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RIYADH: Oil settled higher on Friday, supported by expectations that OPEC’s decision to increase production targets by slightly more than planned will not add that much to global supply, which should tighten as China eases COVID restrictions.
Brent crude rose 1.79 percent, to settle at $119.72 a barrel.
US West Texas Intermediate crude advanced by 1.71 percent, to $118.87.
Moscow says it sees big jump in profits from energy exports
Russian Foreign Minister Sergei Lavrov on Saturday said Western sanctions would have no effect on the country’s oil exports, and predicted a big jump in profits from energy shipments this year, Tass news agency reported.
“Considering the price level that has been established as a result of the West’s policies, we have suffered no budgetary losses. On the contrary, this year we will significantly increase the profits from the export of our energy resources,” Tass quoted Lavrov as telling a Bosnian television station.
Iraq’s oil production will hit 4.58 million bpd as of July
Iraq’s oil output will reach 4.58 million barrels per day as of July following an OPEC+ decision to increase production, an Iraqi Oil Ministry spokesperson said on Friday, according to the state news agency.
“Production increase will be at a rate of 70,000 bpd,” spokesman Aasem Jehad said, noting that the OPEC+ decision concerns production not exports.
OPEC+ said on Thursday it had agreed to boost output by 648,000 bpd in July — or 0.7 percent of global demand — and a similar amount in August versus the initial plan to add 432,000 bpd a month over three months until September.
(With input from Reuters)