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

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

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

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

OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

Milan / Italy – – Iraqi’s oil minister said on Wednesday that the OPEC+ policy of gradual crude output hikes will help stabilize global oil markets, the oil ministry said in a statement. Iraq supports the group known as OPEC+ that help oil markets stability, the oil minister, Ihsan Abdul Jabbar, said, adding that the … More OPEC+ Gradual Output Hikes To Help Stabilise Markets, Says Iraqi Oil Minister

OPEC+ Could Reconsider Output Increase, Says Kuwaiti Oil Minister

Kuwait – – The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept.1, Kuwait’s oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase … More OPEC+ Could Reconsider Output Increase, Says Kuwaiti Oil Minister

OPEC+ Sees No Need To Meet U.S. Call For More Supply

London/UK OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters. The price of international benchmark Brent crude has risen 35% this year towards $70, driven … More OPEC+ Sees No Need To Meet U.S. Call For More Supply