Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer
An EU embargo on oil imports from Russia could result in significant shortages of oil and oil products in Europe, Russian Deputy Prime Minister Alexander Novak said, calling cooperation with OPEC+ “effective”
Some OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation’s ability to produce more, the Wall Street Journal reported, citing OPEC delegates
European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but exempt oil delivered by pipeline to win over Hungary and unblock a sixth package of measures against Moscow, officials said
OPEC+ is set to stick to an oil manufacturing deal agreed final yr at its assembly on June 2 and lift July output targets by 432,000 barrels per day
The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters, adding it cannot expand production capacity any faster than promised
China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February
Oil prices sank about 6% alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook
OPEC+ agreed to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China’s coronavirus lockdowns threatened the outlook for demand
The increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers
