Ahead of the OPEC+ session, the American Petroleum Institute reported that US crude stockpiles expanded by more than 2 million barrels
West Texas Intermediate futures climbed near $98 a barrel after closing 2.4 per cent higher in the previous session
West Texas Intermediate futures slid 5 per cent to trade near $102 a barrel, trimming a monthly advance
Saudi Arabia sends more than 60 per cent of its crude exports to Asia
The combination of a recovery in fuel consumption after the pandemic and constrained supply has led to a global energy crunch
Oil has more than doubled over the past 12 months as the global economy rebounded from the dislocation caused by the coronavirus pandemic
The global market has tightened significantly over the past few months amid a robust rebound in fuel demand in the US, China and parts of Europe
Talks between Iran and world powers will continue in Vienna this week to resolve outstanding issues
Some analysts estimate Iran could return to pre-sanctions production of almost 4 million barrels a day in as little as three months
The global oil market recovery is being driven by China and the US, with positive signs emerging from parts of Europe
The country plans to be at the forefront of the transition to greener energy and the fight against climate change
Aramco also increased pricing for light crude grades to the Mediterranean region
Natural gas production in the UAE reached 109.8 billion cubic feet in 2019
Riyadh’s struggle to enforce compliance has been a long-running issue