Opec Meeting

Oil jumped on Monday as OPEC+ considered reducing output at its meeting later this week while the pound swung higher after the UK government said it would reverse a controversial tax cut that had roiled British markets.

Oil prices were on track for their first weekly gain in five on Friday, underpinned by a weaker dollar and the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.

Oil prices rose about 4 per cent on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices.

The United States does not expect Saudi Arabia to immediately boost oil output and awaits the outcome of an OPEC+ meeting on Aug. 3.

OPEC+ meets on June 2 and is expected to stick to last year's deal to raise July output targets by 432,000 barrels per day

OPEC+ is likely to stick to its existing deal and agree another small output increase for June when it meets on May 5

European Union (EU) officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output

Oil prices dipped in and out of the negative territory on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a supply boost by the US.

Oil prices rose on Wednesday, reversing losses in the previous two sessions when trading tracked the news from Russia-Ukraine peace talks, but a fall in American crude stockpiles put the focus back on supply shocks ahead of OPEC+ meeting.

Crude oil prices rebounded and rose on Tuesday in a volatile trading session, even as Ukraine and Russia headed for peace talks and demand concerns remain as China shut down its financial hub in Shanghai to curb the surge in coronavirus cases.

OPEC and its allies decided to maintain their policy of modestly boosting oil output next month

OPEC and allies known as OPEC+ have move their joint technical committee to Wednesday from Monday, according to the documents. OPEC would hold a meeting the same day.

Ahead of the OPEC+ meeting next week to set output policy, Puri blamed the key producers for keeping supplies lower than demand.

OPEC and its allies are likely to stick to plans to raise oil output by 400,000 barrels per day (bpd) at an OPEC+ meeting on Thursday, sources said, despite calls from the United States for extra supply to cool rising prices.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

Oil jumped on Monday as OPEC+ considered reducing output at its meeting later this week while the pound swung higher after the UK government said it would reverse a controversial tax cut that had roiled British markets.

Oil prices were on track for their first weekly gain in five on Friday, underpinned by a weaker dollar and the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.

Oil prices rose about 4 per cent on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices.

The United States does not expect Saudi Arabia to immediately boost oil output and awaits the outcome of an OPEC+ meeting on Aug. 3.

OPEC+ meets on June 2 and is expected to stick to last year's deal to raise July output targets by 432,000 barrels per day

OPEC+ is likely to stick to its existing deal and agree another small output increase for June when it meets on May 5

European Union (EU) officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output

Oil prices dipped in and out of the negative territory on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a supply boost by the US.

Oil prices rose on Wednesday, reversing losses in the previous two sessions when trading tracked the news from Russia-Ukraine peace talks, but a fall in American crude stockpiles put the focus back on supply shocks ahead of OPEC+ meeting.

Crude oil prices rebounded and rose on Tuesday in a volatile trading session, even as Ukraine and Russia headed for peace talks and demand concerns remain as China shut down its financial hub in Shanghai to curb the surge in coronavirus cases.

OPEC and its allies decided to maintain their policy of modestly boosting oil output next month

OPEC and allies known as OPEC+ have move their joint technical committee to Wednesday from Monday, according to the documents. OPEC would hold a meeting the same day.

Ahead of the OPEC+ meeting next week to set output policy, Puri blamed the key producers for keeping supplies lower than demand.

OPEC and its allies are likely to stick to plans to raise oil output by 400,000 barrels per day (bpd) at an OPEC+ meeting on Thursday, sources said, despite calls from the United States for extra supply to cool rising prices.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.