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The Latest Breaking News from OPEC

Markets Today: Stock Indexes Slip as Soaring Crude Prices Spark Inflation Concerns

Morning Markets June S&P 500 futures (ESM2 3) this morning are down -0.18%, and June Nasdaq 100 E-Mini futures (NQM2 3) are down -0.81%. U.S. stock index futures this morning are moderately lower on higher bond yields after the action by OPEC+ to cut its crude production by 1 million...

Barchart

Why are oil prices rising and what does it mean for inflation?

All you need to know about the Opec+ decision to cut production and the potential knock-on effects

The Guardian - UK

Reducing Oil Production: A New Pillar to Support Global Economic Conditions

In support of the stability of the global oil markets, and the enhancement of the balance between supply and demand, the member of the Organization of Petroleum Exporting Countries (OPEC) and the producing countries within the OPEC+ have decided to implement a voluntary reduction of crude oil production. Experts described…

Asharq Al-Awsat

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First Thing: Trump ‘vows to escalate attacks’ on Manhattan prosecutor

Stunned by indictment at first, ex-president indicates he wants to politically ‘rough ’em up’. Plus, Judy Blume calls for fight back against censorship

The Guardian - UK

Oil prices surge after Opec+ production cuts

Shell and BP saw their share prices rise following a jump in the price of oil.

The Independent UK

Oil price surges after surprise Opec+ production cut

Move by world’s largest producers likely to unsettle western nations grappling with inflation

The Guardian - UK

FTSE 100 Live: FTSE up for sixth straight day; $23bn mining mega-merger proposal rejected; oil prices surge

The price of Brent Crude today surged to near $85 a barrel after Opec+ oil producers announced a surprise output cut of more than one million barrels a day.

Evening Standard

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OPEC+ slashes output on global recession fears; Australian motorists to be spared Easter pain

Australians hitting the road this Easter are likely to be spared any immediate hit from a bid by the global oil cartel to boost sagging prices.

ABC News

OPEC+ Just Announced Oil Output Cuts In A Surprise Move. Here’s How It Could Really Affect You.

OPEC+ announced an unexpected production cut that will likely give a further boost to oil prices bouncing off their recent lows

Zenger

Oil prices surge after OPEC+ surprises the market with supply cuts, ASX rises to three-week high

Australian shares rise to their highest level in three weeks, while oil prices surge after a surprise decision by Saudi Arabia and OPEC nations to cut production by more than 1 million barrels per day, and Scott's Refrigerated Logistics is now in liquidation.

ABC News

OPEC+ makes shock million-barrel cut in new inflation risk

OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.

Tribune News Service

OPEC+ makes surprise 1 million-barrel oil production cut

OPEC+ announced a surprise oil production cut that will exceed 1 million barrels a day, abandoning previous assurances that it would hold supply steady to maintain a stable market.

Tribune News Service

Saudi Arabia, Russia, Gulf, Arab Countries Announce Voluntary Oil Output Cuts

Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day (bpd) from May until the end of 2023, state media reported. Russia's deputy prime minister also said Moscow would extend a voluntary cut…

Asharq Al-Awsat

OPEC+ Unlikely to Tweak Oil Policy in Monday Talks

OPEC+ is likely to stick to its existing deal to cut oil output at a meeting on Monday, five delegates from the producer group told Reuters, after oil prices recovered following a drop to 15-month lows. Oil has recovered towards $80 a barrel for Brent crude after falling to near…

Asharq Al-Awsat

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Tribune News Service

House GOP’s energy bill hitting the floor amid market volatility

WASHINGTON — House Republicans are pitching legislation queued up for a floor vote this week as a salve to high gasoline and electric costs, though it remains hazy how quickly and aggressively the measure would lower prices.

StockNews.com

3 Skyrocketing Energy Stocks to Buy, 2 to Sell

Despite rising recessionary fears, strong global energy demand and constrained supplies should drive the energy sector’s growth this year. Hence, fundamentally sound energy stocks Marathon Petroleum (MPC), PrimeEnergy Resources (PNRG), and Epsilon Energy (EPSN) could be ideal investments. On the contrary, avoiding struggling energy stocks Camber Energy (CEI) and NextDecade…

Roll Call

House GOP’s energy bill hitting the floor amid market volatility - Roll Call

House Republicans are pitching a bill this this week as a way to reduce energy costs, but it’s unclear how quickly it might lower prices.

Barchart

Crude Closes Moderately Lower on Economic Concerns

May WTI crude oil (CLK23 ) on Friday closed down -0.70 (-1.00%), and May RBOB gasoline (RBJ23 ) closed down -1.23 (-0.48%). Crude oil and gasoline prices Friday closed moderately lower due to ongoing concerns that the banking turmoil could push the global economy into a recession, undercutting energy demand....

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Barchart

Crude Erases Early Gains as U.S. Delays Refilling SPR

May WTI crude oil (CLK23 ) on Thursday closed down -0.94 (-1.33%), and May RBOB gasoline (RBJ23 ) closed up +1.27 (+0.49%). Crude oil and gasoline prices Thursday fell back from 1-week highs and settled mixed. A recovery in the dollar Thursday sparked long liquidation in crude futures after the...

Barchart

Crude Prices Firm as the Dollar Falls

May WTI crude oil (CLK23 ) this morning is up +0.62 (+0.87%), and May RBOB gasoline (RBJ23 ) is up +4.90 (+1.91%). April Nymex natural gas (NGJ23 ) is up +0.030 (+1.38%). Crude oil and gasoline prices this morning rose to 1-week highs and are moderately higher. Dollar weakness is...

Asharq Al-Awsat

Oil Falls More Than $2 on Banking Concerns, Likely Fed Rate Hike

Oil prices fell on Monday to their lowest in 15 months on concerns risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential hike in US interest rates this week. Brent crude futures for May settlement fell $2.32,…

StockNews.com

5 Top Energy Stocks to Buy Right Now

Despite the recent plunge in oil prices, the reopening of the Chinese economy and tight supplies appear beneficial for the energy market. Given this backdrop, fundamentally strong energy stocks Marathon Petroleum (MPC), Valero Energy (VLO), PBF Energy (PBF), Unit Corp. (UNTC), and Epsilon Energy (EPSN) might be ideal buy-and-watch picks…

Asharq Al-Awsat

Saudi Arabia, Russia Stress Commitment to OPEC+ Decision on Oil Output Cuts

Saudi Minister of Energy Prince Abdulaziz bin Salman met in Riyadh on Thursday with Russian Deputy Prime Minister Alexander Novak who is visiting the Kingdom, the Saudi Press Agency reported. They discussed global oil markets and the efforts of OPEC+ to promote market stability, SPA said. They also stressed their…

Bangkok Post

A year after the Ukraine invasion, oil market much changed

HOUSTON: A year after Russia's invasion of Ukraine, the oil market has become more fragmented and uncertain, a dynamic expected to boost crude prices over the long term.

Asharq Al-Awsat

Saudi FM: Situation in Syria Not Tenable, We Are Open to Dialogue with Iran

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah denied on Tuesday divergence between Saudi Arabia and the United Arab Emirates, saying reports that have made such claims are “overdramatized” and “far from the truth.” Speaking to the press in London, he said: “All decisions in OPEC and OPEC+ are…

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