OPEC and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June
The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total
The country will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80
US crude output will grow at a slower pace than previously expected
More than 60 per cent of Saudi Arabia’s oil shipments go to Asia, with China, Japan, South Korea and India
It is the third consecutive month that fuel prices have increased
West Texas Intermediate futures slid 5 per cent to trade near $102 a barrel, trimming a monthly advance
Brent futures briefly surged to a 13-year peak near $139 a barrel earlier this month
The International Monetary Fund estimates Bahrain needs oil prices of around $107 a barrel to balance its budget
The jump in oil is fanning inflation in economies around the world
OPEC+ is reviving supplies after its deep cuts at the start of the pandemic in 2020
Over 65 percent of the award value could flow back into the UAE economy under ADNOC’s In-Country Value programme
The kingdom’s real GDP grew by 6.7 per cent in the fourth quarter of 2021
The US Federal Reserve raised interest rates by a quarter percentage point
Bahrain produces about 200,000 barrels a day
Saudi Aramco has discovered the five fields that can produce over 100 million cubic feet per day of natural gas in total
Gas is a cleaner fuel than crude oil
Supply chain disruptions, government stimulus and adverse weather have all contributed to market tightness last year
Bullion’s appeal as a store of value is being burnished by risk aversion in markets and a surge in inflation worldwide
Crude surged to the highest since 2014 last week
Oil has rallied over the past seven weeks to the highest level since 2014
Oil futures have soared to the highest level in seven years in the opening weeks of 2022
Oil has rallied on improving demand and supply outages, putting $100 a barrel within reach
Oil prices soared to a seven-year high above $90 a barrel last month, stirring expectations of a return to triple-digits
Oil has rallied in the opening weeks of 2022 on the continued recovery in energy consumption
Oil has rallied more than 10 per cent so far this year
The growth in the oil sector’s gross domestic product is set to be at 5 per cent this year
The contract was awarded by ADNOC Offshore to National Petroleum Construction Company following a tender process
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
Oil’s drop this week has eaten into a partial recovery from a bear market at the end of November