Macron Tells Biden That UAE, Saudi Can Barely Raise Oil Output

PARIS, France – Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he had been told by the UAE’s President. Saudi Arabia and the UAE have been perceived as the only two countries in the Organization of the Petroleum Exporting … More Macron Tells Biden That UAE, Saudi Can Barely Raise Oil Output

OPEC+ Efforts To Boost Oil Output ‘Not Encouraging’, UAE Minister Says

PARIS, France – Efforts by OPEC+ oil producers to boost output are ‘non encouraging’, UAE energy minister Suhail al – Mazrouei said on Wednesday, nothing the group was currently 2.6 million barrels per day short of its target. ‘According to last month’s report, we have seen the conformity (to output cuts) of the OPEC+ group … More OPEC+ Efforts To Boost Oil Output ‘Not Encouraging’, UAE Minister Says

Saudi Arabia Leads OPEC Decision To Drop IEA Data As US Ties Fray

PARIS, France – A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about U.S. influence on the figures close to the matter said, adding to strain on ties between Riyadh and Washington. The Organization of the Petroleum Exporting Countries and allies including Russia, a … More Saudi Arabia Leads OPEC Decision To Drop IEA Data As US Ties Fray

Oil Jump After UAE Says It Is Committed To OPEC+ Supply Pact

Paris, France – Oil Prices rebounded on Thursday after the United Arab Emirates said it is committed to major producers’ pact to add 400,000 barrels per day of supply monthly, hours after UAE’s ambassador to Washington said his country favoured a bigger increase. U.S. West Texas Intermediate (WTI) crude futures jumped more than $3 shortly … More Oil Jump After UAE Says It Is Committed To OPEC+ Supply Pact

Saudi Reaffirms Commitment To OPEC+ Agreement With Russia, Calls For De – Escalation In Ukraine

PARIS, France – Despite international pressure to increase output, Saudi Arabia’s cabined, chaired by King Salman bin Abdulaziz Al Saud, reaffirmed its commitment to the OPEC+ agreement – a pact made by 10 major crude oil producers and Russia to gradually pump more oil in the market to meet demand – a statement by the … More Saudi Reaffirms Commitment To OPEC+ Agreement With Russia, Calls For De – Escalation In Ukraine

OPEC+ Monitoring New Virus Variant, Some Concerned Over Outlook – Sources

PARIS, France – OPEC+ is monitoring developments around the new coronavirus variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a week before a meeting to set policy. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is already facing a release … More OPEC+ Monitoring New Virus Variant, Some Concerned Over Outlook – Sources

OPEC Meets On Output Increase As Oil Prices Rally

OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel. The oil price rally to three – year high is exacerbated by an even bigger increase in gas prices, … More OPEC Meets On Output Increase As Oil Prices Rally

Top White House Aide Discussed Oil Prices With Saudi Arabia

Washington – A senior aide to President Joe Biden raised the issue of oil prices in conversations this week with the leadership of top crude producer Saudi Arabia, according to the White House. Biden’s national security adviser, Jake Sullivan, met in Saudi Arabia with Saudi Crown Prince Mohammed bin Salman on Tuesday to discuss the … More Top White House Aide Discussed Oil Prices With Saudi Arabia

Oil Drops After OPEC+ Reaffirms Supply Return As Demand Wavers

Milan / Italy – – Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline. Brent crude was down by 16 cents, or … More Oil Drops After OPEC+ Reaffirms Supply Return As Demand Wavers