No major OPEC producer has announced a net-zero target
Asia is set to send excess diesel supplies to Europe and possibly to the US as the delta variant dents demand
Oil prices have retreated 6 per cent this month as the contagious delta variant triggers renewed lockdowns in China and other key Asian consumers
Delta has raised concerns about the short-term demand outlook
The UAE fuel price committee also announced an increase in the price of diesel
Oil has run into stiff headwinds in July after rising in seven of the past eight months
The agreement means the cartel will boost output by 400,000 barrels a day each month from August
If there is a deal on Sunday, it is unclear how quickly additional supplies can be delivered to the market
The UAE’s energy ministry issued a statement acknowledging that talks are underway
Oil has rallied more than 50 per cent this year as the vaccine rollout boosts demand in key economies
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
Crude futures are trading at a two-year high above $70 a barrel
The US benchmark is on course for a fifth quarterly advance, which would be the best run since 2010
Oil is up 40 per cent this year as the recovery from the pandemic in the US, China and parts of Europe boosts the outlook for fuel consumption
Oil is poised for a second straight monthly gain as the US, China and parts of Europe lead a robust demand recovery from the Covid-19 pandemic
OPEC+ ministers are due to meet June 1 to consider the state of the market and the group’s production policy
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
Futures in New York traded near $59 a barrel after dropping 3.5 per cent last week
Data from the US and Asia do bolster the case for OPEC+ to loosen the taps
A US inventory report showed domestic fuel consumption is at the highest in four months
Crude has rallied strongly in the opening months of 2021
The attack on the kingdom’s Ras Tanura port on Sunday caused a brief spike in oil prices
Petrol prices have witnessed an increase after 11 months
Yamani represented four Saudi kings at the Organization of Petroleum Exporting Countries
Futures in New York traded near $55 a barrel after jumping almost 5 per cent over the previous two sessions
Rollout of coronavirus vaccines and improvement in ties between the US and China are likely to improve demand for oil
Saudi Energy Minister met in Riyadh on Saturday with Russian Deputy Prime Minister
The Supreme Petroleum Council last month approved a $122bn budget to help ADNOC boost production capacity by a fourth to 5 million barrels a day by 2030
Aramco also increased pricing for light crude grades to the Mediterranean region