsat

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What the end of the US shale revolution would mean for the world

Fracking catapulted America to the top of the energy hierarchy, but low yields and a lack of reinvestment threaten that position

Financial Times

Iraq Oil Revenues Top $115 Billion in 2022

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer…

Asharq Al-Awsat

Auto review: Looking for an econobox? The 2023 Nissan Kicks is one answer

There was a time when entry-level buyers had their choice of fuel-efficient hatchbacks, powered by frugal four-cylinder engines and boasting names like Colt, Rabbit, Omni, Horizon, Chevette and Sentra. And while most might consider the humble econobox to be a vestige of the 1980s, a relic of the long-forgotten OPEC…

Tribune News Service

Saudi Energy Minister: OPEC+’s More Accurate Predictions Are Due to Focusing on Market Fundamentals

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud stressed on Tuesday that OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting. In an interview with the Saudi Press Agency (SPA), he added: “As I have emphasized multiple times, in…

Asharq Al-Awsat

Russia discusses debt, energy stability with Venezuela

Russian Deputy Prime Minister Alexander Novak met on Wednesday with Venezuela's oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela's outstanding debts to Russia.

Reuters

OPEC Sees Robust Global Oil Demand Growth in 2023

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will…

Asharq Al-Awsat

Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

Asharq Al-Awsat

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Asharq Al-Awsat

Haitham Al Ghais: OPEC+ Plays Instrumental Role in Supporting Market Stability

The OPEC+ alliance plays an instrumental role in supporting market stability, said OPEC Secretary General Haitham Al Ghais on the sixth anniversary of the group’s formation. The Declaration of Cooperation (DoC) is an unprecedented collaborative framework of 23 oil-producing countries that is based on trust, mutual respect and dialogue, Al…

Asharq Al-Awsat

Saudi Energy Minister: OPEC+ Members’ Collective Efforts Achieved the Miracle

Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday that the ongoing global developments have proven that OPEC+ has taken the right decision. The collective efforts of the group have led to what he described as the “miracle” in 2020. OPEC+ is keen on being regulators of the market…

Al Jazeera

China, Saudi Arabia strengthen partnership on energy, defence

Beijing and Riyadh say they will ‘firmly support each other’s core interests’ during an official visit by Xi Jinping.

Asharq Al-Awsat

Mohamed bin Zayed and Putin Discuss Bilateral Relations

The President of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan, discussed in a telephone call on Wednesday with Russian President Vladimir Putin the relations between the two countries and ways to promote friendship and cooperation, WAM news agency reported. The two officials also discussed regional and international matters…

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Reuters

U.S. climate envoy Kerry hails holding COP28 conference in OPEC member UAE

U.S. Special Climate Envoy John Kerry on Wednesday hailed the decision to hold next year’s COP28 climate summit in OPEC member the United Arab Emirates, saying fossil fuel economies should be encouraged to lead the transition to clean energy.

Investors Business Daily

Lithium Stocks 2023: A Cartel Takes Shape

Lithium stocks made gains in 2022 as spot prices ballooned. Headwinds on the way in 2023 include a possible alliance of producing countries.

Al Jazeera

China’s Xi arrives in Saudi Arabia to ‘bolster ties’

Initial agreements worth $29bn will be signed at a Saudi Arabian-Chinese summit this week, official news agency says.

Axios

A new playbook for buying oil

Some 70 years later, the West has a response to OPEC

The New Daily

Petrol prices ease before Christmas as Russian sanctions threaten diesel disruption

Australian motorists are enjoying bowser relief in the lead-up to Christmas, but oil markets are threatening to push up petrol prices.

Asharq Al-Awsat

Saudi Aramco Drops January's Arab Light Prices for Asia

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Investors Business Daily

Oil Markets In Flux As Embargo Deepens; China, India Demand Russian Discounts

Oil markets swung into a massive redrawing of trade routes Monday as EU's embargo of Russian oil took full effect.

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