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The Latest Breaking News from OPEC

OPEC+ Agrees To Small Production Increase With Capacity Limited, Crude Oil Prices Off Highs

OPEC+ will meet Wednesday to discuss September production quotas. But spare capacity is scant while demand fears are weighing on crude oil prices.

Investors Business Daily

US sanctions UAE, Hong Kong firms that ship Iranian oil

The U.S. has sanctioned a United Arab Emirates-based firm and several Asian companies for facilitating the illicit sale of millions of dollars’ worth of Iranian oil for shipment to East Asia

The Independent UK

Kuwait Reappoints Oil, Finance Ministers in New Cabinet

Kuwait reappointed Oil Minister Mohammed Al-Fares and Finance Minister Abdul Wahab al-Rasheed in a cabinet formed on Monday under a new prime minister. Last week the crown prince of the Gulf Arab OPEC producer had named Sheikh Ahmed Nawaf al-Sabah as prime minister to replace Sheikh Sabah al-Khalid, who had…

Asharq Al-Awsat

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Commentary: Putin won’t let OPEC help bring down oil prices

Oil producers from the OPEC+ group meet on Wednesday to agree to the next step in their market management. For the first time in a year, there is no clear policy for them to rubber stamp. That could make for an interesting (virtual) gathering.

Tribune News Service

Kuwait’s Al-Ghais Takes Role as OPEC Secretary General

Kuwait’s Haitham Al-Ghais assumed on Monday his new role as Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), following the late outgoing chief, Mohammad Barkindo. Al-Ghais affirmed his determination to work for the advancement of the international organization, especially considering the concerns surrounding the global energy market. In an…

Asharq Al-Awsat

Oil Drops as Weak China Factory Data Fan Demand Concerns

Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down $1.19, or 1.1%, at $102.78 a…

Asharq Al-Awsat

Saudi energy minister, Russia's Novak discuss cooperation ahead of OPEC+ meeting

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman met Russian Deputy Prime Minister Alexander Novak on Friday in Riyadh, the Saudi energy ministry said on Twitter.

Reuters

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The message for Biden — West Asia has moved on

The U.S. President’s visit could serve his domestic interests to some extent, but it has made no difference to the region

The Hindu

Saudi Arabia, Russia Stress Expanding Relations

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, held telephone talks on Thursday with Russian President Vladimir Putin. The talks focused on bilateral relations between their countries and ways to bolster them in various fields. They tackled the latest regional and international developments and efforts…

Asharq Al-Awsat

Sky-high diesel prices squeeze truckers, farmers, consumers

High diesel prices are driving up the cost of everything, from groceries to Amazon orders and furniture

The Independent UK

Saudi Arabia Says There Is a Lack of Refining Capacity in Market, Not Oil

Saudi Foreign Minister Prince Faisal bin Farhan stressed on Tuesday the Kingdom's commitment to the stability of energy markets. The Minister said Saudi Arabia is focused on maintaining the stability of oil markets through OPEC+, asserting that dialogue within the group is very active and responds to the requirements of…

Asharq Al-Awsat

Julian Lee: If we're lucky, OPEC is wrong about oil demand going up

We’d better hope the forecasters at OPEC have got their numbers wrong. If they haven’t, then the members of the oil producer group may struggle to supply as much crude as the world will need next year.

Tribune News Service

Oil price rises after Joe Biden fails to secure Saudi output increase

Increase will keep up the pressure at pumps, where drivers have faced record petrol and diesel prices

The Guardian - UK

Oil climbs after Biden fails to secure Saudi output hike – as it happened

Brent crude prices pushed past $100 per barrel after US president Joe Biden failed to secure output hike agreements with the world’s top oil exporter

The Guardian - UK

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Asharq Al-Awsat

Oil Prices Extend Gains

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand. Brent crude futures for September settlement rose 69 cents, or 0.7%, to $101.85 a barrel by 0421…

Foreign Affairs

A Shock-Proof Energy Economy

Taming Volatile Oil Markets Requires a New Kind of Government Intervention

Asharq Al-Awsat

US, Gulf Commitment to Preserving Regional Security, Deepening Defense Cooperation

The leaders of the Gulf Cooperation Council (GCC) countries and the US have reaffirmed on Saturday their joint commitment to maintaining regional security and stability and supporting diplomatic efforts seeking to reduce regional tensions. They also stressed the need for strengthening their regional cooperation on the levels of security, intelligence…

Asharq Al-Awsat

Jeddah Summit: Joint Vision for Stable, Prosperous Middle East

The leaders taking part in the Jeddah Security and Development Summit stressed on Saturday their joint vision for a peaceful and prosperous Middle East. They stressed the need to take all necessary measures to preserve the security and stability of the Middle East, develop means of cooperation and integration between…

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Reuters

Biden ends trip with U.S.-Saudi relations on the mend but few other wins

President Joe Biden and Saudi Crown Prince Mohammed bin Salman took a step to mending their troubled relationship with a fist bump, but the U.S. leader left the kingdom on Saturday with few big successes and doubts as to whether the visit was worth it.

Bangkok Post

Saudis warn against 'unrealistic' energy policies

JEDDAH, Saudi Arabia: “Unrealistic” policies regarding energy sources will only push up costs and lead to “unprecedented inflation”, Saudi Arabian Crown Prince Mohammed bin Salman said on Saturday.

Asharq Al-Awsat

Biden to Present US Strategy to Enhance Security in the Region

Energy security, confronting Iran’s threats, and stabilizing the Yemen truce will top the discussions of US President Joe Biden during the second phase of his Middle East tour. Hours before the arrival of the presidential plane in Jeddah, US National Security Adviser Jake Sullivan revealed that Biden would announce a…

Al Jazeera

US, Saudi Arabia pledge moves to stabilise global energy markets

Washington welcomes Riyadh’s commitment to supporting global oil markets as it seeks to lower the price of gasoline.

Reuters

Biden fails to secure major security, oil commitments at Arab summit

President Joe Biden told Arab leaders on Saturday that the United States would remain an active partner in the Middle East, but he failed to secure commitments to a regional security axis that would include Israel or an immediate oil output rise.

Al Jazeera

Biden says he brought up Khashoggi killing with Saudi leaders

On visit to the Gulf kingdom, US president says he made clear what he thinks of Saudi journalist’s 2018 murder.

Salon

Ali Velshi: Biden can't fix the economy

From sky-high food prices to rising interest rates, here's why we're heading into recession — and what happens next

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