The White House is calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from Covid

Saudi Arabia’s crude oil exports rose in August for a fourth consecutive month to the highest since January 2021, the Joint Organisation Data Initiative (JODI) said

OPEC+ compliance with oil cuts fell slightly to 115% in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face challenges in pumping more oil

Japan will urge global oil producers to increase output and take steps to cushion the blow to industries hit by the recent spike in energy costs, Prime Minister Fumio Kishida said

Oil prices could reach $100 a barrel, Russian President Vladimir Putin said, adding that Moscow and its partners in the OPEC+ producer group are seeking to stabilize the global market

The White House stands by its calls for oil-producing countries to “do more” to support the global economic recovery, an official said on Monday as crude prices hit multi-year peaks.

Oil prices extended losses from the previous session, as the United States said it was considering selling oil from its strategic reserves and as Russia said it was ready to stabilise the natural gas market

Brent crude oil futures hit a fresh three-year high, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more

Three sources said the group of oil producers was likely to stick to their existing agreement to produce an additional 400,000 barrels per day (bpd) in November

OPEC+ is likely to stick to an existing deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week