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Warning that the balance of supply and demand is ‘on a razor’
Rumours of OPEC’s death have been greatly exaggerated
Senior officials discussed regime change in Iraq and encouraging countries to leave the cartel
Crude settles at lowest level of 2022 after European embargo and G7 price cap take effect
Policy is two steps forward and one step back, but in the right direction
Opec makes no production changes yesterday, cartel awaits Russia oil price cap to take effect
Producer cartel could take ‘immediate’ action as EU ban on crude imports is set to start
Weekend summit to be held online in a sign the cartel is likely to keep production targets unchanged
The cartel looks likely to stay the course on output amid a storm of uncertainty in the market
Plus, the World Cup kicks off with a hefty carbon footprint
Plus, the power of superhot rock energy
Riyadh’s energy minister says Opec+ supply cuts were needed to provide future production buffer
Rebuke came after Riyadh released a detailed defence of moves saying they were unrelated to Ukraine war
Paris-based agency says higher crude prices would increase energy security risks worldwide
Kingdom dismisses Washington’s claims that supply reductions were politically motivated
US president vows to re-evaluate relations with Riyadh after Opec move threatens price surge
Biden to re-evaluate relationship after Riyadh gambled on antagonising western ally in order to pursue its own agenda
Output reduction by oil cartel has inflamed tensions between Washington and Riyadh
Plus, the White House contemplates a ban on fuel exports
Sheikh Mohammed’s visit follows Opec’s oil output cut last week
Biden administration faces policy bind as it tries to meet climate targets while bringing down petrol prices
US Treasury secretary criticises allies for being slow to send financial aid to Ukraine
Saudi Arabia and Russia’s agreement to cut oil production in defiance of Washington may upend the global energy order
The two autocrats’ actions are a twin salvo against the Biden administration ahead of the US’s midterm elections
White House considers more sales from strategic reserve and refuses to rule out fuel export limits
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