عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Oil Jumps More Than $3 as OPEC+ Weighs Output Cut

A Coast Guard ship patrols around the Sleipner A platform during Norway's Prime Minister's visit in Stavanger, Norway, 01 October 2022. (EPA)
A Coast Guard ship patrols around the Sleipner A platform during Norway's Prime Minister's visit in Stavanger, Norway, 01 October 2022. (EPA)
TT
20
TT

Oil Jumps More Than $3 as OPEC+ Weighs Output Cut

A Coast Guard ship patrols around the Sleipner A platform during Norway's Prime Minister's visit in Stavanger, Norway, 01 October 2022. (EPA)
A Coast Guard ship patrols around the Sleipner A platform during Norway's Prime Minister's visit in Stavanger, Norway, 01 October 2022. (EPA)

Oil prices jumped by more than $3 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic.

Brent crude futures rebounded $3.37, or 4%, to $88.51 a barrel by 1100 GMT. US West Texas Intermediate crude was up 4.1%, or $3.29, at $82.78.

Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging US dollar weighed on global financial markets.

To support prices, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, is considering an output cut of more than 1 million bpd ahead of Wednesday's meeting, OPEC+ sources have told Reuters.

That figure does not include additional voluntary cuts by individual members, one OPEC source added.

If agreed, it will be the group's second consecutive monthly cut after reducing output by 100,000 bpd last month.

Most Viewed

 
Business

Egypt's EGAS Awards 6 Blocks in Mediterranean, Nile Delta, N. Sinai to Int’l Companies

A general view of the Nile River from the Egyptian capital, Cairo (Reuters)
A general view of the Nile River from the Egyptian capital, Cairo (Reuters)
TT
20
TT

Egypt's EGAS Awards 6 Blocks in Mediterranean, Nile Delta, N. Sinai to Int’l Companies

A general view of the Nile River from the Egyptian capital, Cairo (Reuters)
A general view of the Nile River from the Egyptian capital, Cairo (Reuters)

Egypt's EGAS has awarded four blocks in the Mediterranean, one in the Nile delta, and one in North Sinai to international companies, according to a petroleum ministry statement on Wednesday.

Companies will invest $ 245 million to drill at least 13 new exploratory wells during the exploration period.

A consortium of Chevron Egypt and  Shell's BG Group was awarded the North Samian offshore block and Northwest Atoll offshore block, where it will drill two exploratory wells in each block.

The North Ras El Tin offshore block was awarded to Eni's IEOC, with plans to drill three exploratory wells.

Cheiron Egypt will drill three exploratory wells in East Alexandria offshore block, while IPR will drill two exploratory wells in the North Tanta onshore block and Perenco will conduct 3D seismic survey and drill one exploratory well in El Fayrouz onshore block in North Sinai.