Oil prices climb 5% after UAE appears to backtrack on its earlier call for OPEC+ to boost output faster

Oil prices climb 5% after UAE appears to backtrack on its earlier call for OPEC+ to boost output faster

  • Oil climbed more than 5% Thursday after the UAE appeared to tone down its message that OPEC+ should boost output.
  • “We favor production increases and will be encouraging OPEC to consider higher production levels,” UAE’s ambassador to Washington said Wednesday.
  • The UAE reportedly hadn’t consulted other OPEC+ members before making that statement.

Releated

Oil prices fall, continuing downward trend from last week

Oil prices fall, continuing downward trend from last week

Russia shows signs of interest in Ukraine talks -U.S. official Kremlin says next Russia-Ukraine talks to take place Monday Russia counts on sanctions help from China NEW YORK, March 13 (Reuters) – Oil prices fell on Sunday at the start of the session, extending last week’s decline, as a U.S. official said Russia was showing […]

Oil Could See Its Biggest Supply Shock Since 1973

Oil Could See Its Biggest Supply Shock Since 1973

Russia’s invasion of Ukraine and the sanctions that have been levied against it have sent shockwaves through global energy markets.  Inventories in major oil-consuming developed economies, including in the United States, have been falling steadily. The energy crisis today is “comparable in intensity, in brutality, to the oil shock of 1973,” France’s Economy and Finance […]