Russian Deputy Prime Minister Alexander Novak said that OPEC+ group of largest oil producers has resisted calls from Washington to boost output because it wants to provide the market with clear guidance and not deviate from policy
US oil and gas executives are predicting higher production and drilling activity next year as oil prices climb, but say they face sharply higher costs, according to a poll released by the Federal Reserve Bank of Dallas
Top oil exporter Saudi Arabia may implement deep price cuts for the crude it sells to Asia in February after Middle East benchmarks and spot prices slumped this month, industry sources said
Oil prices extended gains despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that US inventories fell last week
US oil fell after airlines cancelled thousands of flights over the Christmas holidays amid surging COVID-19 cases, though Brent crude gained support from hopes that the Omicron variant will have limited impact on global demand
Saudi Arabia’s crude oil exports in October rose for a sixth straight month to their highest since April 2020, the Joint Organisation Data Initiative (JODI) said
OPEC raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the Omicron coronavirus variant would have a mild impact as the world gets used to dealing with the pandemic
Oil prices rose slightly and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant’s impact on global economic growth and fuel demand
Oil prices eased after early gains after measures by some governments to slow the spread of the Omicron coronavirus variant, though losses were capped by positive comments from vaccine makers about the efficacy of their jabs
Brent has risen 38% this year, supported by output curbs led by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, and recovering demand, although it has fallen from a three-year high above $86 in October
