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OPEC+ To Increase Oil Output By 50% As Energy Prices Skyrockets
OPEC+ has agreed to increase the quantity of its oil-supply output by about 50% after months of pressure from major consumers including the US. On Thursday, authorities entreated the group to add 648,000 barrels a day of oil to the market in July and August, up from 432,000 barrels a day in recent months, a…
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Crude Drops For Six Weeks Straight As Omicron Jolts Market
Oil has dropped for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the omicron variant jolts markets. The spread of the omicron variant has investors concerned about a potential hit to demand as the U.S. reported at least six states with cases while infection rates in South Africa have almost quadrupled…
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OPEC+ May Hold Off Oil Output As Omicron Threaten Market Stability
OPEC and its allies would meet this week to decide whether to stick with their planned oil output increase or hold off until more is known about the Omicron variant of the coronavirus. The Organization of the Petroleum Exporting Countries will meet with its allies led by Russia would meet today to discuss how to…
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Oil Price Rises To A Three-Year High At Nearly $80 Per Barrel
Oil price has continued to climb as demand recovers faster than was predicted. The global benchmark Brent is up at nearly $80 a barrel, its highest price since October 2018. Brent crude was up 1.73 percent to $79.44 a barrel by 4:06 pm ET (21:06 WAT), having posted three straight weeks of gains. United States…
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OPEC+ To Revive Oil Production As Prices Bounce Back
The OPEC coalition led by Saudi Arabia and Russia is expected to press on with the planned revival of oil production, as prices bounce back from their August downturn. The coalition is gradually restoring the vast amount of crude production halted during the pandemic, and will probably ratify the next monthly instalment when it gathers on…
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OPEC Confirms Supply Hike As Demand For Oil Rebounds
As global oil demand recovers from the pandemic, OPEC and its allies have announced its commitment to improve oil production. A committee led by Saudi Arabia and Russia agreed the coalition should press on with its roadmap for increasing supply by 2 million barrels a day over the next three months, a decision that was later rubber-stamped…