Page 2 - Oil Output

UAE, Saudi can barely raise oil output, Macron tells Biden at G7 summit

Brent oil prices jumped by over $2 per barrel to above $115 per barrel on the news amid tight global supplies and rising demand

OPEC+ likely to stick to existing deal and raise June output by 432,000 bpd

Under a deal reached in July last year, the group is set to increase output targets by 432,000 bpd every month until the end of September, to unwind its remaining production cuts

Iran sees rise in oil output, exports amid promising nuclear talks

Iran has seen a surge in its production and exportation of oil and gas since 2021 as the country works to revive the Iran nuclear deal

Dutch bank ING to end financing for new oil and gas projects, say executive

The move by financial services firm raises pressure on peers to heed a call for a halt to funding for new fossil fuel projects.

US oil output expected near record high in 2023 at 13 mn barrels daily: EIA

US oil output is expected to return to a near record high averaging 13 million barrels daily by next year, the Energy Information Administration forecast

OPEC+ decides oil output amid concern over Russia, Ukraine

Higher oil prices are sending reverberations throughout the global economy in terms of higher consumer inflation in the U.S. and Europe and costlier fuel for heating, flying and driving

Oil prices ease as investors wait for more on Omicron's potential impact

Brent crude futures dropped 40 cents, or 0.5%, to $75.04 a barrel at 0748 GMT, after settling 3.2% higher on Tuesday

Oil prices rebound by more than $1 after Saudi price hike

Brent crude futures for February gained $1.61, or 2.3%, to $71.49 a barrel by 0720 GMT while U.S. West Texas Intermediate crude for January were at $67.89 a barrel, up $1.63, or 2.5%

Oil prices little changed as OPEC+ sticks to regular output increase

U.S. front month contract traded volumes remained low, at about 267,000 - below the 200-day moving average and far lower than the last four days.

Oil rises as investors sceptical about effectiveness of reserve release

Brent crude futures rose 13 cents, or 0.2%, to $82.44 a barrel by 0742 GMT

OPEC allies rebuff US calls for speedier increases in oil output

The White House said Washington would consider a full range of tools at its disposal to guarantee access to affordable energy.

Saudis triumph in oil market with comeback from Covid-19 crisis

Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month

Oil hits 6-week high on fears of US supply disruptions from storm Nicholas

By Yuka Obayashi

Oil recovers as tight US supplies offset China reserves sale plan

SINGAPORE (Reuters) - Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of nearly 1% after China announced plans to sell crude from its strategic reserves.

OPEC+ seen sticking to policy despite higher oil demand

By Ahmad Ghaddar, Rania El Gamal and Alex Lawler

OPEC+ seen sticking to existing policy despite higher oil demand

OPEC and its allies will likely stick to their existing policy of gradual oil output increases, four sources said on Wednesday, even though the group revised up its 2022 demand outlook

Oil prices edge lower as US pushes OPEC to boost crude output

Prices were also under pressure from concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries.

Oil prices up, off session highs after Ida; OPEC+ looks to boost output

By Jessica Resnick-Ault

OPEC+ likely to keep oil output policy from Sept unchanged, say sources

OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters

Oil down 1%; Covid-19 pandemic surge, renewed Mexico supply end rally

Fresh COVID-19 outbreaks fueled by the Delta variant are raising concerns about the strength of the economic recovery globally