US cancels $1.1bn of Somalia’s debt in ‘historic’ financial agreement
Commitment by Mogadishu’s largest single lender is latest in series of deals to forgive ‘unsustainable’ $4.5bn debt
June 2024
Oil alliance Opec+ extends crude production curbs into 2025
Ministers at Riyadh meeting agree daily limit of 2m barrels should be in place until end of next year
December 2023
Opec rails against fossil fuel phase-out at Cop28 in leaked letters
Oil cartel warns ‘pressure may reach a tipping point’ and that ‘politically motivated campaigns put our prosperity’ at risk
November 2023
Business live
Starmer, Brown, Sunak and Hunt lead tributes to former chancellor Alistair Darling – as it happened
Alistair Darling was ‘one of the great chancellors’, says Jeremy Hunt, while Gordon Brown remembers ‘a statesman of unimpeachable integrity’
October 2023
Why oil prices are rising amid the Israel-Hamas war
To date oil and gas flows from the Middle East remain fairly unaffected – but there are concerns about escalation
UK cost of diesel soars as RAC says petrol is ‘overpriced by about 7p a litre’
Diesel up by more than 8p to 163p in September and petrol by 4.5p to 152p amid global oil production cuts
How the Yom Kippur war led to a new order within Israel and beyond
Egypt and Syria’s joint attack ushered in a new dynamic around the fracture lines in the Middle East
September 2023
Grogonomics
The Reserve Bank shouldn’t be spooked by Australia’s imported inflation
Greg Jericho
Global inflation fears as oil price rises towards $100 a barrel
June 2023
Business live
Oil price up after Saudi Arabia cuts output; UK mortgage rates and car sales rise – as it happened
Rolling coverage of the latest economic financial news, as Brent crude hits $78/barrel and new car market records longest period of growth since 2015
Brent crude price rises after Saudi Arabia agrees to cut oil output
Price gained more than 2% on Monday morning to touch one-month high of $78.73
Opec+ to extend cuts in oil output into 2024 as prices flag
Oil cartel members reportedly agree to reduce output by a further 1.4m barrels, with oversupply a concern
April 2023
Global oil demand on course for record as China’s economy rebounds
International Energy Agency’s expectation for 2023 is 2m bpd higher than last year’s figure
Oil price surges after surprise Opec+ production cut
Move by world’s largest producers likely to unsettle western nations grappling with inflation
Opec+ announces surprise cuts in oil production
Group of oil producing nations says cut of 1.15m barrels a day is aimed at supporting market stability
November 2022
The age of extinction
Brazil, Indonesia and DRC in talks to form ‘Opec of rainforests’
Soaring diesel prices a ‘severe shock’ to UK motorists, says RAC
October 2022
Biden implores US oil companies to pass on record profits to consumers
US president announces release of 15m barrels of oil from strategic reserve as he fights to keep gas prices in check before midterms
Observer business agenda
BAE Systems in middle of dogfight between Saudis and Biden over oil
As the row between the US president and the Gulf kingdom over increasing oil production escalates, the UK arms industry giant may have to choose which of its two lucrative customers to side with
Australian fuel prices likely to rise as Opec+ countries cut oil production to ‘squeeze the market’
Cuts by world’s biggest petrol producers will work against other governments’ efforts to tame inflation by releasing fuel stocks
