TASI continues to lose ground ahead of domestic inflation data: Opening bell

RIYADH: Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the EU embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.

Brent crude futures rose 60 cents, or 0.7 percent, to $91.95 a barrel by 0330 GMT after settling up 0.5 percent on Friday. US West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5 percent. 

Kuwait produces more than 2.8 million bpd barrels per day of oil

Kuwait Petroleum Corporation’s CEO said on Sunday that the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its Organization of the Petroleum Exporting Countries’ quota.

Sheikh Nawaf Saud Al-Sabah also said Kuwait has plans to increase crude oil production whenever the market needs it, but currently, the customers of the state-owned corporation still demand the same volumes with no change.

Kuwait produces 650 million cubic feet of gas per day, and plans to increase it to one billion, he added.

On the market environment, he said “ambiguity exists in all markets, whether gas or oil … there are questions about the world economic future, especially with the interest rates hikes and the expected recession in global economies and the extent of their impact on oil demand.”

OPEC and allies including Russia, known as OPEC+, have been ramping up oil output this year as they look to unwind record cuts put in place in 2020 after the pandemic slashed demand.

However, OPEC+ in recent months has failed to achieve its planned output increases due to underinvestment in oilfields by some OPEC members and by losses in Russian output.

Rosneft says it could challenge Germany in court over subsidiary move

Rosneft said on Friday it could go to court to challenge a decision by Berlin to take the firm’s German subsidiary under trusteeship.

In a statement, Rosneft said the move was illegal. Germany, citing the need to protect the economy, is taking over the business’ Schwedt refinery, which supplies 90 percent of Berlin’s fuel.

(With input from Reuters)