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
Oil prices have weakened this month on concerns about demand
The OPEC member recorded the highest non-oil revenue in seven years, up 38.5 per cent to KD2.4bn
OPEC expects that it will need to pump an average of 28.92 million barrels a day of crude to satisfy demand during the fourth quarter
Brent rose to a two-month high of $99.56 a barrel on Monday, before paring gains
On October 5, the Organization of Petroleum Exporting Countries and its partners announced they would lower their output targets from November
The group agreed on October 5 to reduce its collective crude-output target by 2 million barrels
Oil prices have slumped by a fifth since early August on fears over the global economy
The Organization of Petroleum Exporting Countries and its allies convene on September 5
OPEC cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day
West Texas Intermediate declined toward $91 a barrel in early Asian trading
West Texas Intermediate held above $90 after edging higher on August 9
For July and August, the group had pledged to add more than 600,000 barrels a day to the market
Ahead of the OPEC+ session, the American Petroleum Institute reported that US crude stockpiles expanded by more than 2 million barrels
He was appointed for a three-year term at the special meeting of the OPEC Conference held on January 3
West Texas Intermediate dropped toward $98 a barrel after sinking almost 7 per cent in July
Demand for motor fuel plunged last week to the lowest seasonal level since 1996
West Texas Intermediate futures fell for a third session to its lowest level in three months
He assumed the position of secretary general in August 2016
Oil is still up around 45 per cent this year as the global economic recovery coincided with upended trade flows
Oil is up almost 50 per cent this year
Crude has climbed more than 50 per cent this year
US inflation accelerated to a fresh 40-year high last month, raising the likelihood of more aggressive interest-rate hikes from the Federal Reserve
The next meeting will be held on June 30, 2022
OPEC and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June
The Organization of Petroleum Exporting Countries and its partners have resisted calls to raise output faster
Brent futures briefly surged to a 13-year peak near $139 a barrel earlier this month