West Texas Intermediate held above $90 after edging higher on August 9
For July and August, the group had pledged to add more than 600,000 barrels a day to the market
Ahead of the OPEC+ session, the American Petroleum Institute reported that US crude stockpiles expanded by more than 2 million barrels
He was appointed for a three-year term at the special meeting of the OPEC Conference held on January 3
West Texas Intermediate dropped toward $98 a barrel after sinking almost 7 per cent in July
Demand for motor fuel plunged last week to the lowest seasonal level since 1996
West Texas Intermediate futures fell for a third session to its lowest level in three months
He assumed the position of secretary general in August 2016
Oil is still up around 45 per cent this year as the global economic recovery coincided with upended trade flows
Oil is up almost 50 per cent this year
Crude has climbed more than 50 per cent this year
US inflation accelerated to a fresh 40-year high last month, raising the likelihood of more aggressive interest-rate hikes from the Federal Reserve
The next meeting will be held on June 30, 2022
OPEC and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June
The Organization of Petroleum Exporting Countries and its partners have resisted calls to raise output faster
Brent futures briefly surged to a 13-year peak near $139 a barrel earlier this month
OPEC+ is reviving supplies after its deep cuts at the start of the pandemic in 2020
The US Federal Reserve raised interest rates by a quarter percentage point
Oil has surged above $100 a barrel for the first time since 2014
Energy supplies are struggling to keep up with a robust economic recovery
OPEC and its partners are trying to gradually restart production halted during the pandemic
Last month, OPEC+ nations managed only two-thirds of their stipulated increase
Last month, the 10 OPEC nations in the accord managed only 60 per cent of their stipulated 250,000 barrel-a-day increase
Oil has rallied more than 10 per cent so far this year
On Tuesday OPEC+ decided to increase production in February by 400,000 barrels a day
The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December
Haitham al-Ghais – whose three-decade oil industry career includes stints in Beijing and London – will become the group’s secretary-general in August
It sees a surplus of 1.4 million barrels a day in the first three months of 2022
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
While oil has soared about 45 per cent this year, it slumped more than 10 per cent on November 26, the day after Thanksgiving