Oil has rallied since late June following pledges by OPEC+ countries Saudi Arabia and Russia to cut supply
It’s the second time the kingdom has extended the oil production cut, which was first announced in June after a meeting of the OPEC+ countries
West Texas Intermediate was little changed below $82 a barrel after surging 16 per cent in July
West Texas Intermediate held above $80 a barrel after a run of five weekly gains that lifted prices to the highest since April
The global oil market, climate change, Ukraine’s grains exports and the aluminium sector are among the top commodity markets to keep an eye on this week
OPEC+ nations are engaged in production cuts to balance prices in crude markets
Across the world, where varieties of crude more closely resemble those from Saudi Arabia, prices are shooting up as refineries clamour for alternatives
The UAE will not be undertaking oil supply production cuts even as Saudi Arabia looks to balance the markets
The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue
Forecasters predict OPEC+ to keep output steady due to demand in China, and the current curbs, should rapidly deplete world inventories
Recent annual levels have been significantly below this amount, due to industry downturns, the pandemic and the increasing focus on environmental, social and governance issues
West Texas Intermediate futures slipped 0.7 per cent, after rallying 2.7 per cent on Friday
West Texas Intermediate steadied near $75 a barrel after closing 0.6 per cent higher on Thursday
West Texas Intermediate traded below $79 a barrel after rallying around 2 per cent over the previous two sessions
West Texas Intermediate fell toward $77 a barrel after dropping the most since the banking crisis in March last week
West Texas Intermediate futures dipped toward $77 a barrel and are more than 6 per cent lower this week
West Texas Intermediate remainder above $82 a barrel, taking its weekly advance to about 2 per cent and the longest winning run since June
West Texas Intermediate traded above $83 a barrel after advancing by 4.4 per cent over the prior two days
West Texas Intermediate traded below $80 a barrel after closing 1.2 per cent lower on Monday
Oil prices surged after OPEC+ pledged to make production cuts starting next month that will exceed one million barrels a day
Saudi Arabia has said publicly that the 23-nation alliance should keep supplies steady for the whole of 2023
The company said a state of emergency has been declared but no leakage of poisonous gas was detected at the site of the oil spill
The kingdom’s energy minister reiterated that the group’s policies are determined by technical studies of market balances
Anchor investors will subscribe for 40 per cent of the shares at the maximum price
Nations should aim to raise spending on technologies including carbon capture, nuclear power and hydrogen, according to Al Jaber
Oil prices have had a rocky start to 2023, with a rally in mid-January fading away by the end of the month
West Texas Intermediate was little changed above $80 a barrel after declining by almost 2 per cent on Tuesday
The 15 new projects approved reflect OPEC Fund’s launch of a $1bn food security action plan and the adoption of its first dedicated climate action plan earlier this year
According to the OPEC monthly oil market report for December, recent economic indicators suggest strong growth has been maintained in most activities
The decision by the Organization of Petroleum Exporting Countries and its allies should hold for at least a few months