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

Oil demand will grow sharply in the next few years as economies recover from the pandemic, OPEC stated, adding that the world needs to keep investing in production to avert a crunch despite an energy transition

Global oil demand is expected to peak before 2030, earlier than previously projected, TotalEnergies TTEF.PA forecast. The French oil major – which had previously forecast the peak happening around 2030, rather than before – said its business was now working on the assumption that global consumption would start declining before the end of the decade. […]

Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy recovers from the ravages of the pandemic, but excess refining capacity is likely to weigh on the outlook