OPEC

Global benchmark Brent hit $67.45 a barrel while West Texas Intermediate rose to $64.58.

Will top oil producers decide that demand has recovered from the pandemic’s historic collapse and loosen the taps?

Iraq’s youth protesters are demanding an end to corruption in the oil industry 30 years after the Gulf War.

As refineries in Texas reopen after last week’s freeze, concerns over OPEC+’s willingness to continue output cuts grow.

The five-year plan would see the fund creating 1.8 million direct and indirect jobs, said Prince Mohammed bin Salman.

Brent crude had gained for four straight sessions before Thursday, while West Texas Intermediate had risen for three.

The Permian Basin is worst affected, with output down between 65 percent and 80 percent from normal levels.

Oil prices rose to their highest levels in over a year on Monday, as output cuts and stimulus hopes drive crude higher.

Sinking energy exports threaten more financial pain for Algeria, and possibly renewed unrest.

The last time Brent traded at $60 a barrel, COVID-19 had yet to take hold, economies were open – and demand was higher.

Crude has been climbing steadily since late last year on vaccine hopes and as output curbs produced a tighter market.

The kingdom’s view that the pandemic necessitated a further oil output cut ran counter to that of OPEC+ ally Russia.

Saudi Arabia will cut an additional one million barrels per day in February and March as part of wider OPEC+ deal.

Most of the group’s members including Saudi Arabia are against Russia’s proposal to boost supply in February.