The Latest Breaking News from OPEC

The Biden administration is praising Saudi Arabia for its role in a promised boost in oil production and a cease-fire in Yemen

Brent crude makes small rise to $116.94 as group sets extra output higher at 650,000 barrels a day

Vienna (AFP) - Major oil producers led by Saudi Arabia and Russia agreed on Thursday to open the taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports.

OPEC+, an alliance of the Organization of the Petroleum Exporting Countries and other producing nations, agreed on Thursday to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation. OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd)…

Paris (AFP) - Oil prices rose Thursday even as major crude producers agreed to boost output by more than the usual amount following an EU ban on Russian imports.

Oil increased as US crude inventories dropped, exacerbating concerns about a tight market after traders expressed doubt that OPEC+ can deliver on its agreement to accelerate the pace of a supply hike.

Oil reversed losses to trade near $116 as OPEC+ ministers agreed to boost supply increases by around 50%, after prices dropped on reports U.S. President Joe Biden is likely to visit Saudi Arabia this month and that the kingdom is ready to pump more crude.

The S&P 500 reversed higher 0.7% while the Nasdaq composite was up a meaty 1.4%. The Dow Jones Industrial Average climbed 0.3%. Indexes were near session highs at midday.

Vienna (AFP) - Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports.

Opec+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure from major consumers including the United States to help ease the pain of high energy prices.

Reuters