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As OPEC cuts oil production just ahead of November midterm elections, US says there will be consequences for Saudi Arabia. In response the Arab nation said the decision to cut oil production target by 2 million barrels per day was aimed to control market price

OPEC+ cuts oil production, US vows action against Saudi Arabia

As OPEC cuts oil production just ahead of November midterm elections, US says there will be consequences for Saudi Arabia. In response the Arab nation said the decision to cut oil production target by 2 million barrels per day was aimed to control market price

US President Joe Biden on Wednesday said his administration will take action against Saudi Arabia after the Riyadh-led OPEC+ alliance announced plans to cut oil production, a move that America said would support oil exporters such as Russia.
&ldquo;We&rsquo;re going to react to Saudi Arabia, and they&rsquo;re (Congress) doing consultation when they come back. And we will take action,&rdquo; Biden told reporters at the White House.
He was responding to a question from lawmakers, including Indian-American Congressman Ro Khanna, calling for a stopping of US arm sales to Saudi Arabia in the wake of the Kingdom&rsquo;s decision to reduce oil production.
Biden on Tuesday said there will be "consequences&rdquo; for Saudi Arabia as Riyadh other countries tied to OPEC have announced plans to cut oil production by 2 million barrels a day in response to the slowing economy, a move that the Biden administration said would support Russia.
US National Security Advisor Jake Sullivan told reporters separately that the President was clear a day earlier that the US is re-evaluating the relationship with Saudi Arabia.
&ldquo;This is a relationship that has existed over decades...And it's been built on a basis of bipartisan understanding. And the President wants to make sure that he is consulting closely with the Congress on a bipartisan basis as he re-evaluates,&rdquo; he said.
&ldquo;And so, he looks forward to engaging the Congress when they return. He will make his decisions about how we proceed with respect to the relationship on his timetable, having had the level of consultation and reflection that he is keen to have, because these are, of course, consequential decisions,&rdquo; Sullivan said.
&ldquo;He was clear yesterday that he has embarked on that process, and he's doing so with the purpose of looking out for US interests and values as we think about the future of the US-Saudi relationship,&rdquo; Sullivan said.
Sullivan said as the President has said from when he came into office, there is a range of interests and values that are implicated in the US-Saudi relationship and countries across that region and around the world.
&ldquo;And, you know, the President will examine all of that. But one question he's going to ask is: Is the nature of the relationships serving the interests and values of the United States? And what changes would make it better serve those interests and values?&rdquo; he said.
&ldquo;The step that OPEC+ took last week with respect to energy that helped Russia raises real questions. And you've heard not just from the President, but from members of Congress of both parties on this,&rdquo; he told reporters.
&ldquo;So, I'm not going to get ahead of where he will end up on this because, as he said yesterday, he wants to be able to engage and consult with Congress when they return. He wants to be able to reevaluate in a methodical, strategic, effective way. And then he will, at a time and place of his choosing, lay out how he intends to proceed with respect to the relationship,&rdquo; Sullivan said.
&ldquo;This is responsible, it's prudent, it's rooted in his fundamental interest in making sure that the relationship the United States has with Saudi Arabia serves the American people effectively. That's what he's intending to work through,&rdquo; said the National Security Advisor.
Saudi Foreign Minister Faisal bin Farhan Al Saud told Saudi-owed Al Arabiya on Tuesday that his government's justification of the production cuts was &ldquo;purely economic&rdquo;.&nbsp;

Saudi Arabia has emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia, while Iraq retained the top spot in August. 

Saudi Arabia overtakes Russia to be India's no 2 oil supplier

Saudi overtakes Russia to be India's no 2 oil supplier

Prime Minister Narendra Modi to meet President Putin on Friday on the sideling of a summit of the Shanghai Cooperation Organisation, a regional security bloc&nbsp;

Saudi Arabia has emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia, while Iraq retained the top spot in August.&nbsp;
India, the world's third-biggest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from <a href="https://www.editorji.com/world-news/saudi-arabia-lifts-ban-on-israeli-flights-amid-biden-visit-1657854408169">Saudi Arabia</a>, up 4.8 per cent from the previous month, while purchases from <a href="https://www.editorji.com/world-news/electricity-blackouts-hit-swathes-of-eastern-ukraine-president-zelenskyy-blames-russia-1662958332118">Russia</a> fell 2.4 per cent to 855,950 bpd, the data showed.
India has become Russia's No. 2 oil buyer after <a href="https://www.editorji.com/india-news/india-and-china-complete-disengagement-process-in-ladakh-s-gogra-hotsprings-area-1663121460029">China</a> as others have cut purchases following Moscow's invasion of Ukraine in late February.
Both India and China are keen to secure raw materials at discounts compared with supplies from other countries, seen as cushioning the impact of western sanctions on Moscow. India's monthly oil imports from Russia have been declining after hitting a record in June as Moscow has narrowed the discounts offered for its oil while refiners lifted more term supplies.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/secunderabad-fire-police-cite-overcharging-as-possible-blast-cause-at-e-bike-store-1663229743189">Secunderabad fire: Police cite 'overcharging' as possible blast cause at e-bike store</a> &nbsp;

Ukraine war , crude prices latest, OPEC meet news

Amid Russia-Ukraine war, crude oil alliance OPEC meets today

The OPEC bloc led by Saudi Arabia, the group’s largest oil producer, while Russia is the biggest player among the non-OPEC countries, the alliance, controls half of global crude supply. Russia and Saudi Arabia both contribute 23.9%  each into the total OPEC production.

Big warning as crude surges to $110: Global energy security is under threat

<div class="abstract-item-text__d2d4dde8">Situation in energy markets &lsquo;serious&rsquo;: IEA Executive Director</div>

Global energy security is under threat warns the&nbsp;International Energy Agency as crude prices soar past the $110/bbl mark even as the mega oil alliance OPEC&nbsp;meets on Wednesday. Experts however have little expectation of support from the Saudi Arabia led coalition to take action to negate supply hit from Russia.&nbsp; The OPEC bloc led by Saudi Arabia, the group&rsquo;s largest oil producer, while Russia is the biggest player among the non-OPEC countries, the alliance, controls&nbsp;half of global crude supply.&nbsp;Russia and Saudi Arabia both contribute 23.9%&nbsp; each into the total OPEC&nbsp;production. Goldman Sachs analysts said that oil prices are "entering political intervention territory." But the&nbsp;Arab world has thus far not taken a position in the Ukraine crisis even as US President Joe Biden is facing pressure&nbsp; cut off&nbsp;U.S. imports of Russian oil and gas to escalate the cost to Russia, but US has little reassurance from ex-Russia oil producers to fill the gap.&nbsp; Riyadh, Abu Dhabi and also Egypt, have become weary of the lack of commitment of Washington as a military and economic partner. Arab sovereign wealth funds are increasingly investing in Russia, China and Asia, while Russian investments in ports and industrial zones, such as along the Suez Canal, have a political impact too.&nbsp;

In an unprecedented move US will release crude oil from it's strategic reserve along with other major energy consuming nations, including India, Japan, Republic of Korea, China and the United Kingdom to cool prices. The move comes as fuel prices across the globe continues to hover around 7-year high and alliance of oil producing nations -  OPEC  rebuffed repeated requests to speed up their production increases.In total the U.S. will release 50 million barrels from the strategic petroleum reserves (SPR).  Simultaneously, India has also announced that it has agreed to release 5 million barrels of crude oil from its SPR. India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.The ministry of petroleum said India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible and be determined by market forces.
"India has repeatedly expressed concern at supply of oil being artificially adjusted below demand levels by oil producing countries, leading to rising prices and negative attendant consequences," it said.
This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes.
India is the world's third-largest oil consumer and importing nation and has been severely impacted by the relentless rise in international oil prices.
 

US, India take on OPEC: Coordinated release of oil to take prices

In a first of it's kind move India, US, China with others to release strategic reserve of oil to take on OPEC and ease prices

Unprecedented move, Co-ordinated release of oil to ease prices

<ul>
<li>Major energy consuming nations to take on OPEC, agree on coordinated release of oil&nbsp;</li>
<li>US, India, China,Japan, Republic of Korea, UK to release crude oil</li>
<li>Crude oil prices at 7 year high as OPEC&nbsp;rebuff requests to increase supply&nbsp;</li>
<li>US to&nbsp;release 50 million barrels, India to release 5 million barrels of crude&nbsp;</li>
<li>India stores about 38 million barrels of crude oil in underground cavern</li>
<li>Oil Ministry: Concerned&nbsp;that supply of oil being artificially adjusted below demand levels</li>
<li>First ever release of strategic oil reserves for India&nbsp;</li>
<li>India is the world's third-largest oil consumer, imports 80% of fuel need</li>
</ul>

US, India, China Japan &amp; South Korea will tap strategic petroleum reserve as fuel prices hover around 7-year high

In an unprecedented move US will release crude oil from it's strategic reserve along&nbsp;with other major energy consuming nations, including India, Japan, Republic of Korea, China and the United Kingdom to cool prices.&nbsp; The move comes as fuel prices across the globe continues to hover around 7-year high and alliance of oil producing nations -&nbsp;&nbsp;OPEC&nbsp;&nbsp;rebuffed repeated requests to speed up their production increases. In total the U.S. will release 50 million barrels from the strategic petroleum reserves (SPR).&nbsp;&nbsp;Simultaneously, India has also announced that it has agreed to release 5 million barrels of crude oil from its SPR.&nbsp;India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast. The ministry of petroleum said India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible and be determined by market forces.
"India has repeatedly expressed concern at supply of oil being artificially adjusted below demand levels by oil producing countries, leading to rising prices and negative attendant consequences," it said.
This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes.
India is the world's third-largest oil consumer and importing nation and has been severely impacted by the relentless rise in international oil prices.
Read/Watch Also: <a href="Congress-ruled%20Punjab reduces petrol price by ₹10, diesel by ₹5 https:/www.edtr.ai/arkw For video news and more, download the editorji app - www.editorji.com/download">Politics at the pump, Punjab cuts VAT</a>

Paytm&nbsp;starts its Diwali&nbsp;celebrations early, the digital payment platform finally received a nod from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), through which it plans to raise Rs 16,600 crore.
The Securities and Exchange Board of India (SEBI)&nbsp;bars investment advisors from advising on crypto, digital gold. This effectively bans SEBI-Registered Investment Advisors or RIAs can't offer advice or platform to trade unregulated products, said the regulator.
Billionaire Mukesh Ambani-led RIL reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year
RIL share has gained 24.8% in one year and risen 32.5% since the beginning of this year.
ICICI Bank has given significant return in the current financial year FY22, rising more than 30 percent, outperforming Nifty Bank index by a strong margin which gained 21 percent in the same period.
While petrol has already hit the Rs 100-a-litre mark or more in all major cities of the country,&nbsp;Oil held above $85 a barrel after Saudi Arabia said that the OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.&nbsp;
&nbsp;

Top 5 business & market news you need to know

Start your Monday with top 5 biz bytes you need to have this morning

Top 5 Biz Bytes you need to have this morning

Earnings to IPOs, a lot of stocks and companies to watch in the news today.&nbsp;

Blockbuster earnings from Reliance and ICICI&nbsp;to a clearance (finally) for the mega Paytm&nbsp;IPO, a lot for traders to keep an eye. Here are the top stories you need to track-:
<ul>
<li>Paytm&nbsp;IPO&nbsp;Dhamaka:&nbsp;Paytm&nbsp;starts its Diwali&nbsp;celebrations early, the digital payment platform finally received a nod from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), through which it plans to raise Rs 16,600 crore.</li>
<li>ICICI Firecracker Earnings: Country&rsquo;s second-largest private lender reported record high earnings in the quarter gone by with net income up about 30%. Brokerages such as Kotak say -&gt;&nbsp;Time to thump tables.. bank is scripting one of the best comebacks in financials in past decade.&nbsp;</li>
<li>RIL's&nbsp;Festive Results:&nbsp;Mukesh Ambani-led&nbsp;Reliance Industries&nbsp;Ltd (RIL) reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year, on improved performance across key businesses even as finance cost fell 37% on a year-on-year basis</li>
<li>SEBI&nbsp;Sounds Alarm: The market regulator has barred&nbsp; investment advisors from advising on crypto, digital gold reiterating that these products are unregulated products.The SEBI statement assumes significance as the recent past has seen an exponential rise in the number of Indians trading in products like Bitcoins and other cryptocurrencies along with NFTs and digital gold.</li>
<li>Petrol Packs a Punch: Brace yourself for higher prices as crude continues to trade over $85/bbl and OPEC&nbsp;tells members to be cautious while managing supplies.&nbsp;</li>
</ul>

Once again, for the third consecutive day, petrol and diesel prices hid all-time highs on Thursday as international crude oil prices continue to rise after the recent&nbsp;announcement by OPEC+
Petrol and diesel rates across the country have been hiked for the second straight day by 30 paise and 35 paise respectively, taking the petrol price to&nbsp;₹103.24 per litre in Delhi whereas diesel has become expensive at&nbsp;₹91.77 per litre, as per price notification by state-run by state-run oil companies.
This is the third consecutive day of hikes. On Tuesday, petrol and diesel prices increased by 30 paise per litre.
The latest round of hikes came after the global benchmark Brent jumped to $82.53 per barrel, while West Texas Intermediate rose to $78.87 a barrel.
The price of cooking gas LPG was hiked by Rs 15 per cylinder on Wednesday, in line with a surge in international fuel prices.
Petrol and diesel prices in major Indian cities
City&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Petrol&nbsp; &nbsp; &nbsp; Diesel&nbsp;
Delhi&nbsp; &nbsp; &nbsp; 103.24&nbsp; &nbsp; &nbsp;91.77
Mumbai&nbsp; &nbsp;109.25&nbsp; &nbsp; 99.55
Kolkata&nbsp; &nbsp; 103.94&nbsp; &nbsp; 94.88
Chennai&nbsp; &nbsp; 100.75&nbsp; &nbsp;96.36
Bangalore&nbsp; 106.83&nbsp; &nbsp;97.40
Bhopal&nbsp; &nbsp; &nbsp; 111.76&nbsp; &nbsp;100.80
Lucknow&nbsp; &nbsp;100.31&nbsp; &nbsp; 92.20
Patna&nbsp; &nbsp; &nbsp; &nbsp;106.24&nbsp; &nbsp; 98.25
&nbsp;

Hat-trick of hikes for petrol and diesel!  And it is not over yet, Diesel crosses over 100 mark

Fuel On Fire

Cooking gas now costs ₹899.50 per cylinder in New Delhi

Petrol price above&nbsp;₹103 in Delhi as fuel prices hiked for third straight day

For the third consecutive day, petrol and diesel prices hid all-time highs on Thursday as international crude oil prices continue to rise after the recent&nbsp;announcement by OPEC+
Petrol and diesel rates across the country have been hiked for the second straight day by 30 paise and 35 paise respectively, taking the petrol price to&nbsp;₹103.24 per litre in Delhi whereas diesel has become expensive at&nbsp;₹91.77 per litre.&nbsp;
Also watch:&nbsp;<a title="Reliance Retail to open 7-Eleven stores in India" href="https://www.editorji.com/business-news/reliance-retail-to-open-7-eleven-stores-in-india-1633585075971">Reliance Retail to open 7-Eleven stores in India</a>
This is the third consecutive day of hikes. On Tuesday, petrol and diesel prices increased by 30 paise per litre.
The latest round of hikes came after the global benchmark Brent jumped to $82.53 per barrel, while West Texas Intermediate rose to $78.87 a barrel.
The price of cooking gas LPG was hiked by Rs 15 per cylinder on Wednesday, in line with a surge in international fuel prices.
Petrol and diesel prices in major Indian cities
City&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Petrol&nbsp; &nbsp; &nbsp; Diesel&nbsp;
Delhi&nbsp; &nbsp; &nbsp; 103.24&nbsp; &nbsp; &nbsp;91.77
Mumbai&nbsp; &nbsp;109.25&nbsp; &nbsp; 99.55
Kolkata&nbsp; &nbsp; 103.94&nbsp; &nbsp; 94.88
Chennai&nbsp; &nbsp; 100.75&nbsp; &nbsp;96.36
Bangalore&nbsp; 106.83&nbsp; &nbsp;97.40
Bhopal&nbsp; &nbsp; &nbsp; 111.76&nbsp; &nbsp;100.80
&nbsp;
&nbsp;
&nbsp;

Hardeep Singh&nbsp;Puri&nbsp;, the newly appointed Oil Minister taking on the toughest challenge of oil diplomacy first up. Face with record high petrol prices Hardeep&nbsp;Singh&nbsp;Puri&nbsp;is reaching out to oil producing nation to ease the pain..
Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other suppliers in the energy market to make it more affordable for consumers,&rdquo; Puri tweeted as he called on&nbsp;Dr Sultan Ahmed Al Jaber&nbsp;who is the chief executive of state-owned Abu Dhabi National Oil Company (Adnoc), one of the only two firms to commit to India&rsquo;s crude oil reserve programme till date.UAE&nbsp;had urged Saudi Arabia and the rest of the OPEC&nbsp;members to&nbsp;to unlock more oil supply as almost 30% of the nation's oil production remained idle.&nbsp;India that imports 80% of it's oil needs has been feeling the pinch. Petrol and diesel price on July 15 was hiked for the 40th time since May 4.&nbsp;
&nbsp;

UAE & OPEC reach compromise, Oil Minister Hardeep Puri reaches out to UAE as petrol prices soar

UAE &amp; OPEC reach compromise, Oil Minister Hardeep Puri&nbsp;reaches out to UAE as petrol prices soar

Petrol and diesel price on July 15 was hiked for the 40th time since May 4.

<ul>
<li>Oil Minister, Hardeep&nbsp;Singh&nbsp;Puri&nbsp;takes up oil diplomacy&nbsp;</li>
<li>Hardeep&nbsp;Singh&nbsp;Puri&nbsp;speaks to oil producing nations on crude supplies</li>
<li>Puri&nbsp;on twitter: looking to work closely with UAE&nbsp;to bring a sense of calm in the energy market</li>
<li>Oil Minister: Hope to make crude more affordable for consumers&nbsp;</li>
<li>UAE&nbsp;and Saudi Arabia reach supply agreement for OPEC&nbsp;nations&nbsp;</li>
<li>India imports 80% of it's oil needs, crude near 2008 high&nbsp;</li>
<li>Petrol prices up 40 times since May 4&nbsp;</li>
</ul>

UAE&nbsp;accounts for 40% of global crude oil production.&nbsp;

Hardeep Singh&nbsp;Puri&nbsp;, the newly appointed Oil Minister taking on the toughest challenge of oil diplomacy first up. Face with record high petrol prices Hardeep&nbsp;Singh&nbsp;Puri&nbsp;is reaching out to oil producing nation to ease the pain even as&nbsp;UAE&nbsp;and OPEC&nbsp;reach an agreement on crude supplies.&nbsp;
Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other suppliers in the energy market to make it more affordable for consumers,&rdquo; Puri tweeted as he called on&nbsp;Dr Sultan Ahmed Al Jaber&nbsp;who is the chief executive of state-owned Abu Dhabi National Oil Company (Adnoc), one of the only two firms to commit to India&rsquo;s crude oil reserve programme till date. UAE&nbsp;had urged Saudi Arabia and the rest of the OPEC&nbsp;members to&nbsp;to unlock more oil supply as almost 30% of the nation's oil production remained idle.&nbsp; India imports 80% of it's oil needs has been feeling the pinch. Petrol and diesel price on July 15 was hiked for the 40th time since May 4.&nbsp;
&nbsp;

How much will oil will the world get from&nbsp;OPEC&nbsp;from August onwards, well no one knows as&nbsp;OPEC its oil-producing allies postponed crude supply decision indefinitely. Here is all you need to know about the looming crude crisis-:

OPEC+ failed to reach an agreement on production policy for August and beyond.
Crude oil soars to the highest level since October 2018 on the supply ambiguity&nbsp;
OPEC+ voted on Friday to bring back 400,000 barrels per day to the market each month from August.
This vote would have resulted in an extra 2 million barrels per day by the end of the year.
UAE&nbsp;opposed the restrictions and supply agreements wanting to supply more oil into the market
UAE&nbsp;has 30% of it's oil producing capacity lying idle, which is higher than the rest of the OPEC&nbsp;members&nbsp;
Oil prices are up 57% this year and analysts are raising bets to see $100 mark soon.&nbsp;


Crude Crisis: OPEC+ in a limbo, Oil prices surge to multi-year highs

Crude Crisis:Oil prices surge to multi-year, Watch the video to know why OPEC&nbsp;has failed to make a decision on how much oil to provide from next month on.&nbsp;

UAE standoff keeping OPEC+ decision on crude supply hanging, Oil prices hit highest level since October 2018.&nbsp;

How much oil will the world get from&nbsp;OPEC&nbsp;from August onwards, well no one knows as&nbsp;OPEC its oil-producing allies postponed crude supply decision indefinitely. Here is all you need to know about the looming crude crisis-:
<ul>
<li>OPEC+ failed to reach an agreement on production policy for August and beyond.</li>
<li>Crude oil soars to the highest level since October 2018 on the supply ambiguity&nbsp;</li>
<li>OPEC+ voted on Friday to bring back 400,000 barrels per day to the market each month from August.</li>
<li>This vote would have resulted in an extra 2 million barrels per day by the end of the year.</li>
<li>UAE&nbsp;opposed the restrictions and supply agreements wanting to supply more oil into the market</li>
<li>UAE&nbsp;has 30% of it's oil producing capacity lying idle, which is higher than the rest of the OPEC&nbsp;members&nbsp;</li>
<li>Oil prices are up 57% this year and analysts are raising bets to see $100 mark soon.&nbsp; </li>
</ul>

OPEC meet decision on how much crude oil is to supplied from August remains delayed as talks halted twice due to a face-off between UAE and Saudi Arabia.&nbsp;What UAE&nbsp;Wants
"It is unreasonable to accept further injustice and sacrifice -- we have been patient." An unusually frank quote coming in from&nbsp;UAE Energy Minister Suhail Mohamed Al-Mazrouei&nbsp;clearly stating that UAE&nbsp;wants more oil supply to come into the market. This demand to restore oil production as demand increases comes as&nbsp;UAE is leaving about one-third of its production capacity idle, a higher portion than other members of the Organization of Petroleum Exporting Countries and its allies. UAE&nbsp;is opposing extending cuts all the way into the end of next year.&nbsp;The Saudi Stand
Riyadh along with 20 other nations want to increase oil supply by 400,000 barrels per day but extend the agreement to restrict supply till the end of 2022.&nbsp;&ldquo;We have to extend,&rdquo; Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview with Bloomberg Television on Sunday night. &ldquo;The extension puts lots people in their comfort zone. Signalling the rare diplomatic row the Saudi Prince said &ldquo;It&rsquo;s the whole group versus one country, which is sad to me but this is the reality."Crude Realities&nbsp;
While OPEC+ has raised output in recent months, it&rsquo;s still withholding roughly 5 million barrels a day from the market. With prices up over 50% this year the market is hoping for some relief from the oil producing giants.&nbsp;

OPEC where is the oil supply decision? Details here on a rare standoff between UAE and Saudi Arabia

Crude caught in a cross-fire; here are the details of a rare standoff between Saudi Arabia and UAE&nbsp;that could derail the OPEC&nbsp;meet and oil market stability.

OPEC meet, What's UAE and Saudi Arabia arguing about?

OPEC+ yet to announce supply agreement August onwards as talks halted twice as UAE&nbsp;and Saudi Arabia spar on what needs to be the course of action.&nbsp;

OPEC meet decision on how much crude oil is to supplied from August remains delayed as talks halted twice due to a face-off between UAE and Saudi Arabia.&nbsp; What UAE&nbsp;Wants
"It is unreasonable to accept further injustice and sacrifice -- we have been patient." An unusually frank quote coming in from&nbsp;UAE Energy Minister Suhail Mohamed Al-Mazrouei&nbsp;clearly stating that UAE&nbsp;wants more oil supply to come into the market. This demand to restore oil production as demand increases comes as&nbsp;UAE is leaving about one-third of its production capacity idle, a higher portion than other members of the Organization of Petroleum Exporting Countries and its allies. UAE&nbsp;is opposing extending cuts all the way into the end of next year.&nbsp; The Saudi Stand 
Riyadh along with 20 other nations want to increase oil supply by 400,000 barrels per day but extend the agreement to restrict supply till the end of 2022.&nbsp;&ldquo;We have to extend,&rdquo; Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview with Bloomberg Television on Sunday night. &ldquo;The extension puts lots people in their comfort zone. Signalling the rare diplomatic row the Saudi Prince said &ldquo;It&rsquo;s the whole group versus one country, which is sad to me but this is the reality." Crude Realities&nbsp;
While OPEC+ has raised output in recent months, it&rsquo;s still withholding roughly 5 million barrels a day from the market. With prices up over 50% this year the market is hoping for some relief from the oil producing giants.&nbsp;

OPEC+, the 23 nation crude oil producing coalition led by Saudi Arabia and Russia&nbsp;meet&nbsp;today. Here is why you must watch the meeting outcome closely-:

Crude oil prices hover around 3-year high at $75/bbl as demand continues to rise but supply constraints remain
OPEC+ is still withholding&nbsp;6 million barrels of crude per day from the market to maintain 'balance' in prices&nbsp;
Market is pricing in a release of additional 500,000 barrels per day fro August by the oil producers&nbsp;
Delay in Iran nuclear talks and rising demand as the pandemic ebbs is pushing prices higher
Inventories in the OECD have been&nbsp;falling for 9 straight months.&nbsp; Even the Crude oil held in short term floating storage at lowest since Feb 2020.
Bank of America sees a possibility of crude prices revisiting $100/bbl in the next year&nbsp;
India imports 80% of oil needs and is seeing record high prices for petrol and diesel across the nation.&nbsp;

Read Also: Oil Minister urges OPEC&nbsp;to raise supply and cut prices&nbsp;

OPEC+ to meet today as crude spikes to 3 year high and petrol prices hit record high

Petrol prices at record high, See this video to know why the OPEC+ meet today is crucial and what to expect.&nbsp;

OPEC+ meet today, What to expect from crude oil prices

OPEC+, the 23 nation crude oil producing coalition led by Saudi Arabia and Russia&nbsp;meet&nbsp;today. Here is why you must watch the meeting outcome closely-:
<ul>
<li>Crude oil prices hover around 3-year high at $75/bbl as demand continues to rise but supply constraints remain</li>
<li>OPEC+ is still withholding&nbsp;6 million barrels of crude per day from the market to maintain 'balance' in prices&nbsp;</li>
<li>Market is pricing in a release of additional 500,000 barrels per day fro August by the oil producers&nbsp;</li>
<li>Delay in Iran nuclear talks and rising demand as the pandemic ebbs is pushing prices higher</li>
<li>Inventories in the OECD have been&nbsp;falling for 9 straight months.&nbsp; Even the Crude oil held in short term floating storage at lowest since Feb 2020.</li>
<li>Bank of America sees a possibility of crude prices revisiting $100/bbl in the next year&nbsp;</li>
<li>India imports 80% of oil needs and is seeing record high prices for petrol and diesel across the nation.&nbsp;</li>
</ul>
Read Also: <a href="https://www.edtr.ai/9nma">Oil Minister urges OPEC&nbsp;to raise supply and cut prices&nbsp;</a>

OPEC+ nations are currently holding back 6 million barrels of crude per day from the market to maintain 'balance' for prices.&nbsp;

Crude oil prices have soared above the $76/bbl market a level last seen in October 2018. All eyes now move to the OPEC+ who are meeting on July 1 to discuss further easing of their output cuts from August.&nbsp;OPEC+ are still withholding around 6 million barrels a day of crude.The supply concerns are also rising as the prospect of sanctions on Iran being lifted and more of its oil hitting the market anytime soon has dimmed, with a U.S. official saying serious differences remain over a range of issues over Tehran's compliance with the 2015 nuclear deal.&nbsp;Meanwhile Oil Minister Dharmendra Pradhan&nbsp;urged&nbsp;OPEC to phase out production cuts sooner, maintain crude prices at reasonable level

Crude prices soar to 3 year high, Petrol prices set to soar higher

3 year high on crude prices, record high prices at the pump and the surge is far from over.&nbsp;

Crude oil prices have soared above the $76/bbl market a level last seen in October 2018. All eyes now move to the OPEC+ who are meeting on July 1 to discuss further easing of their output cuts from August.&nbsp;OPEC+ are still withholding around 6 million barrels a day of crude.
The supply concerns are also rising as the prospect of sanctions on Iran being lifted and more of its oil hitting the market anytime soon has dimmed, with a U.S. official saying serious differences remain over a range of issues over Tehran's compliance with the 2015 nuclear deal.&nbsp;
Meanwhile, Oil Minister Dharmendra Pradhan&nbsp;urged&nbsp;OPEC to phase out production cuts sooner, maintain crude prices at a reasonable level.

<ul>
<li>Global crude prices at highest level since October 2018</li>
<li>Oil prices up for fifth straight week</li>
<li>Iran has not responded to the U.N. nuclear watchdog</li>
<li>Petrol prices above the 100 mark in 11 states in India</li>
</ul>

Crude oil prices have soared above the $76/bbl market a level last seen in October 2018. All eyes now move to the OPEC+ who are meeting on July 1 to discuss further easing of their output cuts from August.&nbsp;OPEC+ are still withholding around 6 million barrels a day of crude. The supply concerns are also rising as the prospect of sanctions on Iran being lifted and more of its oil hitting the market anytime soon has dimmed, with a U.S. official saying serious differences remain over a range of issues over Tehran's compliance with the 2015 nuclear deal.&nbsp; Meanwhile, Oil Minister <a href="https://www.edtr.ai/9nma">Dharmendra Pradhan&nbsp;urged&nbsp;OPEC</a> to phase out production cuts sooner, maintain crude prices at a reasonable level.

Oil Minister Dharmendra Pradhan&nbsp;urged&nbsp;OPEC to phase out production cuts sooner, maintain crude prices at reasonable level. Pradhan&nbsp;raised concern on output and prices for oil as fuel prices soar above the mark for petrol across India.&nbsp;Brent crude has climbed 38% in 2021 to a two-year high to levels last seen in April 2019.&nbsp;OPEC and its partners a 23-nation grouping led by Saudi Arabia and Russia stuck to a plan to increase through June and July . But they refused to say what their plans were beyond those dates. OPEC+ are still withholding around 6 million barrels a day of crude.Oil Minister after the meeting with OPEC&nbsp;tweeted "I took the opportunity to express India&rsquo;s deep concern on increasing crude oil prices and its impact on consumers as well as on smart economic recovery. I emphasised that high crude prices is adding significant inflationary pressure on India."Inflation in fuel and power basket spiked to 37.61 per cent during May, against 20.94 per cent in April.
&nbsp;

Oil Minister presses OPEC to cut prices and raise output as crude oil bill surges

Cut prices and raise output, that's the message from India's Oil Minister to OPEC&nbsp;as the crude bill surges to a 2 year high.&nbsp; Please tag Dharmedra&nbsp;Pradhan&nbsp;#OPEC&nbsp;#PetrolPrices

https://twitter.com/OPECSecretariat/status/1408033283716300801?s=20

<ul>
<li>Oil Minister asks OPEC+ to restore supply&nbsp;</li>
<li>Crude prices at 3-year high in global markets&nbsp;</li>
<li>OPEC+ to meet on July 1 to decide on further output</li>
</ul>

Oil Minister Dharmendra Pradhan&nbsp;urged&nbsp;OPEC to phase out production cuts sooner, maintain crude prices at reasonable level. Pradhan&nbsp;raised concern on output and prices for oil as fuel prices soar above the 100 mark for petrol across India.&nbsp; Brent crude has climbed 38% in 2021 to a two-year high to levels last seen in April 2019.&nbsp;OPEC and its partners, a 23-nation grouping led by Saudi Arabia and Russia stuck to a plan to increase output through June and July . But they refused to say what their plans were beyond those dates. OPEC+ are still withholding around 6 million barrels a day of crude. Oil Minister after the meeting with OPEC&nbsp;tweeted "I took the opportunity to express India&rsquo;s deep concern on increasing crude oil prices and its impact on consumers as well as on smart economic recovery. I emphasised that high crude prices is adding significant inflationary pressure on India." Inflation in fuel and power basket spiked to 37.61 per cent during May, against 20.94 per cent in April.
&nbsp;

Crude prices are extending gains over two year high as the oil producing nations remain optimistic on demand. WTI crude prices are up by over 2% and Brent crude marched above $70 a barrel at close for the first time since 2019.
Crude prices which are hovering around the highest level since October 2019 have already gained 40% this year. Supporting the price despite increase in supply from OPEC+ nations is the delay in Iran talks. Supply from Iran is unlikely to ener the market before August as talks on the nuclear accord continued to be delayed.
This rise in crude prices spells bad news for importing nations such as India where fuel prices are already at record high across the nation.&nbsp;

Crude oil surges to 2 year high, expect further hikes in fuel price

Crude oil surges to 2 year high, fuel prices expected to rise further hitting new record highs at the pump

Crude prices are extending gains over two year high as the oil producing nations remain optimistic on demand. WTI crude prices are up by over 2% and Brent crude marched above $70 a barrel at close for the first time since 2019.
Crude prices which are hovering around the highest level since October 2019 have already gained 40% this year. Supporting the price despite increase in supply from OPEC+ nations is the delay in Iran talks. Supply from Iran is unlikely to ener the market before August as talks on the nuclear accord continued to be delayed.
This rise in crude prices spells bad news for importing nations such as India where fuel prices are already at record high across the nation.&nbsp;

Crude prices fell sharply in the overnight sessions as traders&nbsp;calculated the pressure on the commodity with rising supply from OPEC and possibly Iran as demand outlook in peak summer season weakened with a resurgence of the Covid infection globally.&nbsp;
Investors are keenly watching the indirect talks between Iran and the United States as part of negotiations to revive the 2015 nuclear deal which could lead to increased oil supply from Iran.
Talks will be held in Vienna today and may present&nbsp;a possible path toward removing sanctions on the Middle Eastern country&rsquo;s oil exports
Meanwhile OPEC+ led by Saudi Arabia have agreed to&nbsp;to boost production from May onwards which is also keeping prices in check as global&nbsp;demand outlook is&nbsp;slumping with&nbsp;resurgence of Covid-19 cases around the world.

Rising Covid cases dims demand outlook, Iran talks in focus as oil prices slump 

Crude prices fell sharply in the overnight sessions as traders&nbsp;calculated the pressure on the commodity with rising supply from OPEC and possibly Iran as demand outlook in peak summer season weakened with a resurgence of the Covid infection globally.&nbsp;

<ul>
<li>Crude prices fall as OPEC&nbsp;raises supply, Iran talks in focus</li>
<li>Crude demand outlook falls as global Covid&nbsp;cases rise</li>
<li>US, Iran to hold talks today to revive nuclear deal&nbsp;</li>
<li>Traders bet on Iran oil supply to rise&nbsp;</li>
<li>OPEC+ to increase supply from May onwards</li>
</ul>

Crude prices fell sharply in the overnight sessions as traders&nbsp;calculated the pressure on the commodity with rising supply from OPEC and possibly Iran as demand outlook in peak summer season weakened with a resurgence of the Covid infection globally.&nbsp;
 Investors are keenly watching the indirect talks between Iran and the United States as part of negotiations to revive the 2015 nuclear deal which could lead to increased oil supply from Iran.
Talks will be held in Vienna today and may present&nbsp;a possible path toward removing sanctions on the Middle Eastern country&rsquo;s oil exports
 Meanwhile OPEC+ led by Saudi Arabia have agreed to&nbsp;to boost production from May onwards which is also keeping prices in check as global&nbsp;demand outlook is&nbsp;slumping with&nbsp;resurgence of Covid-19 cases around the world.

opec

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