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Tag: Opec

UN chief condemns deliberate energy crisis made by greedy oil barons

1 week ago
The United Nations chief sharply criticized the "grotesque greed" of oil and gas companies on Wednesday for making record profits from the energy crisis on the back of the world's poorest people, "while destroying our only home." Secretary-General Antonio Guterres said it was "immoral" that the largest energy companies in the first quarter of the […]
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Macron wants MBS to alleviate fallout of Ukraine war

2 weeks ago
French leader Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman agreed to work "to ease the effects" of the Ukraine war, Macron's office said Friday, after talks in Paris that marked the full diplomatic rehabilitation of the Saudi leader. Like U.S. President Joe Biden who visited Riyadh earlier this month, Macron had been keen […]
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Citigroup warns of imminent collapse of oil prices

1 month ago
Crude oil may drop to $65 a barrel by the end of this year and could sink to $45 a barrel by the end of 2023, if the recession hits, warns Citigroup as reported by Bloomberg. Citigroup analysts including Francesco Martoccia and Ed Morse said in a report that this scenario may arise in the […]
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Iran wants to join BRICS as West imposes sanctions on Russia

2 months ago
Iran has submitted an application to become a member in the group of emerging economies known as the BRICS, an Iranian official said on Monday. Iran's membership in the BRICS group, which includes Brazil, Russia, India, China and South Africa, "would result in added values for both sides," Iran's Foreign Ministry spokesperson said. Russian Foreign […]
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Macron defends UAE, Saudi as US slowly runs out of oil

2 months ago
The Crown Prince of the United Arab Emirates, Sheikh Mohammed bin Zayed (MbZ), told French President Emmanuel Macron on Monday that two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production. "I had a call with MbZ," Macron was heard telling US President Joe Biden on the sidelines […]
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Biden adamant on Saudi visit, forgets election pledges

2 months ago
US President Joe Biden said on Friday he was not explicitly traveling to Saudi Arabia to meet with de facto leader Mohammed bin Salman during a trip next month, and said he was seeing the Saudi heir to the throne. as part of a wider “international meeting”. Biden’s plans to see the heir to the […]
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US fracking industry failing to keep gas prices under control

2 months ago
The very boom that bolstered the US's energy independence is now making its gas-price problem much, much worse. For much of the past decade, fracking gave the US energy sector a massive tailwind. In the so-called shale revolution, fields in New Mexico, North Dakota, and Texas became the next boomtowns for energy commodities. In just […]
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Controversy in congress over Biden trip to Saudi

2 months ago
Congressman Adam Schiff says US President Joe Biden should not visit Saudi Arabia or meet its Crown Prince Mohammed bin Salman (MBS), who was accused by American intelligence of ordering the assassination of journalist Jamal Khashoggi. A team of Saudi operatives murdered Khashoggi, a Washington Post journalist, in the Saudi consulate in Istanbul, Turkey on October 2, […]
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Human rights not high on Biden priorities for Saudi visit

2 months ago
President Joe Biden said Friday he hasn’t changed his views on human rights despite his administration’s praise of Saudi Arabia for getting key oil producers to step up production. As a presidential candidate, Biden had pledged to make the kingdom a “pariah” over its abuses. Biden said he wasn’t sure whether he was going to […]
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Biden mulling Gulf visit as fuel prices skyrocket

2 months ago
President Joe Biden is leaning towards making a visit to Saudi Arabia — a trip that would likely bring him face-to-face with the Saudi crown prince he once shunned as a killer. The White House is weighing a visit to Saudi Arabia that would also include a meeting of the leaders of the Gulf Cooperation […]
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Russia, Saudi want revamped OPEC+

2 months ago
Russian Foreign Minister Sergei Lavrov met Saudi counterpart Prince Faisal bin Farhan Al Saud in Riyadh on Tuesday and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said. The comments were issued amid Western media reports that some members of OPEC+, an alliance of OPEC members and their allies, were […]
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At height of Ukraine war, Lavrov to meet GCC heads

2 months ago
Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet foreign ministers from Gulf Cooperation Council (GCC) states, two Gulf officials said on Tuesday. Lavrov, who was in Bahrain on Tuesday, is expected to meet ministers from Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Qatar and Bahrain in the […]
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Saudis reduce price of light crude as Ukraine war continues

3 months ago
Saudi Arabia's lowered the price of its Arab Light crude grade to Asia and Europe for the month of June, according to a pricing document released by oil producer Saudi Aramco on Sunday. The price of the Arab Light benchmark sold in the United States in June was unchanged from the previous month, at $5.65 […]
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Turki Al-Faisal scolds US over Houthi threat

3 months ago
Saudi Arabia feels "let down" by the United States in tackling security threats to the kingdom and wider region by Yemen's Iran-aligned Houthi movement, a senior member of the Saudi royal family and former intelligence chief said. Traditionally strong ties between Riyadh and Washington have been shaken under U.S. President Joe Biden by the 2018 […]
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Senate mulls allowing US citizens to sue OPEC for price rigging

3 months ago
A U.S. Senate panel will consider as soon as next week a bill to open the OPEC oil production group and countries working with it to lawsuits for collusion on boosting petroleum prices, Senator Chuck Grassley's office said on Thursday. The bill, sponsored by Grassley, a Republican, Senator Amy Klobuchar, a Democrat, and others, will […]
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