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The Latest Breaking News from OPEC

Gloom oozes from energy forecasts that show oil demand dropping, heating bills rising

The weakening economy around the world will drive down demand for oil in the coming months, according to OPEC, while the U.S. government warns that households will pay more for heat this winter.

WEKU

3 Oil and Gas Stocks to Watch for Gains in October

OPEC+ has announced a deep output cut from November, which should bolster prices. Moreover, analysts expect oil prices could reach the $125 mark in the near term amid supply cuts. Given this backdrop, we think investing in sound oil and gas stocks Marathon Petroleum (MPC), Valero Energy (VLO), and PBF…

StockNews.com

Democrats issue fresh ultimatum to Saudi Arabia over oil production

Members of Congress raise prospect of one-year arms sales ban unless kingdom reverses Opec+ decision to cut output

The Guardian - UK

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Biden global strategy tackles China, Russia, domestic needs

The White House has laid out a national security strategy aimed at checking an ascendant China and a more assertive Russia

The Independent UK

Saudi Arabia is choosing friends on its own terms and Biden is not one of them

Reactions in Washington to slashing oil supply have not concerned Mohammed bin Salman; nor have the optics of indirectly boosting Putin’s war

The Guardian - UK

Oil Falls as Strong Dollar and Recession Fears Weigh

Oil futures fell on Wednesday as a gloomy economic outlook and a strong dollar outweighed supply concerns stemming from last week's OPEC+ cut to its production target. Brent crude futures were down $1.42, or 1.5 %, at $92.87 a barrel by 1315 GMT. US West Texas Intermediate crude was down…

Asharq Al-Awsat

MBS accused of "election interference"

Saudi Arabia is slashing oil production before midterms in what some are calling a "hostile act" against Democrats

Salon

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Joe Biden warns of ‘consequences’ for Opec as it sides with Russia even as Saudi Arabia attempts de-escalation

Saudi foreign minister says move was ‘purely economic’

The Independent UK

Biden vows 'consequences' for Saudi Arabia after oil production cuts

United States President Joe Biden promised "consequences" for Saudi Arabia, after a Riyadh-led coalition of oil-producing nations sided with Russia to slash output.

Bangkok Post

Biden vows ‘consequences’ for Saudi Arabia after oil output cuts

US president suggests he will soon take action as aides announce the White House is re-evaluating ties with kingdom.

Al Jazeera

Saudi FM Reiterates OPEC+ Decision is Not Political

Saudi Foreign Minister Prince Faisal bin Farhan has said that the OPEC+ decision to cut production is purely economic and was taken unanimously by the member states. The Foreign Minister said "OPEC+ members acted responsibly and took the appropriate decision," stressing that it is not a political move. During an…

Asharq Al-Awsat

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

Biden says Saudi Arabia will face ‘consequences’ for OPEC cut

WASHINGTON — President Joe Biden said there would be “consequences” for Saudi Arabia over the decision by OPEC+ to slash production, a move the administration says will benefit Russia by propping up oil prices.

Tribune News Service

Biden says Saudi Arabia will face 'consequences' for OPEC+ oil production cut

President Joe Biden said Tuesday there will be "consequences” for Saudi Arabia as the Riyadh-led OPEC+ alliance moves to cut oil production and Democratic lawmakers call for a freeze on cooperation with the Saudis.

France 24

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Tribune News Service

News briefs

Outraged Biden team vows consequences for Saudis over OPEC+ cut

WEKU

Biden is rethinking the U.S. relationship with Saudi Arabia after OPEC cuts

After the cartel said it would cut oil production by 2 million barrels per day starting next month, the White House said it's time to look at the longstanding partnership with Saudi Arabia.

Tribune News Service

Outraged Biden team vows consequences for Saudis over OPEC+ cut

WASHINGTON — Top aides to President Joe Biden voiced their fury with Saudi Arabia over OPEC+ oil production cuts Tuesday, saying the administration was undertaking a sweeping reevaluation of its relationship and planned to engage with lawmakers clamoring to punish the kingdom.

Al Jazeera

Biden ‘reviewing’ ties with Saudi Arabia amid anger over oil cuts

Riyadh says oil production curbs are ‘purely economic’ as critics in Washington accuse it of empowering Moscow.

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The Guardian - UK

Saudi Arabia will face ‘consequences’, says Biden, amid anger at cuts in oil output

Moves by Opec+ to reduce production seen as siding with Putin over the US just as midterms loom

Axios

Biden warns Saudi Arabia will face "consequences" over OPEC oil production cut

OPEC+ decided to cut oil production by 2 million barrels per day starting next month.

Asharq Al-Awsat

Saudi Govt Hails OPEC+’s Pivotal Role in Achieving Balance, Stability in Oil Markets

The Saudi government praised on Tuesday the pivotal role played by OPEC+ in achieving balance and stability in the global oil markets, and consequently, supporting the world economy. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Jeddah. The ministers reviewed…

The Guardian - US

Biden open to re-evaluating Saudi relationship after Opec+ cuts, says White House – as it happened

‘In light of the Opec decision, I think that’s where he is,’ says John Kirby, spokesman for Biden’s national security council

The Guardian - UK

UK petrol prices rise after Opec decides to cut oil production

Fuel price increase is blow to drivers amid soaring domestic energy costs and other inflation

The Independent UK

Putin hosts United Arab Emirates leader for economic talks

Russian President Vladimir Putin has hailed a recent decision by OPEC, Russia and other oil producing nations to limit production as key to stabilizing the global energy market, as he met the leader of the United Arab Emirates for talks on fostering economic ties

Reuters

Putin says Russia not working 'against anyone' in energy markets

President Vladimir Putin said on Tuesday that Russia was not working against anyone on energy markets and was seeking a balance between oil supply and demand, a week after Washington criticised a decision by OPEC+ to steeply cut oil production.

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