In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuters.&nbsp;

The unexpected cuts announced by Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Algeria, and Oman will begin in May and will last till the end of the year with more than one million barrels per day it will be the biggest reduction since the last one when the oil producers slashed two million barrels per day in October.&nbsp;

The move also comes after oil prices dropped last month to $70 per barrel which was the lowest in 15 months and following concerns that a global banking crisis would affect demand. However, following the pledges on Sunday, the oil prices are expected to surge by at least $10 per barrel, said the head of investment firm Pickering Energy Partners, as per Reuters. &nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) which includes Saudi Arabia and Russia made the announcement in a series of public statements by different countries and called the move a “precautionary measure”. The statements came a day before OPEC+ is due to hold its&nbsp;Joint Ministerial Monitoring Committee meeting virtually, on Monday.&nbsp;

Similarly, Russian Deputy Prime Minister Alexander Novak, said that Moscow will extend its voluntary oil production reduction by 500,000 barrels per day until the end of this year. This also comes after Moscow had previously announced production cuts unilaterally in February following Western price caps on Russian oil.&nbsp;

“As responsible and preemptive actions, Russia will extend its voluntary oil production reduction by 500,000 barrels a day until the end of 2023 from the average production level in February established in conformity with independent sources,” said Novak.&nbsp;The Russian minister also talked about how the global oil market is going through a period of high volatility and unpredictability due to the recent banking crisis in the United States and Europe.

Notably, not all OPEC+ members were joining the cuts as many are already extracting much less than the levels agreed upon due to limited production capacity.&nbsp;OPEC+ consists of 13 members of the Organization of Petroleum Exporting Countries and 11 non-OPEC allied countries.

Production cuts announced by OPEC+ members, as per their official statements:&nbsp;

Russia: 500,000 bpd 
Saudi Arabia: 500,000 bpd 
UAE: 144,000 bpd 
Kuwait: 128,000 bpd 
Kazakhstan: 78,000 bpd 
Algeria: 48,000 bpd 
Oman: 40,000 bpd 
 
According to Reuters calculations, the total volume of cuts by the OPEC+ members would be 3.66 million bpd which amounts to 3.7 per cent of the global demand. This also comes months after OPEC+ had agreed to slash output by two million bdp from the following month, a move which was criticised by the United States as lower supply increased the price of oil.&nbsp;

Washington has also argued that the world needs lower prices to prevent Russian President Vladimir Putin from earning revenue and funding what Moscow calls its “special military operation” in Ukraine.&nbsp;

(With inputs from agencies)&nbsp; 
 
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In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.

In a series of public statements, on Sunday (April 2), Saudi Arabia and other OPEC+ members announced that they would further reduce oil production amounting to around 1.16 million barrels per day. The move, according to the countries, is aimed at market stability. The announcement comes a day before a virtual meeting of an OPEC+ ministerial panel is to convene, reported Reuters. The unexpected cuts announced by Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Algeria, and Oman will begin in May and will last till the end of the year with more than one million barrels per day it will be the biggest reduction since the last one when the oil producers slashed two million barrels per day in October. The move also comes after oil prices dropped last month to $70 per barrel which was the lowest in 15 months and following concerns that a global banking crisis would affect demand. However, following the pledges on Sunday, the oil prices are expected to surge by at least $10 per barrel, said the head of investment firm Pickering Energy Partners, as per Reuters. The Organization of the Petroleum Exporting Countries (OPEC) which includes Saudi Arabia and Russia made the announcement in a series of public statements by different countries and called the move a “precautionary measure”. The statements came a day before OPEC+ is due to hold its Joint Ministerial Monitoring Committee meeting virtually, on Monday. Similarly, Russian Deputy Prime Minister Alexander Novak, said that Moscow will extend its voluntary oil production reduction by 500,000 barrels per day until the end of this year. This also comes after Moscow had previously announced production cuts unilaterally in February following Western price caps on Russian oil. “As responsible and preemptive actions, Russia will extend its voluntary oil production reduction by 500,000 barrels a day until the end of 2023 from the average production level in February established in conformity with independent sources,” said Novak. The Russian minister also talked about how the global oil market is going through a period of high volatility and unpredictability due to the recent banking crisis in the United States and Europe. Notably, not all OPEC+ members were joining the cuts as many are already extracting much less than the levels agreed upon due to limited production capacity. OPEC+ consists of 13 members of the Organization of Petroleum Exporting Countries and 11 non-OPEC allied countries. Production cuts announced by OPEC+ members, as per their official statements: Russia: 500,000 bpd Saudi Arabia: 500,000 bpd UAE: 144,000 bpd Kuwait: 128,000 bpd Kazakhstan: 78,000 bpd Algeria: 48,000 bpd Oman: 40,000 bpd According to Reuters calculations, the total volume of cuts by the OPEC+ members would be 3.66 million bpd which amounts to 3.7 per cent of the global demand. This also comes months after OPEC+ had agreed to slash output by two million bdp from the following month, a move which was criticised by the United States as lower supply increased the price of oil. Washington has also argued that the world needs lower prices to prevent Russian President Vladimir Putin from earning revenue and funding what Moscow calls its “special military operation” in Ukraine. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion.&nbsp;

This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023.

The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand.

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Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine.&nbsp;Aramco President &amp; CEO Amin H. Nasser said&nbsp;the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world."

“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added.&nbsp;

Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund.&nbsp;Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products.

In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023.

Also Read | <a href="https://www.wionews.com/videos/indian-prime-minister-narendra-modi-to-visit-us-in-june-engagement-with-india-to-counter-china-571114">Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China</a>

Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. 
 
(With inputs from agencies) 
 
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The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company.

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand. Also Read | 1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine. Aramco President & CEO Amin H. Nasser said the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world." “Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added. Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund. Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products. In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023. Also Read | Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi oil giant Aramco's annual profit soars to record high in 2022

Chinese President Xi Jinping embarked on his three-day official visit to Saudi Arabia on Wednesday, his first such visit to the biggest exporter of crude oil since 2016, reported the Saudi state media on Tuesday.&nbsp;Crown Prince Mohammed bin Salman is expected to mark&nbsp;Xi's arrival by extending a lavish welcome. Diplomats in the region are saying that it may contrast starkly with the muted reception offered to US&nbsp;President Joe Biden in July.

During the visit, a bilateral summit chaired by Saudi King Salman bin Abdulaziz Al Saud&nbsp;will also be attended by the kingdom's de facto ruler Crown Prince Mohammed bin Salman, reported the official Saudi Press Agency.

ALSO READ|&nbsp;<a href="https://www.wionews.com/world/chinas-former-leader-hu-jintao-makes-first-public-appearance-after-dramatic-congress-exit-540555">China's former leader Hu Jintao makes first public appearance after dramatic Congress exit</a>

The state news agency stated that Xi will also take part in a summit which will be attended by the six-member Gulf Co-operation Council's rulers and hold talks with the leaders from the Middle East, stated the state news agency.

The tour of the Chinese leader coincides with the increased tensions between the United States and Saudi Arabia over issues like regional security, human rights and energy policy.

The partnership between the US and Saudi Arabia suffered the latest blow in October when the OPEC+ oil bloc decided to decrease crude oil production by two million barrels per day, a step the White House claimed amounted to "aligning with Russia" on the Ukraine war.

ALSO READ|&nbsp;<a href="https://www.wionews.com/world/china-may-announce-10-new-covid-19-measures-on-wednesday-report-540225">China may announce new COVID-19 easing measures on Wednesday: Report</a>

In its latest meeting on Sunday, OPEC+ decided to keep those cuts unchanged. China is the biggest customer of Saudi Arabia's crude oil and has been purchasing around a quarter of the total exported Saudi oil.

According to analysts, the two leaders, apart from energy, will be discussing potential deals which can lead to Chinese firms'&nbsp;deeper involvement in mega-projects which are part of Prince Mohammed's vision of diversifying the economy of Saudi Arabia beyond oil.

(With inputs from agencies)

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Chinese President Xi Jinping embarked on his three-day official visit to Saudi Arabia on Wednesday, his first such visit to the biggest exporter of crude oil since 2016, reported the Saudi state media on Tuesday.

Chinese President Xi Jinping embarked on his three-day official visit to Saudi Arabia on Wednesday, his first such visit to the biggest exporter of crude oil since 2016, reported the Saudi state media on Tuesday. Crown Prince Mohammed bin Salman is expected to mark Xi's arrival by extending a lavish welcome. Diplomats in the region are saying that it may contrast starkly with the muted reception offered to US President Joe Biden in July. During the visit, a bilateral summit chaired by Saudi King Salman bin Abdulaziz Al Saud will also be attended by the kingdom's de facto ruler Crown Prince Mohammed bin Salman, reported the official Saudi Press Agency. ALSO READ| China's former leader Hu Jintao makes first public appearance after dramatic Congress exit The state news agency stated that Xi will also take part in a summit which will be attended by the six-member Gulf Co-operation Council's rulers and hold talks with the leaders from the Middle East, stated the state news agency. The tour of the Chinese leader coincides with the increased tensions between the United States and Saudi Arabia over issues like regional security, human rights and energy policy. The partnership between the US and Saudi Arabia suffered the latest blow in October when the OPEC+ oil bloc decided to decrease crude oil production by two million barrels per day, a step the White House claimed amounted to "aligning with Russia" on the Ukraine war. ALSO READ| China may announce new COVID-19 easing measures on Wednesday: Report In its latest meeting on Sunday, OPEC+ decided to keep those cuts unchanged. China is the biggest customer of Saudi Arabia's crude oil and has been purchasing around a quarter of the total exported Saudi oil. According to analysts, the two leaders, apart from energy, will be discussing potential deals which can lead to Chinese firms' deeper involvement in mega-projects which are part of Prince Mohammed's vision of diversifying the economy of Saudi Arabia beyond oil. (With inputs from agencies)

Chinese President Xi Jinping arrives in Riyadh on Wednesday, will meet Saudi and Arab leaders

The G7, EU and Australia have imposed a price cap on Russian oil. Russia says it will not abide by it. Meanwhile, the OPEC+ plans to continue cutting oil production. Priyanka Sharma tells you more

Gravitas: OPEC thwarting the West's plans?

OPEC's recent decision to cut oil production prompts the U.S. to re-evaluate its ties with Saudi Arabia.

The West Asia Post | Oil crisis: U.S. re-evaluates ties with Saudis

Oil supply concerns ease as oil prices dip to near 2-month lows. Rising interest rates weigh on crude prices. Watch this report.

World Business Watch: Oil prices dip to near two-month lows

In its annual outlook presented on Monday, OPEC increased its projections for the medium- and long-term global oil consumption and stated that $12.1 trillion in investments will be required to meet this demand despite the energy transition.&nbsp;

According to the Organization of the Petroleum Exporting Countries' 2022 World Oil Outlook, oil demand will plateau before 2030 due to the growth of renewable energy sources and electric vehicles, in contradiction to other analysts' predictions.&nbsp;

The 13 members of OPEC, who depend on oil revenue, would benefit from another decade of rising oil consumption. The group contends that investors' attention to economic, social, and governance (ESG) issues has made the investment shortfall&nbsp;worse and that oil should be a part of the energy revolution.

"The overall investment number for the oil sector is $12.1 trillion out to 2045," OPEC Secretary General Haitham Al Ghais wrote in the foreword to the report, which said the figure was up from last year's estimate. &nbsp; &nbsp;

"However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on ending financing in fossil fuel projects, is a major cause of concern." &nbsp; &nbsp;

Also &nbsp;Read:&nbsp;<a href="https://www.wionews.com/world/italys-new-right-wing-government-cracks-down-on-illegal-rave-parties-530039">Italy's new right-wing government cracks down on illegal rave parties</a>

When the epidemic affected demand in 2020, OPEC changed its tune and predicted that consumption would finally slow after years of expecting constant growth. The OPEC study upheld its belief that beyond 2035, global consumption will level.&nbsp;

Other forecasts from businesses and banks indicate an earlier peak in oil demand.&nbsp;

For the first time in its history of modelling, the International Energy Agency stated on Thursday that demand for all fossil fuels was about to peak, with oil consumption levelling off in the middle of the next decade.

(with inputs from agencies)

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In its annual outlook presented on Monday, OPEC increased its projections for the medium- and long-term global oil consumption and stated that $12.1 trillion in investments will be required to meet this demand despite the energy transition.

In its annual outlook presented on Monday, OPEC increased its projections for the medium- and long-term global oil consumption and stated that $12.1 trillion in investments will be required to meet this demand despite the energy transition. According to the Organization of the Petroleum Exporting Countries' 2022 World Oil Outlook, oil demand will plateau before 2030 due to the growth of renewable energy sources and electric vehicles, in contradiction to other analysts' predictions. The 13 members of OPEC, who depend on oil revenue, would benefit from another decade of rising oil consumption. The group contends that investors' attention to economic, social, and governance (ESG) issues has made the investment shortfall worse and that oil should be a part of the energy revolution. "The overall investment number for the oil sector is $12.1 trillion out to 2045," OPEC Secretary General Haitham Al Ghais wrote in the foreword to the report, which said the figure was up from last year's estimate. "However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on ending financing in fossil fuel projects, is a major cause of concern." Also Read: Italy's new right-wing government cracks down on illegal rave parties When the epidemic affected demand in 2020, OPEC changed its tune and predicted that consumption would finally slow after years of expecting constant growth. The OPEC study upheld its belief that beyond 2035, global consumption will level. Other forecasts from businesses and banks indicate an earlier peak in oil demand. For the first time in its history of modelling, the International Energy Agency stated on Thursday that demand for all fossil fuels was about to peak, with oil consumption levelling off in the middle of the next decade. (with inputs from agencies)

OPEC raises long-term world oil demand forecast despite energy transition

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

WION Business News | OPEC raises long-term oil demand view

The Biden administration is reportedly planning to delay military aid to Saudi Arabia to punish the Gulf country for leading OPEC’s decision to cut oil production going against the request.

According to NBC, which has quoted two US officials, the administration might delay shipments of advanced Patriot MIM-104E guided ballistic missiles, among other arms and ammunition to Saudi Arabia.

Saudi has Patriot launch systems and needs missiles to defend against the Houthi rebels in Yemen. It had inked a deal with the US to purchase 300 missiles from it.

While some military officials have supported the retributive move, there are others who want to keep the oil production cuts a separate issue, said NBC report citing sources.

Apart from that, the other methods that might be employed by the US to punish the Saudi regime include excluding them from any upcoming military exercises and engagements like regional meetings or conferences, the officials said.

Though nothing has been decided yet, the Biden administration might drop the idea if the Saudis increase the production in the upcoming December OPEC meeting, the officials added.

The ties between the US and Saudi soured after the Gulf nation, apart from Russia, influenced the OPEC group to cut oil production by two million barrels a day, contrary to the requests by Joe Biden.

The move incensed the White House which has been struggling to control inflation and reduce gas prices, which have&nbsp;been at new highs since the Russia-Ukraine war broke out in February this year.

Earlier this month, Biden while speaking to CNN said, "There's going to be some consequences for what they've done with Russia."

(With inputs from agencies)

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The Biden administration is reportedly planning to delay military aid to Saudi Arabia to punish the Gulf country for leading OPEC’s decision to cut oil production going against the request.

The Biden administration is reportedly planning to delay military aid to Saudi Arabia to punish the Gulf country for leading OPEC’s decision to cut oil production going against the request. According to NBC, which has quoted two US officials, the administration might delay shipments of advanced Patriot MIM-104E guided ballistic missiles, among other arms and ammunition to Saudi Arabia. Saudi has Patriot launch systems and needs missiles to defend against the Houthi rebels in Yemen. It had inked a deal with the US to purchase 300 missiles from it. While some military officials have supported the retributive move, there are others who want to keep the oil production cuts a separate issue, said NBC report citing sources. Apart from that, the other methods that might be employed by the US to punish the Saudi regime include excluding them from any upcoming military exercises and engagements like regional meetings or conferences, the officials said. Though nothing has been decided yet, the Biden administration might drop the idea if the Saudis increase the production in the upcoming December OPEC meeting, the officials added. The ties between the US and Saudi soured after the Gulf nation, apart from Russia, influenced the OPEC group to cut oil production by two million barrels a day, contrary to the requests by Joe Biden. The move incensed the White House which has been struggling to control inflation and reduce gas prices, which have been at new highs since the Russia-Ukraine war broke out in February this year. Earlier this month, Biden while speaking to CNN said, "There's going to be some consequences for what they've done with Russia." (With inputs from agencies) WATCH WION LIVE HERE:

Biden looking to ‘punish’ Saudi for oil output cut decision by delaying military supplies: Report

he gulf states have traditionally been U.S. allies. But recently they seem to be looking after their own interests. Ghadi Francis tells you more on The West Asia Post

The West Asia Post | Are gulf nations moving away from the U.S.?

President Joe Biden has announced the release of 15 million barrels of oil from the US strategic reserves in response to recent production cuts announced by OPEC+ countries. He added that additional oil sales may be possible this winter as his administration rushes to be seen&nbsp;as making every effort in preparation for next month's midterm elections.

In reaction to price increases brought on by Russia's invasion of <a href="https://www.wionews.com/world/elon-musk-withdraws-proposal-to-pentagon-seking-funds-for-starlink-526391">Ukraine</a>, the latest batch of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorised in the spring," a senior US official said on Tuesday.

The order, which Biden&nbsp;announced in a speech, means the president will be "making clear that the administration is prepared to undertake significant additional... sales this winter if they are needed due to Russian or other actions disrupting global markets."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-two-killed-after-plane-crashes-in-car-dealership-parking-lot-in-ohio-526588">US: Two killed after plane crashes in car dealership parking lot in Ohio</a>

Biden's gambit to calm energy markets and insulate the biggest <a href="https://www.wionews.com/videos/liz-truss-apologises-for-economic-mistakes-526442">economy</a> in the world from the shocks of the Ukraine war was the decision to use the largest ever portion of the emergency oil reserves, which are typically kept for responding to situations like hurricane-related shutdowns at oil refineries.

Shortly after its invasion of Ukraine in February, major energy exporter Russia was subject to US and European sanctions, which caused havoc on the markets. Additionally, the Kremlin has threatened to use its economic influence over energy supplies against the West, which is aiding Ukraine in its struggle to reject the invasion.

Gas prices that once averaged more than $5 per gallon caused outrage across the country and are a major domestic worry for Biden. Inflation continues to be the key element fueling Republican aspirations of ousting the Democrats in November's midterm legislative elections, despite prices having since calmed.

(With inputs from agencies)

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President Joe Biden has announced the release of 15 million barrels of oil from the US strategic reserves in response to recent production cuts announced by OPEC+ countries.

President Joe Biden has announced the release of 15 million barrels of oil from the US strategic reserves in response to recent production cuts announced by OPEC+ countries. He added that additional oil sales may be possible this winter as his administration rushes to be seen as making every effort in preparation for next month's midterm elections. In reaction to price increases brought on by Russia's invasion of Ukraine, the latest batch of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorised in the spring," a senior US official said on Tuesday. The order, which Biden announced in a speech, means the president will be "making clear that the administration is prepared to undertake significant additional... sales this winter if they are needed due to Russian or other actions disrupting global markets." Also read | US: Two killed after plane crashes in car dealership parking lot in Ohio Biden's gambit to calm energy markets and insulate the biggest economy in the world from the shocks of the Ukraine war was the decision to use the largest ever portion of the emergency oil reserves, which are typically kept for responding to situations like hurricane-related shutdowns at oil refineries. Shortly after its invasion of Ukraine in February, major energy exporter Russia was subject to US and European sanctions, which caused havoc on the markets. Additionally, the Kremlin has threatened to use its economic influence over energy supplies against the West, which is aiding Ukraine in its struggle to reject the invasion. Gas prices that once averaged more than $5 per gallon caused outrage across the country and are a major domestic worry for Biden. Inflation continues to be the key element fueling Republican aspirations of ousting the Democrats in November's midterm legislative elections, despite prices having since calmed. (With inputs from agencies) WATCH WION LIVE HERE:

Biden announces release of 15mn barrels from US strategic oil reserves after OPEC+ output cut

The U.S. is furious at Saudi Arabia for reducing its oil output. Saudi Arabia says the decision was taken for economic reasons. Ghadi Francis tells you more on The West Asia Post.

The West Asia Post | Tensions in U.S.-Saudi Arabia ties after OPEC oil cut

The relationship between United States and Saudi Arabia remains strained. Both the countries have taken exit over OPEC Plus's last week's decision to cut oil production.

US-Saudi Relations: Washington accuses Riyadh of boosting Russian interests

Saudi Arabia on Thursday (October 13) rejected accusations that decision taken by OPEC (Organisation of Oil Producing Countries) and its allies to cut oil production was aimed against the United States. The kingdom said that such accusations were baseless. The decision to cut output was taken despite US pressure to increase it. US is trying to isolate Russia whose main exports are energy products. Cutting oil production may send prices surging which in turn would help Russia fill. at least in theory, its coffers to fund its war efforts in Ukraine.

The decision to cut production by two million barrels a day from November infuriated the White House, with President Joe Biden promising "consequences" for OPEC's top producer Saudi Arabia.

"Saudi Arabia has viewed the statements... which have described the decision as the kingdom taking sides in international conflicts and that it was politically motivated against the United States," the Saudi foreign ministry said in a statement.

Watch | Ukraine PM: Ukraine receives additional emergency aid from IMF

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Saudi Arabia would "like to express its total rejection of these statements that are not based on facts and which are based on portraying the OPEC+ decision out of its economic context," it added.

The kingdom insisted that decisions by OPEC+ were taken with only economic considerations in mind.

"The government of the kingdom clarified through its continuous consultation with the US administration that all economic analyses indicate that postponing the OPEC+ decision for a month... would have had negative economic consequences," the ministry said.

"Resolving economic challenges requires the establishment of a non-politicised constructive dialogue and to wisely and rationally consider what serves the interests of all countries."

Also Read | <a href="https://www.wionews.com/world/vladimir-putin-offers-to-redirect-nord-stream-gas-flows-through-hub-in-turkiye-525126">Vladimir Putin offers to redirect Nord Stream gas flows through 'hub' in Türkiye</a>

In the immediate aftermath of the output cut, US had alleged that OPEC+ was siding with Russia. Saudi Arabia denied this and said that on Ukraine war, the kingdom has maintained a "principled position" in support of international law.

(With inputs from agencies)

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Saudi Arabia on Thursday (October 13) rejected accusations that decision taken by OPEC (Organisation of Oil Producing Countries) and its allies to cut oil production was aimed against the United States.

Saudi Arabia on Thursday (October 13) rejected accusations that decision taken by OPEC (Organisation of Oil Producing Countries) and its allies to cut oil production was aimed against the United States. The kingdom said that such accusations were baseless. The decision to cut output was taken despite US pressure to increase it. US is trying to isolate Russia whose main exports are energy products. Cutting oil production may send prices surging which in turn would help Russia fill. at least in theory, its coffers to fund its war efforts in Ukraine. The decision to cut production by two million barrels a day from November infuriated the White House, with President Joe Biden promising "consequences" for OPEC's top producer Saudi Arabia. "Saudi Arabia has viewed the statements... which have described the decision as the kingdom taking sides in international conflicts and that it was politically motivated against the United States," the Saudi foreign ministry said in a statement. Watch | Ukraine PM: Ukraine receives additional emergency aid from IMF × Saudi Arabia would "like to express its total rejection of these statements that are not based on facts and which are based on portraying the OPEC+ decision out of its economic context," it added. The kingdom insisted that decisions by OPEC+ were taken with only economic considerations in mind. "The government of the kingdom clarified through its continuous consultation with the US administration that all economic analyses indicate that postponing the OPEC+ decision for a month... would have had negative economic consequences," the ministry said. "Resolving economic challenges requires the establishment of a non-politicised constructive dialogue and to wisely and rationally consider what serves the interests of all countries." Also Read | Vladimir Putin offers to redirect Nord Stream gas flows through 'hub' in Türkiye In the immediate aftermath of the output cut, US had alleged that OPEC+ was siding with Russia. Saudi Arabia denied this and said that on Ukraine war, the kingdom has maintained a "principled position" in support of international law. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

OPEC decision of output cut not aimed against US, says Saudi Arabia

US President Joe Biden has vowed 'consequences' for Saudi Arabia after last week the OPEC+ led Riyadh announced that they would cut oil production despite Washington's strong objections.

US President Biden vows 'consequences' for Saudi Arabia over OPEC oil output cut

US President Joe Biden has vowed consequences for Saudi Arabia after last week's decision announced by the OPEC+ group led by Riyadh that it would cut all production despite Washington's strong objections.

Biden vows consequences for Saudi Arabia over OPEC oil output cut

The U.S. fumes as Saudi Arabia and other members of the OPEC+ cut oil production by 2 million barrels per day. What led to the decision to slash oil output? What does this say about U.S. ties with Saudi Arabia?

The West Asia Post | US accuses OPEC of 'aligning with Russia'

On Monday, Senate Foreign Relations Chair Robert Menendez urged to freeze all US cooperation including weapons sales and security with Saudi Arabia in response to their continued support for Russia. This also comes after last week when OPEC+ decided to reduce its oil production by two million barrels a day, the largest supply cut in the past two years.&nbsp;

According to a National Security Council spokesperson, John Kirby, President Joe Biden will work with Congress to adjust its policies with Saudi Arabia amid the outrage over the OPEC+ decision in which Saudi Arabia plays a leading role. Kirby spoke in an interview with CNN, about growing calls from United States Congress, to cut off weapons sales and security cooperation to Riyadh.&nbsp;

He indicated that Biden was willing to discuss these plans and proposals with lawmakers, “This is a relationship that we need to continue to re-evaluate, that we need to be willing to revisit. And certainly, in light of the OPEC+ decision, I think that’s where he is,” he said during the interview, indicated the media reports.&nbsp; 
 
ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/the-west-asia-post-us-accuses-opec-of-aligning-with-russia-524195">The West Asia Post | US accuses OPEC of 'aligning with Russia'</a>

These remarks are made a day after Democratic Senator Menendez said that Saudi Arabia's crown prince, Mohammed bin Salman has decided to “help underwrite '' Russian President Vladimir Putin’s war in Ukraine, “through the OPEC+ cartel”. Since Russia is both a major oil producer and also a part of OPEC+.&nbsp;

He added, “There simply is no room to play both sides of this conflict…either you support the rest of the free world in trying to stop a war criminal from violently wiping off an entire country off of the map, or you support him,” Menendez also warned that choosing the latter will be a “terrible decision driven by economic self-interest.” &nbsp;&nbsp;

“I will not green-light any cooperation with Riyadh until the Kingdom reassesses its position with respect to the war in Ukraine. Enough is enough,” said the Democratic senator regarding the recent increase in Russian missile attacks in several cities across Ukraine. This was also condemned by president Biden earlier.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/us-looking-for-alternatives-after-opec-disappointment-may-ease-venezuela-sanctions-523120">US looking for 'alternatives' after OPEC 'disappointment', may ease Venezuela sanctions</a>

However, it is not just Menendez, as members of Congress, Richard Blumenthal and Ro Khanna echoed a similar sentiment in their opinion piece they wrote for Politico, which indicated that the OPEC+ oil cut was a “pointed blow to the US”. They also opined how Washington can retaliate by immediately holding back the “massive transfer of American warfare technology into the eager hands of the Saudis.”

Saudi Arabia once played a key role in US’s policy in the middle east, but following the OPEC+ decision, members from both Democrat and Republican parties in the US are pushing for measures and punishments against the Kingdom. Previously Saudi Arabia has purchased billions of dollars worth of weapons from Washington and has promised to buy more. Notably, members of congress have to be notified of every sale even though the review process is largely a formality.&nbsp;

(With inputs from agencies)

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On Monday, Senate Foreign Relations Chair Robert Menendez urged to freeze all US cooperation including weapons sales and security with Saudi Arabia in response to their continued support for Russia.

On Monday, Senate Foreign Relations Chair Robert Menendez urged to freeze all US cooperation including weapons sales and security with Saudi Arabia in response to their continued support for Russia. This also comes after last week when OPEC+ decided to reduce its oil production by two million barrels a day, the largest supply cut in the past two years. According to a National Security Council spokesperson, John Kirby, President Joe Biden will work with Congress to adjust its policies with Saudi Arabia amid the outrage over the OPEC+ decision in which Saudi Arabia plays a leading role. Kirby spoke in an interview with CNN, about growing calls from United States Congress, to cut off weapons sales and security cooperation to Riyadh. He indicated that Biden was willing to discuss these plans and proposals with lawmakers, “This is a relationship that we need to continue to re-evaluate, that we need to be willing to revisit. And certainly, in light of the OPEC+ decision, I think that’s where he is,” he said during the interview, indicated the media reports. ALSO WATCH: The West Asia Post | US accuses OPEC of 'aligning with Russia' These remarks are made a day after Democratic Senator Menendez said that Saudi Arabia's crown prince, Mohammed bin Salman has decided to “help underwrite '' Russian President Vladimir Putin’s war in Ukraine, “through the OPEC+ cartel”. Since Russia is both a major oil producer and also a part of OPEC+. He added, “There simply is no room to play both sides of this conflict…either you support the rest of the free world in trying to stop a war criminal from violently wiping off an entire country off of the map, or you support him,” Menendez also warned that choosing the latter will be a “terrible decision driven by economic self-interest.” “I will not green-light any cooperation with Riyadh until the Kingdom reassesses its position with respect to the war in Ukraine. Enough is enough,” said the Democratic senator regarding the recent increase in Russian missile attacks in several cities across Ukraine. This was also condemned by president Biden earlier. ALSO READ: US looking for 'alternatives' after OPEC 'disappointment', may ease Venezuela sanctions However, it is not just Menendez, as members of Congress, Richard Blumenthal and Ro Khanna echoed a similar sentiment in their opinion piece they wrote for Politico, which indicated that the OPEC+ oil cut was a “pointed blow to the US”. They also opined how Washington can retaliate by immediately holding back the “massive transfer of American warfare technology into the eager hands of the Saudis.” Saudi Arabia once played a key role in US’s policy in the middle east, but following the OPEC+ decision, members from both Democrat and Republican parties in the US are pushing for measures and punishments against the Kingdom. Previously Saudi Arabia has purchased billions of dollars worth of weapons from Washington and has promised to buy more. Notably, members of congress have to be notified of every sale even though the review process is largely a formality. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

President Biden ‘re-evaluating’ US-Saudi ties for siding with Russia on OPEC oil cut

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ will cut production by 2 million barrels a day

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives."&nbsp;

When asked if the United States would contemplate turning to the oil-rich country Venezuela, he told reporters, "There's a lot of alternatives.&nbsp;We are still debating our options."&nbsp;

A day after OPEC+ said it will reduce oil output by 2 million barrels per day, the president made the&nbsp;remarks.

Oil-producing countries like Saudi Arabia, Russia, and the UAE would benefit economically from the OPEC+ decision.&nbsp;

However, it also implies that when storage levels drop, petrol prices will probably increase.&nbsp;

According to reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there.

Also Read:&nbsp;<a href="https://www.wionews.com/world/asia-pacific-may-lose-title-as-worlds-largest-travel-region-post-pandemic-523081">Asia Pacific may lose title as world's largest travel region to Europe post-pandemic</a>

However, the White House refuted these assertions on Thursday, stating that "there are no plans to change our sanctions policy without constructive steps from the Maduro regime."&nbsp;

Prior to the Wednesday decision, the Biden administration allegedly made attempts to convince the Saudi authorities to maintain oil output.

(with inputs from agencies)

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The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives.

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives." When asked if the United States would contemplate turning to the oil-rich country Venezuela, he told reporters, "There's a lot of alternatives. We are still debating our options." A day after OPEC+ said it will reduce oil output by 2 million barrels per day, the president made the remarks. Oil-producing countries like Saudi Arabia, Russia, and the UAE would benefit economically from the OPEC+ decision. However, it also implies that when storage levels drop, petrol prices will probably increase. According to reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there. Also Read: Asia Pacific may lose title as world's largest travel region to Europe post-pandemic However, the White House refuted these assertions on Thursday, stating that "there are no plans to change our sanctions policy without constructive steps from the Maduro regime." Prior to the Wednesday decision, the Biden administration allegedly made attempts to convince the Saudi authorities to maintain oil output. (with inputs from agencies)

US looking for 'alternatives' after OPEC 'disappointment', may ease Venezuela sanctions

OPEC and its allies led by Russia slashed oil production by 2 million barrels per day. The move is expected to drive up oil prices and boost export revenue for members of the cartel. The US has responded by accusing OPEC of aligning with Russia. Molly Gambhir tells you more.

Gravitas: OPEC cuts oil production to drive up prices

The United States is reviewing various options regarding its relationship with Saudi Arabia. This comes after Riyadh and other OPEC plus nations agreed to large cuts in oil production.

Blinken: US reviewing options on Saudi ties after OPEC+ cuts

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence.

The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures.&nbsp;

Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032.&nbsp;

In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point.

The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade.

“Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint.

Also Read:<a href="https://www.wionews.com/world/famous-moai-statues-irreparably-damaged-due-to-easter-island-fire-523300">&nbsp;Famous moai statues 'irreparably' damaged due to Easter Island fire</a>

Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains.&nbsp;

Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two&nbsp;million barrels per day.&nbsp;

However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister.&nbsp;

If oil prices rise higher, analysts predict greater currency depreciation.

(with inputs from agencies)

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The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures. Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032. In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point. The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade. “Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint. Also Read: Famous moai statues 'irreparably' damaged due to Easter Island fire Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains. Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two million barrels per day. However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister. If oil prices rise higher, analysts predict greater currency depreciation. (with inputs from agencies)

Rupee hits record low of 82 against US dollar after OPEC+ production cut plan

World Business Watch: OPEC+ to cut oil production by 2 million barrels per day to shore up prices

In what can be the strongest accusation that has come after OPEC+ oil production cut, the White House on Wednesday (October 5) said that the Organisation of Oil Exporting Countries (OPEC+) grouping is "aligning with Russia". OPEC+ decided on Wednesday to cut oil production despite US pressure to increase the production. The&nbsp;production cut&nbsp;has&nbsp;the potential to drive up fuel prices in Western nations who are already facing the heat.

"It's clear that OPEC+ is aligning with Russia with today's announcement," White House Press Secretary Karine Jean-Pierre said aboard Air Force One.

The White House has also said that US President Joe Biden was 'disappointed' by&nbsp;the&nbsp;decision to cut production.

The Western bloc, led by the US, has been trying to isolate Russian economy, especially after Russia's invasion of Ukraine in February this year. Through sanctions, the US and the EU have tried to hurt Russia's income through its energy exports.

"Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden administration ahead of U.S. mid-term elections," Citi analysts said in a note, as quoted by Reuters.

Also Read | <a href="https://www.wionews.com/world/opec-decides-to-reduce-oil-production-despite-us-pressure-522751">OPEC+ decides to reduce oil production despite US pressure</a>

"There could be further political reactions from the U.S., including additional releases of strategic stocks, along with some wildcards including further fostering of a NOPEC bill," Citi said, referring to a US antitrust bill against OPEC.

The OPEC+ decision has already started to show its effect. Benchmark Brent crude rose towards $93 per barrel on Wednesday, after climbing on Tuesday.

(With inputs from agencies)

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In what can be the strongest accusation that has come after OPEC+ oil production cut, the White House on Wednesday (October 5) said that the Organisation of Oil Exporting Countries (OPEC+) grouping is "aligning with Russia".

In what can be the strongest accusation that has come after OPEC+ oil production cut, the White House on Wednesday (October 5) said that the Organisation of Oil Exporting Countries (OPEC+) grouping is "aligning with Russia". OPEC+ decided on Wednesday to cut oil production despite US pressure to increase the production. The production cut has the potential to drive up fuel prices in Western nations who are already facing the heat. "It's clear that OPEC+ is aligning with Russia with today's announcement," White House Press Secretary Karine Jean-Pierre said aboard Air Force One. The White House has also said that US President Joe Biden was 'disappointed' by the decision to cut production. The Western bloc, led by the US, has been trying to isolate Russian economy, especially after Russia's invasion of Ukraine in February this year. Through sanctions, the US and the EU have tried to hurt Russia's income through its energy exports. "Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden administration ahead of U.S. mid-term elections," Citi analysts said in a note, as quoted by Reuters. Also Read | OPEC+ decides to reduce oil production despite US pressure "There could be further political reactions from the U.S., including additional releases of strategic stocks, along with some wildcards including further fostering of a NOPEC bill," Citi said, referring to a US antitrust bill against OPEC. The OPEC+ decision has already started to show its effect. Benchmark Brent crude rose towards $93 per barrel on Wednesday, after climbing on Tuesday. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

OPEC+ is 'aligning with Russia' by slashing oil production heavily: White House

Organisation of Petroleum Exporting Countries (OPEC+) on Wednesday (October 5) agreed to big cuts to oil production. These are deepest cuts in production since 2020 COVID pandemic. The decision was taken at a meeting in Vienna and despite pressure from the US and other to increase production.

The cut in oil production may cause oil prices to rise. The prices have dropped to about USD 90 from USD 120 three months ago.

The United States had pushed OPEC not to proceed with the cuts, arguing that fundamentals don't support them, a source familiar with the matter said as quoted by Reuters.

The agency said that it was unclear whether cuts would include additional reductions by member countries such as Saudi Arabia.

OPEC+ fell about 3.6 million barrels per day short of its output target in August.

"Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden Administration ahead of U.S. mid-term elections," Citi analysts said in a note.

"There could be further political reactions from the U.S., including additional releases of strategic stocks, along with some wildcards including further fostering of a NOPEC bill," Citi said, referring to a US antitrust bill against OPEC.

JPMorgan also said it expected Washington to put in place countermeasures by releasing more oil stocks.

US is 'disappointed'

US President Joe Biden said that the US was 'disappointed' with OPEC+ decision to cut production. The White House said that the decision will hurt the world economy.

"The president is disappointed by the shortsighted decision by OPEC+," National Security Advisor Jake Sullivan and top economic advisor Brian Deese said in a statement.

The supply cut will hit countries "already reeling" from high prices while "the global economy is dealing with the continued negative impact" of Russia's attack on Ukraine, the statement said.

OIL PRICES RISE

Saudi Arabia and other members of OPEC+ - which groups the Organization of the Petroleum Exporting Countries and other producers including Russia - have said they seek to prevent volatility rather than to target a particular oil price.

Also Read | <a href="https://www.wionews.com/business-economy/five-signs-why-global-economy-is-headed-for-recession-522569">Five signs why global economy is headed for recession</a>

Benchmark Brent crude rose towards $93 per barrel on Wednesday, after climbing on Tuesday.

The West has accused Russia of weaponising energy, creating a crisis in Europe that could trigger gas and power rationing this winter.

(With inputs from agencies)

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Organisation of Petroleum Exporting Countries (OPEC+) on Wednesday (October 5) agreed to big cuts to oil production. These are deepest cuts in production since 2020 COVID pandemic.

Organisation of Petroleum Exporting Countries (OPEC+) on Wednesday (October 5) agreed to big cuts to oil production. These are deepest cuts in production since 2020 COVID pandemic. The decision was taken at a meeting in Vienna and despite pressure from the US and other to increase production. The cut in oil production may cause oil prices to rise. The prices have dropped to about USD 90 from USD 120 three months ago. The United States had pushed OPEC not to proceed with the cuts, arguing that fundamentals don't support them, a source familiar with the matter said as quoted by Reuters. The agency said that it was unclear whether cuts would include additional reductions by member countries such as Saudi Arabia. OPEC+ fell about 3.6 million barrels per day short of its output target in August. "Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden Administration ahead of U.S. mid-term elections," Citi analysts said in a note. "There could be further political reactions from the U.S., including additional releases of strategic stocks, along with some wildcards including further fostering of a NOPEC bill," Citi said, referring to a US antitrust bill against OPEC. JPMorgan also said it expected Washington to put in place countermeasures by releasing more oil stocks. US is 'disappointed' US President Joe Biden said that the US was 'disappointed' with OPEC+ decision to cut production. The White House said that the decision will hurt the world economy. "The president is disappointed by the shortsighted decision by OPEC+," National Security Advisor Jake Sullivan and top economic advisor Brian Deese said in a statement. The supply cut will hit countries "already reeling" from high prices while "the global economy is dealing with the continued negative impact" of Russia's attack on Ukraine, the statement said. OIL PRICES RISE Saudi Arabia and other members of OPEC+ - which groups the Organization of the Petroleum Exporting Countries and other producers including Russia - have said they seek to prevent volatility rather than to target a particular oil price. Also Read | Five signs why global economy is headed for recession Benchmark Brent crude rose towards $93 per barrel on Wednesday, after climbing on Tuesday. The West has accused Russia of weaponising energy, creating a crisis in Europe that could trigger gas and power rationing this winter. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

OPEC+ decides to reduce oil production despite US pressure

The OPEC Plus has decided to start cutting oil production in October by 100,000 barrels. Western sanctions on countries like Iran and Venezuela could squeeze oil supplies further. Palki Sharma tells you more.

Gravitas: Why your oil bills could spike again

Oil prices rose about 3% on Monday, as OPEC+ members agreed to a small production cut of 100,000 barrels per day to bolster prices.

Oil up nearly 3% as OPEC+ agrees to small oil output cut

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production. Brent Crude Futures rose 1.5% to $94.45 a barrel.

Oil prices climb more than $1 per barrel ahead of OPEC+ meeting today

The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure.&nbsp;

According to the statement released by OPEC, the oil producers will decrease their output by 100,000 barrels per day for October – which is around 0.1 per cent of the global demand. However, they also said that they are ready to meet at any point to adjust the production depending on the situation.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/israel-admits-accidental-killing-of-al-jazeera-journalist-shireen-abu-akleh-513183" hreflang="en">Israel admits accidental killing of Al Jazeera journalist Shireen Abu Akleh</a>

"OPEC+ is wary of protracted price volatility generated by weak macro sentiment, thin liquidity and renewed China lockdowns, as well as uncertainty over a potential U.S.–Iran deal and efforts to create a Russian oil price cap," Matthew Holland at Energy Aspects to Reuters after the announcement. &nbsp;

In the last few months, the fuel prices have been extremely unstable and this is a move that can steady the situation, according to the OPEC nations. Saudi Arabia hinted at a possible measure last month but the official statement shows that all the OPEC countries are in agreement in regards to this move.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/liz-truss-trumps-rishi-sunak-to-become-next-uk-pm-513117" hreflang="en">Liz Truss elected new UK Prime Minister, beats Rishi Sunak in leadership race</a>

The other factor driving the prices of fuel in the market is the return of Iran as a proper supplier after quite some time. The revival of the nuclear deal has allowed Iran to join the global suppliers list once again and this will mean an addition of nearly 1 million barrels per day if the sanctions are removed.&nbsp;

(With inputs from agencies)

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The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure.

The OPEC (Organisation of the Petroleum Exporting Countries) and its allies have decided to cut down on oil production in a bid to boost the prices. The low prices sparked fears of a possible economic slowdown among a number of countries and this decision was taken as a precautionary measure. According to the statement released by OPEC, the oil producers will decrease their output by 100,000 barrels per day for October – which is around 0.1 per cent of the global demand. However, they also said that they are ready to meet at any point to adjust the production depending on the situation. Also read | Israel admits accidental killing of Al Jazeera journalist Shireen Abu Akleh "OPEC+ is wary of protracted price volatility generated by weak macro sentiment, thin liquidity and renewed China lockdowns, as well as uncertainty over a potential U.S.–Iran deal and efforts to create a Russian oil price cap," Matthew Holland at Energy Aspects to Reuters after the announcement. In the last few months, the fuel prices have been extremely unstable and this is a move that can steady the situation, according to the OPEC nations. Saudi Arabia hinted at a possible measure last month but the official statement shows that all the OPEC countries are in agreement in regards to this move. Also read | Liz Truss elected new UK Prime Minister, beats Rishi Sunak in leadership race The other factor driving the prices of fuel in the market is the return of Iran as a proper supplier after quite some time. The revival of the nuclear deal has allowed Iran to join the global suppliers list once again and this will mean an addition of nearly 1 million barrels per day if the sanctions are removed. (With inputs from agencies) WATCH WION LIVE HERE -

OPEC to cut production by 100,000 barrels per day after oil price slump

French President Emmanuel Macron faced criticism from opposition figures and human rights groups after he hosted Saudi Crown Prince Mohammed bin Salman on Thursday.

With the two men enjoying a warm handshake that they emphasised by using all four hands, Macron warmly greeted the ruler universally known as MBS ahead of dinner.

Amid the war in Ukraine, Macron's meeting with the Saudi strongman was a part of increased Western efforts to court the major oil-producing state.

Seeking to counter the rising regional influence of China, Russia, and Iran, the West is keen to reset relations with the Gulf Arab oil giant.

After Moscow cut gas supplies to Europe, France, and other European countries are looking to diversify their sources of energy.

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Saying the kingdom was too important to be ignored, Macron has dismissed criticism of his efforts to engage the crown prince.

Slamming Macron for meeting Salman, Amnesty International Secretary General Agnes Callamard said on Twitter "The rehabilitation of the murderous prince will be justified in France as in the United States by arguments of realpolitik. But it's actually bargaining that predominates, let's face it."

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Formidable initiative / Initiative formidable. Si nos politiques laissent tomber et fluent les valeurs de notre société, alors tournons nous vers d'autres institutions - celle de justice en tout premier lieu, afin de les proteger. Rendons justice a <a href="https://twitter.com/hashtag/Jamalkhashoggi?src=hash&amp;ref_src=twsrc%5Etfw">#Jamalkhashoggi</a> <a href="https://t.co/ayoHLUKKI0">https://t.co/ayoHLUKKI0</a>
— Agnes Callamard (@AgnesCallamard) <a href="https://twitter.com/AgnesCallamard/status/1552598254860255234?ref_src=twsrc%5Etfw">July 28, 2022</a></blockquote>
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Asking Macron to review its arms sales to Riyadh, French opposition leaders highlighted that prosecutors are studying complaints filed against the prince over the Saudi role in the Yemen war.

After the murder of prominent Saudi journalist Jamal Khashoggi in 2018, US intelligence agencies claimed that Salman was involved in his death. 
&nbsp;

(With inputs from agencies)

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French President Emmanuel Macron faced criticism from opposition figures and human rights groups after he hosted Saudi Crown Prince Mohammed bin Salman on Thursday.

French President Emmanuel Macron faced criticism from opposition figures and human rights groups after he hosted Saudi Crown Prince Mohammed bin Salman on Thursday. With the two men enjoying a warm handshake that they emphasised by using all four hands, Macron warmly greeted the ruler universally known as MBS ahead of dinner. Amid the war in Ukraine, Macron's meeting with the Saudi strongman was a part of increased Western efforts to court the major oil-producing state. Seeking to counter the rising regional influence of China, Russia, and Iran, the West is keen to reset relations with the Gulf Arab oil giant. After Moscow cut gas supplies to Europe, France, and other European countries are looking to diversify their sources of energy. × Saying the kingdom was too important to be ignored, Macron has dismissed criticism of his efforts to engage the crown prince. Slamming Macron for meeting Salman, Amnesty International Secretary General Agnes Callamard said on Twitter "The rehabilitation of the murderous prince will be justified in France as in the United States by arguments of realpolitik. But it's actually bargaining that predominates, let's face it." Formidable initiative / Initiative formidable. Si nos politiques laissent tomber et fluent les valeurs de notre société, alors tournons nous vers d'autres institutions - celle de justice en tout premier lieu, afin de les proteger. Rendons justice a #Jamalkhashoggi https://t.co/ayoHLUKKI0 — Agnes Callamard (@AgnesCallamard) July 28, 2022 × Asking Macron to review its arms sales to Riyadh, French opposition leaders highlighted that prosecutors are studying complaints filed against the prince over the Saudi role in the Yemen war. After the murder of prominent Saudi journalist Jamal Khashoggi in 2018, US intelligence agencies claimed that Salman was involved in his death. (With inputs from agencies) Watch WION's live TV here: ×

French human rights groups criticise Macron for hosting Saudi strongman

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