Oil has rallied more than 10 per cent so far this year
On Tuesday OPEC+ decided to increase production in February by 400,000 barrels a day
The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December
Haitham al-Ghais – whose three-decade oil industry career includes stints in Beijing and London – will become the group’s secretary-general in August
It sees a surplus of 1.4 million barrels a day in the first three months of 2022
The 23-nation alliance is likely to proceed with another modest monthly hike of 400,000 barrels a day as it restores production halted during the pandemic
While oil has soared about 45 per cent this year, it slumped more than 10 per cent on November 26, the day after Thanksgiving
A group led by BlackRock will buy a 49 per cent stake in Aramco Gas Pipelines
Oil slid for a sixth straight week due to the spread of Omicron and the prospect of more barrels coming to the market
The group meets on December 2
The Organization of Petroleum Exporting Countries and its allies will meet on December 2
Brent crude’s climbed 62 per cent this year to almost $84 a barrel
Saudi Arabia sends more than 60 per cent of its crude exports to Asia
Nationwide US crude inventories increased by 3.29 million barrels last week
The combination of a recovery in fuel consumption after the pandemic and constrained supply has led to a global energy crunch
Crude has soared this year, with production trailing supply as the global economy recovered from the impact of the pandemic
Oil is set for a monthly gain in October, building on six quarterly advances
Oil has more than doubled over the past 12 months as the global economy rebounded from the dislocation caused by the coronavirus pandemic
Qatar decided to leave the cartel in late 2018
Oman’s fiscal deficit may narrow to 4.2 per cent of gross domestic product in 2021
Oil has soared this year as the roll-out of vaccines to combat the pandemic aids energy demand
Benchmark Brent crude is currently trading around $75 a barrel, up 45 per cent this year
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