, after an attack on Saturday shut more than 5 million barrels per day of output, or over 5% of global supply.
Before the attack, OPEC had been focusing on boosting adherence to a supply-reduction pact with Russia and other non-members, known as OPEC+. OPEC has been over-delivering on the pledge and Mazrouei said that, while spare capacity is there, the UAE would stick to its quota. OPEC Secretary General Mohammad Barkindo discussed the oil market with the head of the International Energy Agency, Fatih Birol, on Monday after the attacks on Saudi oil facilities, an OPEC source told Reuters.
With global oil inventories plentiful and no signs of a shortage yet, OPEC does not need to formally discuss taking any action for now, two other OPEC sources said.Story continues below advertisement
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Attacks on Saudi Arabia’s oil plants threaten U.S. gasoline price hikes, particularly in CaliforniaThe recent drone attacks may start a gasoline price hike across North America Good Of course Doug Ford will blame the federal carbon tax.
Source: globeandmail - 🏆 5. / 92 Read more »
U.S. blames Iran for Saudi oil attack, Trump says 'we are ... locked and loaded'Global energy prices spiked on Monday after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record, an assault for which U.S. President Donald Trump warned that the U.S. was 'locked and loaded' to respond.
Source: CTVNews - 🏆 1. / 99 Read more »
Premarket: Oil soars after Saudi supply shock, stocks slidePremarket: Oil soars after Saudi supply shock, stocks slide GlobeInvestor
Source: globeandmail - 🏆 5. / 92 Read more »
Yemen drones hit Saudi oil sites, including key chokepointDrones launched by Yemen's Houthi rebels attacked the world's largest oil processing facility in Saudi Arabia and another major oil field Saturday, sparking huge fires at a vulnerable chokepoint for global energy supplies.
Source: CTVNews - 🏆 1. / 99 Read more »