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Saudi Arabia began to increase oil production after a two-year decline in production, which will give it an advantage over other OPEC members, pending the decision to increase production later this month, The Wall Street Journal writes. Officials said that in May the country increased production by about 100,000 barrels per day to 10 million barrels of oil per day. According to one representative, Saudi Arabia's plans to increase production this month by at least 100,000 barrels per day will help ease concerns in the market due to possible interruptions in the supply of oil from Iran. The issue of gradual increase of oil production will be considered on June 22-23 during the next meeting of OPEC + participants.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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