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The Latest Breaking News from OPEC

Saudi Energy Minister Says OPEC+ Deal Will Continue Until End of Year

Saudi Energy Minister Prince Abdulaziz bin Salman said the current OPEC+ deal on oil output would be locked in until the end of the year. In an interview published by Energy Aspects, the minister said the oil group can't increase output based solely on initial signals. OPEC+ agreed in October…

Asharq Al-Awsat

OPEC Raises 2023 Oil Demand Growth View

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China's relaxation of COVID-19 restrictions. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, the Organization of the Petroleum Exporting Countries said on Tuesday…

Asharq Al-Awsat

Oil Prices Slide As White House, OPEC Give Markets A Stir

Oil prices fell Tuesday as the White House prepared another Strategic Petroleum Reserve sale, and as OPEC hoisted its demand forecast.

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UAE Energy Minister: Oil Market Is Balanced

There is no need for the OPEC+ group of oil-producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia's announcement last week that it would unilaterally cut output. "I do not see a requirement for a meeting. The market is balanced," Suhail…

Asharq Al-Awsat

OPEC Expects Demand to Reach Pre-pandemic Levels

OPEC Secretary General Haitham Al Ghais said on Sunday that the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day. Demand is projected to further rise to 110 million barrels per day by 2025, he said. “OPEC remains committed to supporting oil…

Asharq Al-Awsat

OPEC Oil Output Falls as Iraqi Exports Decline

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87…

Asharq Al-Awsat

OPEC does not control price of oil, says cartel chief

OPEC president talks to Al Jazeera about output cuts, price volatility, and the war in Ukraine and its effect on prices.

Al Jazeera

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Dow Jones Reverses Lower Ahead Of Fed Meeting; Caterpillar, Exxon, Pfizer, McDonald's Fall On Earnings

The Dow Jones reversed lower Tuesday, as the Fed's two-day meeting kicks off today. Caterpillar, Exxon and Pfizer dropped on earnings.

Investors Business Daily

Saudi Crown Prince, Putin Discuss Cooperation within OPEC+

Prince Mohammed bin Salman, Crown Prince and Prime Minister, received on Monday a telephone call from Russian President Vladimir Putin. They discussed bilateral relations between their countries and ways of developing them in a number of fields. They also tackled issues of mutual concern. The Kremlin said the leaders discussed…

Asharq Al-Awsat

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

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

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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.

Asharq Al-Awsat

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,…

Financial Times

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

Asharq Al-Awsat

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…

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Tribune News Service

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…

Asharq Al-Awsat

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…

Reuters

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.

Asharq Al-Awsat

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

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…

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