The group OPEC+ is cutting output by a total of 5.86 million bpd, or about 5.7 per cent of global demand, in a series of steps agreed since late 2022
UAE energy minister said OPEC+ has sacrificed more than others but the critical element is that it is staying together
Oil prices are down nearly 5 per cent so far this year, amid increasing supply from other producers, especially the US
The remaining OPEC+ cuts of 3.66 million bpd, agreed in earlier steps, are staying in place until the end of 2025
A broader conflict in the Middle East could threaten oil moving through key choke points in the region
Brent crude oil futures inched down 4 cents, or 0.1 per cent, to $76.77 a barrel
Oil has fallen from a 2024 high, above $92 a barrel in April to trade around $81, on July 30
The fuel price committee reduced retail prices for Super 98, Special 95, and E-Plus 91 by 15 fils per liter in July compared to the previous month
For the week, Brent was trading down more than 1 per cent while WTI fell beyond 3 per cent
The fuel price committee slashed the retail prices for Super 98, Special 95, and E-Plus 91 by 20 fils per litre compared to the previous month
OPEC sounded an upbeat tone on the economic outlook as well as future oil demand
OPEC+ is extending voluntary oil output cuts of 2.2 million barrels per day into the second quarter and this is expected to cushion the market
A decision on extending the cuts is expected in the first week of March, with individual countries expected to announce their decisions
A bearish International Energy Agency report last week revised the 2024 oil demand growth forecast downward as the world shifts to cleaner energy
Geopolitical risks including a feared broadening of the Middle East conflict pushed oil prices up by about 6 per cent last week
Brent rose to a two-month high of $99.56 a barrel on Monday, before paring gains
Oil markets remain in backwardation, a bullish pattern in which near-term prices command a premium to longer-dated ones
Global benchmark Brent topped $122 a barrel, hitting a two-month high
Oil has rallied by more than 50 per cent this year in extremely volatile trading
Brent crude surged as much as 18 per cent after opening on Monday
Russia is a key supplier of energy to global customers
Oil futures have soared to the highest level in seven years in the opening weeks of 2022
Oil has roared higher in the opening days of the new year as concerns about the pandemic, especially the impact of the omicron variant, have eased off
Oil’s drop this week has eaten into a partial recovery from a bear market at the end of November
Oil has more than doubled over the past 12 months as the global economy rebounded from the dislocation caused by the coronavirus pandemic
The delta variant has spurred fresh curbs on mobility in many nations including China, harming energy consumption
Oil has run into stiff headwinds in July after rising in seven of the past eight months
If there is a deal on Sunday, it is unclear how quickly additional supplies can be delivered to the market
Oil has rallied more than 50 per cent this year as the vaccine rollout boosts demand in key economies
The US benchmark is on course for a fifth quarterly advance, which would be the best run since 2010