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The Latest Breaking News from OPEC

Why Saudi Arabia rebuffed Biden’s pleas for more oil

The U.S. has accused Saudi Arabia of siding with Russia after it led OPEC+ in a shock decision to slash crude output, keeping oil prices high at a time of global concern about inflation. The world’s largest oil exporter insists the decision was about economics, not politics.

Tribune News Service

The Observer view on the global escalation of Russia’s war on Ukraine

Putin’s plague has put the entire postwar consensus on life support

The Guardian - UK

OPEC Head: Uncertainty Over Demand, Global Economy are the Reasons for the Cut, Not Politics

The reduction in oil production targets more spare capacity in case of any global emergency, OPEC's Secretary-General Haitham al-Ghais has announced. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 11 of its allies led by Russia, known as OPEC+, agreed on Wednesday to lower their…

Asharq Al-Awsat

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Uganda’s fuel smugglers: are the Opec Boys (anti-)heroes of the marginalised?

Smuggling in the Ugandan border region of West Nile has a long and chequered history. It straddles the fine line between legitimacy and legality. Governance and conflict researcher Kristof Titeca has studied smuggling in the border region since 2003. He explains the dynamics.

The Conversation

S&P 500 Gives Up Early Week Gains Following Latest Jobs Report: Is A Recession Looming?

After a strong two-day rally to start October, the SPDR S&P 500 ETF Trust (NYSE: SPY) gave up some of its gains on Friday following a mixed U.S. jobs report.

Benzinga

OPEC+ oil output cut shows widening rift between Biden and Saudi royals

The OPEC+ organization's decision this week to cut oil production despite stiff U.S. opposition has further strained already tense relations between President Joe Biden's White House and Saudi Arabia's royal family, once one of Washington's staunchest Middle East allies, according to interviews with about a dozen government officials and experts…

Reuters

Market Rally Starts, Soon Stumbles; OPEC+ Cuts Fuels Oil, Musk-Twitter Saga Continues: Weekly Review

A market rally got underway, but fell back as yields rebounded. Oil prices soared on an OPEC+ production cut. Elon Musk now says he wants to buy Twitter.

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What happened in the Russia-Ukraine war this week? Catch up with the must-read news and analysis

Russia at weakest point in war so far; pro-war bloggers turn on Putin; and demining in Ukraine’s east

The Guardian - AU

Is OPEC ‘aligning with Russia’ after production cuts?

The United States has accused OPEC oil-producing nations of siding with Russia after a decision to cut oil output.

Al Jazeera

1 Popular Energy Stock Hedge Funds Keep Buying

Leading oil & gas company Marathon Petroleum (MPC) reported solid second-quarter financials. Moreover, analysts seem bullish about the company’s growth prospects, considering its strategic business advancements and sustained energy demand. And given MPC’s high profitability and high-yield dividend, this energy stock that hedge funds keep buying could be worth your…

StockNews.com

All pumped out: France hit by petrol shortage

We take a closer look at the petrol shortage hitting certain French service stations. We also hear about the options that US President Joe Biden is mulling in regard to OPEC+'s decision to cut oil supply. Plus, a small French town grapples with rising energy bills. Finally, the hamburger chain…

France 24

Oil Prices Reach Highest Level in Three Months after ‘OPEC+’ Deal

Oil prices have stabilized near the highest level in three months, after OPEC+ key ministers agreed oil production cuts of 2 million barrels per day. This is the highest oil cut since 2020. Saudi Energy Minister Abdulaziz bin Salman said OPEC+ had needed to be pro-active as central banks around…

Asharq Al-Awsat

Larry Summers Says Sense Of Saudi-Russian Collaboration 'Can't Be Happy One For Americans'

Former Treasury Secretary Lawrence H.

Benzinga

Putin Helped By Saudi Arabia In His 'Despicable' Ukraine War, Says Schumer As Anti-Oil Cartel Bill Gains Bipartisan Momentum

As the ‘No Oil Producing and Exporting Cartels’ (NOPEC) bill gained momentum among both parties, Senate Majority Leader Chuck Schumer (D-NY) said in his tweet that Saudi Arabia’s actions will long be remembered by Americans.

Benzinga

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Tribune News Service

Chuck Schumer says ‘NOPEC’ bill targeting OPEC is on the table

WASHINGTON — Legislation that would allow the U.S. to sue OPEC nations is being considered as a possible response to the oil cartel’s production cut this week that benefited Russian President Vladimir Putin, said Senate Majority Leader Chuck Schumer on Thursday.

Al Jazeera

US Democrats rally against Saudi Arabia, UAE after oil cuts

Riyadh defends decision to curb oil output, saying move aims to stabilise the oil market, not drive up prices.

The Independent UK

A bump and a miss: Saudi oil cut slaps down Biden's outreach

President Joe Biden is effectively acknowledging the failure of one of his biggest foreign policy gambles: a fist-bump with the de-facto leader of Saudi Arabia, the crown prince associated with human rights abuses

WEKU

Some Democrats push to punish Saudi Arabia after OPEC+ move to cut oil production

OPEC+ announced a cut of 2 million barrels a day starting next month. Some Democrats on Capitol Hill want to retaliate by cutting off military aid and reexamine ties to Saudi Arabia.

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Al Jazeera

US midterm elections: Five economic issues to watch

Inflation is on the minds of American voters as they head to the polls next month to decide who will control Congress.

The Independent UK

EXPLAINER: How will OPEC+ cuts affect oil prices, inflation?

Oil cartel OPEC and its allies are cutting production

The Independent UK

Biden says Opec+ production cut ‘shows there are problems’ with US-Saudi relationship

The president says he and his advisers ‘haven’t made up our minds’ on pursuing ‘alternatives’ including easing sanctions on Venezuela

The Conversation

Liz Truss: this is what happens when governments pursue growth at all costs

When Chancellor Kwasi Kwarteng unveiled his mini-budget on September 23, he was making it clear that the government is prioritising economic growth over inflation – which was one reason the financial markets reacted so badly to his plan.

The Guardian - US

Biden pardons all federal offenses of simple marijuana possession – as it happened

President urges governors to do the same with state offenses: ‘No one should be in a local jail or state prison for that reason’

Radio France Internationale

Oil prices climb as world's biggest exporters agree to cut output

In Vienna, ministers from the 13-nation Organization of the Petroleum Exporting Countries (OPEC) and a group of 10 exporters led by Russia agreed to reduce production by 2 million barrels a day from November. The move pushed up global oil prices, but the Kremlin says production reduction is intended to…

Glasgow Live

Drivers issued warning as petrol prices could rise again as oil supply slashed

Oil supplies are set to be cut by two million barrels per day and experts are warning drivers that they could see the knock-on effect at the petrol pumps as prices are expected to rise.

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