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The Latest Breaking News from OPEC

‘Good deal’: Petrol prices plunge to eight-month low before fuel tax sting

Australian petrol prices have plunged to an eight-month low over the past week, delivering much needed cost of living relief to motorists.

The New Daily

Saudi Energy Minister: OPEC+ Does Not Target Specific Price Range

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that OPEC+ did not target specific prices or price ranges, but rather sought to support market stability and balance supply and demand for the benefit of the petroleum industry. Prince Abdulaziz, who chairs the ministerial committee in the OPEC+ alliance, told an…

Asharq Al-Awsat

Big oil and Opec are holding the world to ransom – it’s time to rein them in

The UN’s call for windfall taxes must be taken up by governments to help break the power of greedy cartels

The Guardian - UK

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Kuwait’s Long-Time Parliament Speaker Bows Out of Sept. Elections

Kuwait's parliament speaker Marzouq al-Ghanim said he would not run in legislative polls this month, a day before the deadline for submission ends. Kuwait will hold early elections on Sept. 29 after the crown prince appointed a new prime minister and dissolved parliament in a bid to resolve the feud…

Asharq Al-Awsat

3 Energy Stocks That Make Great Buys Even When the Market Swings

The energy sector is facing volatility due to oil price swings amid geopolitical issues. However, oil prices might rise due to potential OPEC output cuts. Hence, investing in energy stocks TotalEnergies (TTE), Valero Energy (VLO), and APA Corporation (APA) might be wise. Read more….

StockNews.com

Top Financial Stories Tuesday, September 6: Focus on iPhone 14 Event, OPEC+ Plans Mild Production Cut, Netflix Says No To Crypto Ads And More…

Reuters EQT Corp Close To Buying THQ Appalachia

Benzinga

FTSE 100 Live: Retail stocks bounce on energy bill hopes, pound steady

Speculation that incoming prime minister Liz Truss is planning a freeze to energy bills lifted retailers and stocks with exposure to the UK economy today.

Evening Standard

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Oil Prices Ease on OPEC+ Output Cut

Oil prices inched lower on Tuesday, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market's recent slide. Brent crude futures had fallen 81 cents, or 0.9%,…

Asharq Al-Awsat

Australian shares drop as the Reserve Bank hikes rates again

It started off optimistically, but the ASX 200 lost ground on Tuesday as the market was hit by another rate hike.

ABC News

OPEC+ faces what to do about lower oil prices; drivers cheer

Oil prices are sagging amid fears of recessions across the globe

The Independent UK

Gas prices soar and pound and euro fall as Russia shuts Nord Stream pipeline

European countries scramble to store as much gas as possible before winter as they brace for shortages

The Guardian - UK

Oil Prices Climb over $2/bbl Ahead of OPEC+ Meeting

Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day. Brent crude futures had risen $2.42, or 2.6%, to $95.44 a barrel by 0641 GMT after gaining…

Asharq Al-Awsat

Opec and allies to cut oil output in October; gas prices jump after Russia pipeline closure – as it happened

Oil cartel agrees 100,000 barrels/day cut to production; wholesale gas prices jump after Russia keeps a key pipeline to Europe closed

The Guardian - UK

Look for selective plays with strong growth stories

We expect the SET Index to move higher in September. On the external front, we believe investors have digested the prospect of more rate hikes from the US Federal Reserve and thus expect a limited impact from the next upward move, given the hawkish signals sent recently by Fed chairman…

Bangkok Post

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Asharq Al-Awsat

OPEC+ JTC Raises 2022 Oil Market Surplus Forecast

The oil market is likely to have a surplus greater than forecast earlier this year amid pressures from rising energy costs and tightening monetary policy that decreased demand for oil, OPEC + said in a report on Wednesday. The report comes days ahead of an OPEC+ policy meeting on Sept.…

Bangkok Post

Russia Confounds the West by Recapturing Its Oil Riches

Russia pumps almost as much oil into the global market as it did before its invasion of Ukraine. With oil prices up, Moscow is also making more money.

Asharq Al-Awsat

Oil Slides More than $7 on Inflation and Iraq Exports

Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent in the OPEC nation's crude exports. Brent crude futures…

Tribune News Service

Deadly turmoil erupts in Iraq after top cleric’s resignation

Iran closed its border crossings with Iraq after deadly clashes erupted in Baghdad over a prominent cleric’s decision to resign from politics, deepening a government crisis in the OPEC-member state.

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The New Daily

‘Double whammy’: Petrol prices to surge as global oil rebounds before tax relief ends

Australians are being warned to brace for higher fuel costs in September as rising global oil prices flow through to local petrol bowsers.

ABC News

ASX recovers as Woodside profit and oil prices surge, but Wall Street sell-off intensifies

Australian shares claw back some of yesterday's heavy losses despite another slump in global markets over the possibility of more aggressive US and European interest rate hikes ahead.

StockNews.com

This ETF Is a “Buy” as Energy Sector Surges

OPEC recently announced its supply cut plans, boosting the energy sector. As energy prices could soar again, the ETF Energy Select Sector SPDR Fund (XLE), which is rated Buy in our proprietary rating system, might be worth your attention. Read on….

Asharq Al-Awsat

Oil Climbs on Prospect of OPEC Supply Cut, Demand Growth

Oil prices rose 1% on Monday, as expectations that OPEC would cut output if needed to support prices, coupled with conflict in Libya and rising demand amid soaring natural gas prices in Europe, helped offset a dire outlook for US growth. US West Texas Intermediate (WTI) crude futures jumped $1.09,…

Tribune News Service

Clashes in Libyan capital kill 23, stoking fears of war’s return

Clashes between militias in Libya’s capital left at least 23 people dead, sparking concern the OPEC nation that has two rival governments is descending into another full-blown conflict.

Tribune News Service

Clashes in Libyan capital kill 13, stoking fears of war’s return

Clashes between militias in Libya’s capital left at least 13 people dead, sparking concern the OPEC nation that has two rival governments is descending into another full-blown conflict.

Asharq Al-Awsat

OPEC+ Member States Support Saudi Arabia’s Stance on Balancing Oil Markets

A statement by Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on balancing oil markets has been met by a flurry of support by OPEC+ member states. The United Arab Emirates is aligned with Saudi Arabia’s thinking on crude oil markets, a source with knowledge of the matter told Reuters…

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