Russia is the world’s second-largest oil producer and a major exporter and the tighter US scrutiny of its shipments could curtail supply
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Kuwaiti crude oil price jumps by $1.42 to reach $91.55
The jump in prices is widely seen as a direct impact of the dramatic situation involving Israel and Hamas
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OPEC increases oil production despite output cut agreement: Report
According to the report, only five among the 22 countries involved actually reduced production in October
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UAE steps up crude supplies to Japan, meets 42 percent of its imports in July
Out of the 81.05 million barrels total crude imported by Japan in July, 79.17 million barrels – or 97.17 percent – were supplied by Arab countries
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Video: ‘I cannot see us not agreeing’ on an OPEC+ production cut, says UAE energy minister
Ahead of meetings with non-OPEC allies in Vienna Friday, The UAE’s Energy Minister Suhail al-Mazrouei discussed the possibility that Russia would agree to proposed production cuts.
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Saudi Arabia hopes to balance world’s crude market by 2020
Saudi energy minister Khalid Al-Falih said that “there is plenty of supply” when asked his current assessment of crude markets
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Saudi Arabia looks to raise OPEC+ group’s production by 600,000 bpd
The proposal has yet to win the backing of all OPEC, and is likely to meet resistance from more hawkish countries in the group including Venezuela and Algeria as well as Iran
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Oil back above $50 as supply glut shows signs of wearing down
Saudis plan to restrict their sales by a record amount within weeks
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OPEC needs to “shock and awe” the oil market: report
Without such action, prices could slump to less than $40 a barrel
