Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil cuts, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the US Federal Reserve
OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market
Saudi Aramco believes market fundamentals remain “sound” for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering
Saudi Arabia, the world’s biggest oil exporter, kept its ranking as China’s top crude supplier for a ninth straight month in August as major producers relaxed production cuts
OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said, adding the group is expected to stick to its current production accord when it meet in October “if prices remain stable”
The Organization of the Petroleum Exporting Countries has pumped 26.93 million barrels per day (bpd), the survey found, up 210,000 bpd from July’s estimate
Oil prices will struggle to break out of current ranges this year as a spike in the Delta coronavirus cases threatens to slow a demand recovery, a Reuters poll showed
The rise in oil output agreed final month by OPEC+ nations might be reconsidered at its subsequent assembly on Sept. 1, Kuwait’s oil minister stated
Russia’s oil production fell to 10.41 million barrels per day (bpd) during the period from Aug. 1 to 23, from 10.46 million bpd in July
