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The Latest Breaking News from OPEC

OPEC+ Sticks to Existing Deal Despite Price Rally

OPEC+ agreed on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China's coronavirus lockdowns threatened the outlook for demand. Ignoring calls from Western nations for accelerating output hikes, the group agreed to raise its…

Asharq Al-Awsat

Morning Brief: Top Financial Stories Dominating on Thursday, May 5

CNBC

Benzinga

Post EU's Latest Russian Oil Ban, OPEC+ Is Expected To Raise Production Marginally: CNBC

On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum,

Benzinga

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Russian war, China lockdowns roil oil markets as OPEC+ meets

Oil markets have been fluctuating over fears of lost supplies from Russia because of the war in Ukraine

The Independent UK

AP News Digest 3 am

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at https://newsroom.ap.org.

The Independent UK

What Europe's ban of Russian oil could mean for energy markets – and your gas prices

The EU ban on Russian oil imports will likely lead to higher crude and gasoline prices, further upending energy markets.

WEKU

EXPLAINER: What's the impact if Europe cuts off Russian oil?

The European Union's executive commission has proposed phasing out imports of Russian oil within six months

The Independent UK

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OPEC Fund to Finance Nigeria-Morocco Gas Pipeline

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria, said Moroccan authorities. The legal documentation relating to the $14.3 million financing granted by the OPEC Fund to the National Office of Hydrocarbons and Mines (ONHYM)…

Asharq Al-Awsat

The long history of oil price shocks

Oil prices were steadily climbing before Russia's invasion of Ukraine

Salon

Oil Rises as Investors Focus on Lower Supply from Russia, Libya

Oil prices rose on Thursday as concerns about supply as the European Union (EU) mulls a potential ban on Russian oil imports, days after diminished supplies from Libya rocked the market. Brent crude futures rose $1.11, or 1%, to $107.91 a barrel at 0852 GMT.

Asharq Al-Awsat

EXPLAINER: What's the impact if Europe cuts off Russian oil?

Europe is discussing a boycott of Russian oil over the Kremlin's invasion of Ukraine

The Independent UK

2 Libyan ports stop loading oil amid political standoff

Two Libyan ports have been forced to stop loading oil after protests calling for Prime Minister Abdul Hamid Dbeibah to step down spilled over into the OPEC member’s energy sector.

Tribune News Service

Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

Iraq was pressured to increase its oil production outside the remit of OPEC's policy on output, Oil Minister Ihsan Abdul Jabbar said on Saturday. He also told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages. OPEC has resisted calls by…

Asharq Al-Awsat

5 reasons making daylight saving time permanent will improve life in America

The so-called Sunshine Protection Act could boost health, lower crime, and more by making Daylight Savings Time the default year-round.

Inverse

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The Guardian - UK

China’s lockdowns will help cut global oil demand, predicts IEA

Organisation lowers its oil demand forecast as Covid measures cushion impact of lost Russian flows

ABC News

New Zealand interest rates jump 0.5pc in 'highly uncertain' environment, ASX lifts on surging oil price

New Zealand announces its fourth straight interest rate hike, US consumer prices rise at their fastest pace since 1981, while surging commodity prices boost the Australian share market.

Los Angeles Times

Lawmakers question oil executives on price gouging, but seem cool to price controls

WASHINGTON — As consumers fume over skyrocketing prices for gasoline and other commodities, congressional Democrats on Wednesday called executives from big oil companies on the carpet to explain why they appear to be making unseemly fat profits in the face of an international crisis.

The Conversation

5 ways Americans' lives will change if Congress makes daylight saving time permanent

The U.S. Senate approved the Sunshine Protection Act in March 2022, with the goal of making daylight saving time permanent starting in November 2023. If that happens, the U.S. will never again “spring forward” or “fall back.”

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Al Jazeera

Why Biden’s release of US oil reserves won’t end pain at the pump

Gas prices will keep rising amid Russian war in Ukraine as sanctions tighten and demand outstrips supply, experts say.

Al Jazeera

‘Who’s talking climate change now?’ energy producers say

With the Russian invasion of Ukraine boosting energy costs and reducing availability, fossil fuel proponents push back.

Asharq Al-Awsat

Iraq Exports $11.07 Billion of Oil During March, Highest for 50 Years

Iraq exports of oil reached $11.07 billion last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia's invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported "100,563,999 barrels for…

The Independent UK

Fossil fuel backers overshadow climate change talks in Dubai

A flurry of summits this week across Dubai all focused in one way or another on climate change, or at least acknowledgement that the global energy transition is needed to keep temperatures from rising

Asharq Al-Awsat

OPEC+ Alliance Maintains Production Policies

The Saudi-led OPEC and its allies in the Moscow-led OPEC Plus, maintained their strategy of slightly increasing oil production, despite Western pressure to end the price volatility, as the war in Ukraine rocked the market. The Organization of Petroleum Exporting Countries said in a statement on Thursday that it would…

Asharq Al-Awsat

OPEC Holds Special Meeting to Ditch IEA Data

OPEC on Thursday held a brief extraordinary meeting to ditch the International Energy Agency from its list of trusted data contributors, an OPEC source said on Thursday. The meeting followed a regular policy decision meeting. Earlier this week, OPEC experts recommended ditching the IEA and choosing consultancies Rystad and Wood…

The Guardian - UK

Oil prices fall after US ponders record-breaking release of crude reserves

Joe Biden seeks to allay fears of shortages over Russian invasion of Ukraine

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