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The Latest Breaking News from OPEC

First Thing: backlash against Saudi Arabia grows in Congress over oil cut

An influential Democratic senator has threatened to freeze weapons sales to the kingdom. Plus, Ukraine demands more western missiles

The Guardian - UK

US senator wants ‘freeze’ on Saudi cooperation after OPEC+ cuts

The US has accused Saudi Arabia of helping underwrite Russia’s war in Ukraine as the supply cut will raise prices.

Al Jazeera

Key Senate chair urges US to freeze cooperation with Saudis

The head of the Senate Foreign Relations Committee is calling for freezing all U.S. cooperation with Saudi Arabia, including arms sales

The Independent UK

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The fuel excise is back, but tax isn't the only thing driving petrol prices

Despite the return of the fuel excise, the national average price of a litre of unleaded went down last week. Prices at the pump are expected to rise again, but there's no one simple explanation for it.

ABC News

UAE president to meet Russia’s Vladimir Putin on Tuesday

Sheikh Mohammed heads to Moscow for talks after OPEC+ cuts oil production.

Al Jazeera

Commentary: OPEC’s move to raise oil prices is all about Russia

On Wednesday, OPEC+ announced a dramatic reduction in production quotas, by 2 million barrels per day. According to oil ministers, the goal is to boost crude prices and “encourage investment” in the sector — making it sound like they are doing the world a favor. In fact, this is an…

Los Angeles Times

Oil Falls as Investors Take Profit amid China Demand Concerns

Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1%, and was last…

Asharq Al-Awsat

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Cutting oil output risks global economy, warns US Treasury secretary

Janet Yellen’s comments come as figures show business activity declining across most UK regions

The Guardian - UK

Biden preaches patience to voters spooked by economic tumult

When it comes to reassuring Americans about an economy that's an election-year challenge to his party, President Joe Biden is telling the country to hold on

The Independent UK

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

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

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Reuters

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…

The Guardian - AU

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

Al Jazeera

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.

StockNews.com

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…

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France 24

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…

Asharq Al-Awsat

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…

Benzinga

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.

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

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