Oil prices fell to their lowest level since January 1, when oil prices plunged after Wall Street Journal reported that Saudi Arabia, along with other OPEC oil producers, were discussing
Diesel prices climb above 190p per litre for first time since August says AA
According to the AA, diesel is 23.95p per Liter more expensive than petrol.
The United States will likely stop arms sales to Saudi Arabia
According to Senator Chris Coons (a close ally to President Joe Biden), the United States will likely stop arms sales to Saudi Arabia as a result of the OPEC+ decision.
Saudi and Russian-led oil cuts could spark global recession according to the IEA
The International Energy Agency warned that a decision by Opec, the Saudi Arabia-led producer cartel, to reduce oil production could lead to a global recession.
President Joe Biden “there will be consequences” for U.S. relations with Saudi Arabia after OPEC+ cut oil production
After OPEC+ last week announced that it would reduce its oil production target, President Joe Biden said Tuesday that “there will be consequences” for U.S.-Saudi relations.
Oil rises as OPEC+ the producer cartel agreed to reduce output by 2m barrels per day from November
Oil rose by about 1% Wednesday as OPEC+ announced its deepest production cuts since the 2020 COVID pandemic. This was despite a tight market and opposition from the United States
The White House is in a panic to stop the OPEC+ production cut reports CNN
The White House is trying to prevent a major production cut in OPEC+, just a month prior to the midterm elections. This is when the current administration needs lower prices
OPEC+ will consider a cut in oil production of more than 1 million barrels per day
OPEC+ will be considering a reduction in oil production of more than a million barrels per day (bpd), OPEC sources stated on Sunday.
The week ended with oil prices at multi-month lows due to recession fears
On Friday, oil prices closed higher, recovering some of the losses from this week’s weak U.S. job growth data. However, they closed the week at their lowest level since February
OPEC+ effectively snubs US president Joe Biden’s push to get more oil pumped.
Analysts believe that OPEC+ will increase oil production by a small 100,000 barrels per hour. This is in direct insult to President Joe Biden, who travelled to Saudi Arabia last
Oil at a seven-year high in Ukraine-Russia tensions
After hitting their highest level in seven years, oil prices were steady Monday in seesaw trading. This was despite fears that Russia’s invasion of Ukraine could result in sanctions from