Oil markets focused on the production increase discussions between US President Joe Biden and OPEC countries. While Biden argued that OPEC should increase production to decrease the rising oil prices, OPEC emphasized that demand is still under threat and should be acted cautiously.
US President Joe Biden criticized Saudi Arabia and Russia for not taking the necessary measures to manage production at the G20 leaders’ summit in Rome.
A senior US official in Rome, Italy, told reporters that the US is in talks with other energy-consuming countries on how to pressure OPEC+ countries to increase production due to the current supply bottleneck. The official also said they discussed how the relevant countries would respond if 23 oil-producing countries, including Russia.
On the other hand, the third-quarter profit of Saudi oil company Aramco recorded a rapid increase compared to the previous year due to rising oil prices and increased production. The company’s third-quarter profit increased by 158 percent compared to the same period of the last year. The company, which announced a profit of 44.2 billion riyals ($ 11.8 billion) in the same quarter of the previous year, wrote a profit of 114.1 billion riyals ($ 30.4 billion) in the third quarter of this year.
Brent oil for January delivery rose 0.4 percent to $83.39 a barrel on the London ICE Futures Europe market. West Texas Oil for December delivery is down 0.5 percent at around $83.15 a barrel on the Nymex market.
