US EditionOPEC ready to raise oil output if required after US sanctions on Russia, Kuwaiti minister says
OPEC plans to raise output by 137,000 barrels per day starting November to offset supply disruptions from US sanctions on Russia's top oil firms, causing a 5% price rise.
- On October 24, OPEC said it stands ready to raise production if shortages emerge after new US sanctions on Lukoil and Rosneft pushed prices up by 5%.
- The U.S. Department of the Treasury announced sweeping sanctions on Rosneft Oil Company and Lukoil OAO, citing Moscow's `lack of serious commitment to a peace process`.
- The group plans to raise production by 137,000 barrels per day from November and has increased this year's output targets by more than 2.7 million bpd, about 2.5 per cent of global demand.
- Kuwait's Oil Minister Tariq Al-Roumi said the sanctions will shift demand toward the Gulf and the Middle East, adding `We are already seeing signs` of this market reaction.
- Amid a push to regain market share, OPEC+ has reversed course this year, while major Chinese state-owned oil companies have suspended seaborne purchases of Russian crude.
8 Articles
8 Articles
The countries of the Persian Gulf and the Middle East will earn money.
OPEC ready to raise oil output if required after US sanctions on Russia, Kuwaiti minister says
OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait's oil minister said on Thursday.
OPEC ready to raise oil output if required after U.S. sanctions on Russia, Kuwaiti minister says
OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait’s oil minister said on Thursday
Kuwait Says OPEC Nations Are Ready to Hike Output If Called Upon
Kuwait’s oil minister said that OPEC is prepared to increase oil production if demand requires it, in comments that came on a day when crude prices were surging in response to new US sanctions on Russian producers.
Opec ready to raise oil output after US sanctions on Russia
Opec is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the US imposed new sanctions on Russian oil majors, Kuwait’s oil minister said on Thursday. In a sharp policy shift, US President Donald Trump targeted Russia’s largest oil companies, Lukoil and Rosneft, in Washington’s toughest measures on Russian business since Moscow’s invasion of Ukraine. Global oil prices rose by 5% o…
Coverage Details
Bias Distribution
- 71% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
