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)
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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.



Saudi Firms Sign $8.3 Billion Clean Energy Deals

Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
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Saudi Firms Sign $8.3 Billion Clean Energy Deals

Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA
Several Saudi companies signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts. SPA

Several Saudi companies, including ACWA Power and a subsidiary of oil giant Aramco, signed power purchase agreements on Sunday for clean energy projects with a capacity of 15 gigawatts and investments worth around $8.3 billion, the Saudi state news agency (SPA) said.

ACWA Power signed seven agreements as the main developer, in partnership with the Water and Electricity Holding Co (Badeel), owned by the Saudi Public Investment Fund (PIF), and Aramco Power, a unit of Aramco, according to SPA.

The projects include five photovoltaic solar plants in the cities of Aseer, Madinah, Makkah and Riyadh, and two wind power projects in Riyadh.

Saudi Arabia is aiming to build up to 130 gigawatts of renewable capacity by 2030, it said last year.