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InvestingOil Edges Higher as Supply Still Seen Tight After Opec+ Hike
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Oil Rises After U.S. Crude Drawdowns, Supply Tightness
Date: June 2, 2022
By Laura Sanicola (Reuters) -Oil prices edged higher on Thursday after U.S. crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production. U.S. crude oil stockpiles fell last week by 5.1 million barrels to 414.7 million barrels, compared with...
Russia’s Novak Warns of Oil Shortage in Europe Due to Import Ban
Date: June 2, 2022
(Reuters) – European Union’s embargo on oil imports from Russia may result in significant shortages of oil and oil products in Europe, Russian Deputy Prime Minister Alexander Novak said on Thursday, also calling the cooperation with OPEC+ “effective”. Speaking on state TV, Novak also said that Russia will find ways to sell its oil to...
Opec+ Brings Forward Oil Output Rises as Biden’s Saudi Visit Looms
Date: June 2, 2022
By Maha El Dahan, Rowena Edwards and Aziz El Yaakoubi DUBAI/LONDON/RIYADH (Reuters) -Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden. OPEC+ said it...
Oil Little Changed After Opec+ Agrees to Boost Output
Date: June 2, 2022
By Scott DiSavino NEW YORK (Reuters) – Oil prices were little changed after erasing early losses on Thursday after OPEC+ agreed to boost crude output to compensate for a drop in Russian production. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to raise output by 648,000 barrels...
Moscow Calls EU Move to Phase Out Russian Oil ‘self-Destructive’
Date: June 2, 2022
(Reuters) -Russia warned on Thursday that the European Union’s decision to partially phase out Russian oil was likely to destabilise global energy markets, calling it a ‘self-destructive’ step that could backfire on the bloc. EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year,...
Oil Prices Fall on Prospect of OPEC Offsetting Russian Output Loss
Date: June 2, 2022
By Rowena Edwards LONDON (Reuters) -Oil prices fell on Thursday on speculation that Saudi Arabia and other OPEC members may boost crude output to compensate for a drop in Russian production. Brent crude was down $2.82, or 2.4%, at $113.47 a barrel at 1035 GMT, having risen 0.6% the previous day. U.S. West Texas Intermediate...