Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Yemeni Armed Forces have launched an additional drone toward "Israel," and it was intercepted.
Occupied Palestine: The IOF spokesman announced the Air Force intercepted an unmanned aircraft from the east.
Head of the Russian delegation to the talks in Turkey: The Russian-Ukrainian talks yielded good results.
Al Mayadeen's correspondent in occupied Palestine: Martyrs and wounded after an IOF aircraft bombed a house in Tal al-Zaatar, north of the Gaza Strip.
Libya: The Libyan Ministry of Health declares a state of maximum emergency in all hospitals to support medical staff working in Tripoli and its suburbs.
Libya: Demonstrations in several Libyan cities demand the overthrow of the Dbeibah government.
Italian Foreign Ministry: We are following developments in Libya with concern and reiterate our call for all parties to return to calm and dialogue.
Libya: Demonstration in Bani Walid calls for the overthrow of the Dbeibah government and holding it accountable.
Libya: Sabratha Municipal Council supports the overthrow of the Dbeibah government and calls on it to leave.
Al Mayadeen's correspondent in occupied Palestine: The IOF is carrying out massive bombing operations in the northern Gaza Strip.

Oil prices up 2% as UAE, Saudi Arabia approach max-out on oil output

  • By Al Mayadeen English
  • Source: Agencies
  • 29 Jun 2022 10:09
3 Min Read

West Texas Intermediate settled up $2.19, whereas Brent crude settled up $2.89.

  • x
  • The Total Grandpuits oil refinery seen just after sunset, southeast of Paris, France, March 1, 2021. (Reuters)
    The Total Grandpuits oil refinery seen just after sunset, southeast of Paris, France, March 1, 2021. (Reuters)

Oil prices rose 2% on Tuesday, coming amid the third day of talks that the UAE was maxing out on its oil production. This defies beliefs that the UAE has adequate resource capacity to raise the output in an emergency event.

West Texas Intermediate, the benchmark for US crude, settled up $2.19 - or 2%. at $111.76 per barrel. 

Brent crude, the international benchmark for oil, settled up $2.89, or 2.5% at $117.98.

While WTI has rebounded around 7%, Brent gained 3% since the last negative settlement on Thursday. Before that, the two benchmarks lost 14% in an almost two-week long slump, which was crude's worst sell-off in two months. 

What triggered the sell-off in the past two weeks was talks of undersupply of oil in addition to whispers of recession. 

On Tuesday, China's zero-COVID-19 policy also added to the bullish trend in the oil price. Beijing's tough stance on the pandemic has stopped, according to some analysts, crude prices from reaching their true bullish potential this year.

This week, OPEC+'s alliance of oil producers, together, were producing around 2.7 million barrels a day - which is a number less than prescribed by the group. 

Related News

Syria signs $800 million deal with UAE to develop Tartus Port

Etihad commits to $14.5 billion aircraft deal with Boeing and GE

At the current pace of OPEC+ production, "even sanctions being lifted on Iran and Venezuela can't do much against that backdrop," Craig Erlam, an analyst at online trading platform OANDA, said.

Biden has been considering lifting the sanctions on Venezuela and Iran to increase the world's supply of oil.

Since Friday, the trend was positive with an acceleration as French President Emmanuel Macron detailed to US President Joe Biden his phone call with UAE counterpart Mohammed bin Zayed Al Nahyan, who told him that the UAE cannot produce more oil than what they were already producing.

Read next: Biden to meet MBS in Saudi Arabia mid-July

 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Al Mayadeen English (@almayadeenenglish)

Macron also noted that bin Zayed told him Saudi Arabia can increase a little bit, about 150,000 barrels a day or a little more," the French president said, adding: "They don’t have huge capacities".

Saudi Arabia currently produces 10.5 million BPD and has a nameplate capacity of 12.0 million-12.5 million BPD, allowing it to increase output by 2 million.

The UAE produces approximately 3 million BPD, has a capacity of 3.4 million, and is working to increase it to 4 million BPD.

  • Oil prices
  • UAE
  • Saudi Arabia
  • Joe Biden

Most Read

Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Israeli media: Yemen may push 'Israel' towards ceasefire in Gaza
MENA

Israeli media: Yemen may push 'Israel' towards ceasefire in Gaza

Palestinians struggle to get donated food at a community kitchen in Khan Younis, Gaza Strip, Friday, May 16, 2025 (AP)
Politics

Trump administration planning to send 1 million Palestinians to Libya

President Donald Trump greets Israeli Prime Minister Benjamin Netanyahu at the White House, Monday, April 7, 2025, in Washington. (AP)
Politics

'Israel' concerned, says US withholding info about indirect Iran talks

Israeli Prime Minister Benjamin Netanyahu during the annual ceremony at the Yad LaBanim Memorial in occupied al-Quds on Tuesday, April 29, 2025 (AP)
Politics

Netanyahu cancels Vatican visit over fears of ICC arrest

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS