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Riyadh goes it alone on oil cutsCrude oil and natural gas rebounded this morning after Saudi Arabia, the world’s biggest exporter, announced a million-barrel-per-day production cut at this weekend’s OPEC Plus summit in an effort to boost sagging energy prices. But the negotiations that led to the move — and a more complicated adjustment of the cartel’s production quotas — hint at the tensions between many of the world’s top crude-producing countries, with global oil prices in the balance. The United Arab Emirates saw its production quota grow, after years of lobbying for such a move, while other countries had their targets reduced. The arrangement that emerged on Sunday was a Riyadh-led compromise, which Prince Abdulaziz bin Salman, the Saudi oil minister, called “a Saudi lollipop” that is meant to sweeten prices for oil traders. Though the cut is meant only for July, it could be extended.

Persons: Prince Abdulaziz bin Salman Organizations: United, United Arab Emirates Locations: Riyadh, Saudi Arabia, OPEC, United Arab, Saudi

☆ Saudi's crown prince and Putin are teaming up to keep oil prices high in a geopolitical gambit likely to annoy the US
▼ + stars: | 2023-06-05 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabia said it is cutting oil production to stabilize oil markets. The move is likely to irk Joe Biden, who has clashed with the Saudis on oil production. The Saudis have previously worked with Russia to cut production, thus boosting prices. Saudi Arabia is the world's biggest oil producer and most influential member of the group, so has significant power over global oil markets. The production cut will likely be among the issues discussed when US Secretary of State Anthony Blinken visits Saudi Arabia next week.

Persons: irk Joe Biden, —, Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz, Saudi Arabia's, Prince Mohammed bin Salman, Alexander Novak, Biden, State Anthony Blinken Organizations: Saudis, Service, Privacy Policy, Reuters, Brent, White, State, New York Times, Kremlin Locations: Saudi Arabia, Russia, Privacy Policy Saudi Arabia, Saudi, Vienna, Austria, Russian, Riyadh, Ukraine, Opec, India

☆ Saudi energy minister defends voluntary oil cuts as precautionary
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them. This Sunday, they extended these measures through the end of 2024, with Riyadh announcing an additional 1 million-per-day voluntary and extensible drop, starting in July. The OPEC+ group otherwise collectively decided to stick to its targets for 2023, with production at 40.463 million barrels per day next year. On Sunday, the Saudi oil minister defended the voluntary moves as precautionary. "It was just our sensibility, if you will call it, that the environment was not sufficiently allowing confidence to be there.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz bin Salman, —, Abdulaziz, CNBC's Dan Murphy Organizations: Energy, Organization of Petroleum Exporting, Saudi Energy, Organization of, Petroleum Locations: Saudi, Vienna, OPEC, Riyadh

☆ OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023. The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines. OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024. The Saudi energy minister described the kingdom's additional 1 million barrel-per-day voluntary reduction as a "Saudi lollipop" and stressed it will implemented. Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to "watch out," in a comment widely read as heralding another supply cut.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, Suhail, Prince Abdulaziz bin Salman, Brent Organizations: Energy, Organization of Petroleum Exporting, of, Petroleum, Sunday, Russia's, Reuters, OPEC Locations: Saudi, Vienna, OPEC, Saudi Arabia, Russia, UAE, Moscow, Riyadh

☆ Saudi Arabia to slash oil production again as OPEC+ extends supply curbs
▼ + stars: | 2023-06-04 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday. The Saudi statement followed a meeting Sunday in Vienna of the alliance known as OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other smaller producers. At the meeting, Riyadh also agreed to extend a production cut of 500,000 barrels per day — announced in April — through 2024. Other members of OPEC+ would also continue to curb output until the end of next year, Reuters reported. Oil prices surged after the surprise April cut, reaching a peak later that month, but reversed course in subsequent weeks.

Persons: —, Alexander Novak, Saudi Ministry of Energy “, Brent, Energy Prince Abdulaziz bin Salman, Joe Klamar, “, ”, …, ” Prince Abdulaziz bin Salman Organizations: London CNN, Saudi Press Agency, Organization of, Petroleum, Reuters, Saudi Ministry of Energy, OPEC, Federal, Saudi, Energy, Bloomberg, Wall Street Journal Locations: Saudi Arabia, OPEC, Saudi, Vienna, Russia, Riyadh, —, Moscow, Ukraine —, AFP, Qatar, United States, China, Germany, Europe’s

[1/2] Participants gather near a screen showing Russian President Vladimir Putin, who delivers a speech at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. The forum in St Petersburg, the former imperial capital built by Tsar Peter the Great 300 years ago as a "window" to Europe, has been held since 1997 and is cast by many officials as Russia's answer to the World Economic Forum held in Davos. Western journalists have never before been banned from the forum in such a blanket way. "It has indeed been decided this time not to accredit publications from unfriendly countries to the SPIEF," Kremlin spokesman Dmitry Peskov told TASS, using the acronym for the forum. "Unfriendly countries" is a definition used by Moscow to describe those who have sanctioned it over the war in Ukraine.

Persons: Vladimir Putin, Anton Vaganov, Tsar Peter the Great, Dmitry Peskov, Peskov, Prince Abdulaziz bin Salman, Alexander Novak, Putin, Guy Faulconbridge, Christina Fincher, Angus MacSwan Organizations: St ., Economic, REUTERS, St Petersburg, Reuters, Russian, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, MOSCOW, St Petersburg, Europe, Davos, Moscow, Ukraine, Saudi Arabia, China

Two OPEC+ sources said they did not expect the group to agree further output cuts on Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). Before then, OPEC ministers will meet at 11 a.m. on Saturday. As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May, adding to a 2 million barrels per day (bpd) reduction agreed last year. A fourth source said the idea of formalising the voluntary cuts as an OPEC+ decision was being looked at. Last week, Prince Abdulaziz told investors he said were shorting the oil price to "watch out", which many market watchers interpreted as a warning of additional supply cuts.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Kirsten Donovan Organizations: OPEC, Organization of, Petroleum, Saudi Energy, United, Thomson Locations: VIENNA, OPEC, Russia, Vienna, Algeria, United Arab Emirates, Russian

☆ OPEC+ prepares for weekend meeting after Saudi warns speculators to 'watch out'
▼ + stars: | 2023-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. After convening remotely throughout the Covid-19 pandemic, OPEC+ has returned to in-person meetings and will gather in Vienna on June 4. The OPEC ministers gather for a separate meeting unlikely to address output on June 3. Ministers face an oil market rattled by supply volatility, demand uncertainty, and a prospective recession, which could throttle transport fuel consumption. Two OPEC+ delegates, who did not want to be named due to the market sensitivity of the meeting, told CNBC that further output cuts were unlikely this weekend.

Persons: Saudi Arabia —, Prince Abdulaziz bin Salman, …, Alexander Novak, Prince Faisal bin Farhan al, Saud, Sergey Lavrov Organizations: Ministers, Russia, CNBC, Saudi Foreign, Brent Locations: Saudi Arabia, Russia, OPEC, Vienna, Saudi, Moscow, Riyadh, Cape Town, China, London, Washington

LONDON/DUBAI, June 1 (Reuters) - OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. It brought total output cuts to 3.66 million bpd, or about 4% of global consumption. In March 2020, it abandoned production quotas altogether, launching a Saudi-Russian price war at the onset of the COVID-19 pandemic that sent oil prices 25% lower. It quickly re-established quotas with its biggest output cut to date of about 10 million bpd, agreed in April, 2020. OPEC has said it expects oil demand growth to reach 2.33 million bpd this year as non-OPEC supplies grow by 1.4 million bpd.

Persons: Brent, Prince Abdulaziz bin Salman, Alexander Novak, Goldman Sachs, Ahmad Ghaddar, Alex Lawler, Rowena Edwards, Maha El, Simon Webb, Barbara Lewis Organizations: LONDON, OPEC, Reuters, Organization of, Petroleum, West, Brent, Saudi Energy, Saudi, HSBC, Thomson Locations: DUBAI, Russia, West African, Nigeria, Angola, Kurdistan Region, Iraq, Vienna, Russian, China, 2H23, OPEC, London, Maha El Dahan, Dubai, Moscow

☆ OPEC excludes some WSJ, Reuters and Bloomberg reporters from meeting
▼ + stars: | 2023-06-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

OPEC reporters from three large news organizations have not been invited to the oil producing alliance's meetings this weekend, sources told CNBC. The OPEC Secretariat, which oversees media accreditation, on Tuesday issued invitations to some journalists to cover the June 3-4 meetings on-site. Two Wall Street Journal reporters who do not regularly cover OPEC received invitations. Spokespeople for the OPEC Secretariat and Wall Street Journal did not immediately respond to a request for comment. OPEC+ ministerial meetings often see news agencies such as Reuters, Bloomberg and the Wall Street Journal compete to break the results of the meetings before they have been concluded.

Persons: —, Russia —, Prince Abdulaziz bin Salman, Alexander Novak Organizations: CNBC, OPEC Secretariat, Reuters, Bloomberg, Wall Street, Street, CNBC —, Financial Times, OPEC, Wall Locations: OPEC, Russia, China, Saudi Arabia, Saudi

☆ OPEC+'s mixed messages, recession fears make it too early to buy the dip on our oil stocks
▼ + stars: | 2023-05-31 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

A slide in crude oil prices has weighed on the Club's three energy holdings. Brent crude — the global oil benchmark — and West Texas Intermediate Crude, the U.S. oil standard, have fallen roughly 7% and 8%, respectively, over the past week. @CL.1 5D mountain West Texas Intermediate crude prices over the past five days. In those instances, Gabelman said he thinks oil prices are unlikely to react significantly. In sum, we find the situation leading up to the OPEC+ meeting too murky to make a move on our oil stocks, despite their recent swoon.

Persons: Saudi Arabia — OPEC's, —, Prince Abdulaziz bin Salman, Alexander Novak, Jason Gabelman, Gabelman, We're, Jim Cramer's, Jim Cramer, Jim, Joe Klamar Organizations: of Petroleum, Russian, Brent, West, Energy, Natural Resources, Halliburton, HAL, Texas, Cowen, CNBC, OPEC, AFP, Getty Locations: OPEC, Saudi Arabia, Russia, Saudi, West Texas, U.S, Covid, Europe, Austrian, Vienna, Austria

☆ Factbox: What have OPEC+ producers said ahead of June oil policy meeting?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

LONDON, May 30 (Reuters) - Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend. Russian Deputy Prime Minister Alexander Novak said on Thursday he expected no new steps from OPEC+ in Vienna, Russian media reported. Novak later added in a statement that OPEC+ would make a decision on what is best for the oil market. Three sources with knowledge of current Russian thinking told Reuters last week Russia is leaning towards leaving oil production volumes unchanged. IRANIranian President Ebrahim Raisi told the secretary general of OPEC on Saturday that he hopes oil producers can calm the market, calling for the unity of OPEC members, Iranian media reported.

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

☆ Oil prices rise as US closes in on debt deal
▼ + stars: | 2023-05-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked up on Friday as U.S. officials appeared close to striking a debt ceiling deal, and as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Russia was leaning towards leaving oil production volumes unchanged because Moscow is content with current prices and output, three sources with knowledge of current Russian thinking told Reuters. Bets on falling oil prices have risen. On the supply side, U.S. oil rigs fell five to 570 this week, according to a report from energy services firm Baker Hughes Co. In May, the oil count fell by 21 rigs, which was the biggest monthly drop since June 2020.

Persons: Brent, Alexander Novak, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, John Kilduff, Baker Hughes, Klaas Knot Organizations: . West Texas Intermediate, U.S, Biden, Saudi Arabian Energy Minister, Organization of Petroleum Exporting, OPEC, Again, AAA, Dutch Central Bank, European Central Bank Locations: Russia, Saudi Arabia, Vienna, Moscow, U.S, Europe

☆ Saudi oil minister warns market speculators to 'watch out' ahead of OPEC+ meeting
▼ + stars: | 2023-05-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a panel session at the Qatar Economic Forum in Doha, Qatar on May 23, 2023. Saudi Oil Minister Prince Abdulaziz bin Salman on Tuesday told market speculators to "watch out," reiterating his warning that they could face pain ahead. The Saudi oil minister has previously struck out against price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4. The organization's executive director, Fatih Birol, nevertheless on Sunday told CNBC that a potential — if unlikely — U.S. debt default could trigger a drop in oil demand and prices. "With several OPEC+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere's summer, we expect larger inventory draws to materialize and bring investors back to the oil market," they said.

Persons: Abdulaziz bin Salman, Prince Abdulaziz bin Salman, …, —, Abdulaziz, Fatih Birol Organizations: Qatar Economic Forum, Saudi Oil, Tuesday, ICE Brent, International Energy Agency, Sunday, CNBC, Swiss, UBS Locations: Saudi, Qatar, Doha, OPEC, London, Saudi Arabia, U.S, Beijing, China, Paris

☆ IEA should be 'very careful' about undermining key oil investments -OPEC chief
▼ + stars: | 2023-04-27 | by ( Maha El Dahan | ) www.reuters.com time to read: +3 min

Such comments could lead to oil market volatility in future, he said. Oil prices rose above $80 a barrel on the back of the decision, having fallen as low as $70 per barrel last month. Birol, in an interview with Bloomberg on Wednesday, said OPEC should be careful about pushing oil prices up as that would translate into a weaker global economy. OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand. OPEC+ decided last year it would stop using data from the West's energy watchdog when assessing the state of the oil market.

☆ White House hails Yemen steps after meeting with Saudi crown prince
▼ + stars: | 2023-04-14 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

April 14 (Reuters) - Senior aides to U.S. President Joe Biden on Friday hailed progress toward resolving conflict in Yemen after "constructive" talks in Saudi Arabia with Crown Prince Mohammed Bin Salman. The meetings included Biden's top Middle East adviser, Brett McGurk, and his Yemen envoy, Tim Lenderking, and took place on Thursday and Friday, said Adrienne Watson, a spokesperson for the White House National Security Council. "The U.S. side confirmed its support for the defense of Saudi Arabia against threats from Yemen and elsewhere." The White House summary did not mention the surprise decision earlier this month by Saudi-led OPEC+ to cut oil production. Yemen's war is seen as one of several proxy battles between Iran and Saudi Arabia.

☆ Saudi Arabia’s Oil Production Cuts Reflect Cost of Reshaping Economy
▼ + stars: | 2023-04-03 | by ( Summer Said | Stephen Kalin | ) www.wsj.com time to read: 1 min

DUBAI—An oil production cut by Saudi Arabia and its allies demonstrated how Crown Prince Mohammed bin Salman is willing to set aside U.S. concerns to pursue a nationalist energy policy aimed at funding an expensive makeover of his kingdom. This weekend’s move came as a surprise after Saudi Energy Minister Prince Abdulaziz bin Salman told industry analysts privately in February that the kingdom would tolerate oil prices slipping to around $65 or $70 a barrel, according to analysts and Saudi officials familiar with the matter. Brent crude, the international benchmark, was trending downward since late last year on global recession fears, nearing $70 a barrel last month. On Monday, oil prices posted their steepest one-day increase in more than a year, rising 6.3% to $84.93 a barrel.

☆ Why is OPEC cutting oil output?
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +4 min

Redburn research said the size of the latest cut was probably overdone unless OPEC feared a major global recession. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. "The latest cut would hurt those who bet against oil really badly," said a source familiar with OPEC+ thinking. However, excessively high oil prices represent a risk for OPEC+ as they speed up inflation, including for goods the group needs to purchase. Oil prices rebound after OPEC+ announces production cutsTENSIONS WITH WASHINGTONWashington has called the latest move by OPEC+ inadvisable.

☆ Brent oil prices slip under $72 per barrel amid banking turmoil
▼ + stars: | 2023-03-20 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Brent oil prices logged losses Monday, dropping below $72 per barrel in intraday trade amid turmoil in the banking sector. The Brent contract with May delivery was trading at $71.64 per barrel at 11:00 London time, down by $1.33 per barrel from the Friday close. The front-month April WTI Nymex was at $65.52 per barrel, lower by $1.22 per barrel from the previous settlement. It added that the options market is now intensifying the decline in oil prices through delta-hedging plays. Questions linger over the potential demand boost from a reopening China — the world's largest importer of crude oil, whose buying was reined in for much of last year by Covid-19 restrictions.

U.S. West Texas Intermediate crude futures (WTI) gained 98 cents, or 1.4%, to $72.31 a barrel. "The OPEC upgrade in Chinese oil demand outlook also lent support, though investors were still concerned over a cascading financial crisis after the recent collapse of U.S. banks," he said, noting that whether WTI can stay above $70 a barrel is being closely watched. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left total global demand steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

TOKYO, March 15 (Reuters) - Oil prices rebounded more than 1% on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook on China's demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left the global demand total steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. "The consensus is that the oil supply-demand balance will tighten in the second half, driven by China rebound, unless a severe global recession hits," he added. Meanwhile, U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ Oil prices bounce back, helped by stronger OPEC outlook for China
▼ + stars: | 2023-03-15 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

TOKYO, March 15 (Reuters) - Oil prices rose in early Asia trade on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook on China's demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. Brent crude futures climbed 62 cents, or 0.8%, to $78.07 a barrel by 0058 GMT. U.S. West Texas Intermediate crude futures (WTI) gained 70 cents, or 1.0%, to $72.03 a barrel. "The oil market has bounced back on its own after the recent sharp losses," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd, adding some investors had taken advantage of the slide to hunt for bargains. Meanwhile, U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ OPEC+ decisions not politicised, Saudi energy minister says
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Feb 20 (Reuters) - Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed. Prince Abdulaziz was speaking at a media forum in the capital Riyadh about last October's decision to cut the group's production target by 2 million barrels per day. The group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed the cuts until the end of 2023. Prince Abdulaziz reiterated in an interview with Energy Aspects last week that the decision was locked in for the rest of the year. Reporting by Aziz El Yaakoubi Editing by Kirsten Donovan and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses of 2.5% as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

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