RIYADH: Oil prices went up on Thursday, primarily supported by the output cuts announced by Saudi Arabia and Russia earlier this week.
Brent crude futures edged up 22 cents to $76.87 a barrel at 2:30 p.m. Saudi time, while US West Texas Intermediate crude also went up by 31 cents to $72.10.
Saudi Arabia, the world’s biggest crude exporter, said on Monday it would extend its voluntary output cut of 1 million barrels daily to August.
Russia and Algeria volunteered to lower their August output and export levels by 500,000 bpd and 20,000 bpd, respectively.
UAE’s Al-Jaber urges oil and gas industry to step up its climate game
The UAE’s incoming COP28 president urged the oil and gas industry on Thursday to “step up its game” toward building a clean energy system.
Oil and gas firms need to achieve net-zero emissions by or before 2050 while an industrywide commitment to reach near-zero methane emissions by 2030 needs to be accelerated, Sultan Ahmed Al-Jaber told the Organization of the Petroleum Exporting Countries’ International Seminar in Vienna.
“The phase down of fossil fuels is inevitable. It is in fact essential. But it cannot be irresponsible,” he added.
Al-Jaber called for an inclusive summit that brings together all stakeholders including the fossil fuel industry.
“The critical challenge of this century is to dramatically reduce emissions, while maintaining robust sustainable development,” he said. “That is why I am so focused on COP28 being truly inclusive.”
Four new countries consulted to join OPEC: sec-gen
OPEC Secretary-General Haitham Al-Ghais told Emirates News Agency on Wednesday that there are discussions with four new countries — Azerbaijan, Malaysia, Brunei and Mexico — to join the organization.
“Consultations with new countries from outside the organization contribute to strengthening the cohesion of OPEC,” Al-Ghais added.
Kuwait to have higher oil production quota as it ramps up capacity: minister
Kuwait’s oil minister said that his country hopes to have a higher oil production quota when it ramps up capacity, and that Kuwait remains committed to OPEC decisions.
Saad Al-Barrak said his country hopes to reach 3.2 million barrels per day of production capacity before the end of 2024. The hope for a higher OPEC quota was not urgent, he told reporters.
“We are committed to agreements with OPEC,” the minister told reporters.
He added: “We are talking depending on the market, depending on many things.”
(With input from Reuters)
