Brent crude futures for February delivery rose 2.3 percent to $71.53 a barrel at 1455 GMT. US West Texas Intermediate crude futures rose 2.2 percent to $67.67 a barrel.
On Sunday, Saudi Arabia raised the official selling price of Arab Light crude to Asia and the United States in January by 80 cents compared to the previous month.
The increase followed a decision last week by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+, to continue increasing supplies by 400,000 barrels per day in January.
Prices also received a boost as the prospects for an increase in Iranian oil exports dwindled after the indirect talks between Washington and Tehran aimed at reviving the 2015 nuclear deal were suspended. Meanwhile, the World Petroleum Council conference kicks off this week, and the attendance list of energy sector executives and ministers has been sharply reduced. To discuss the future of the oil market, at a time when the spread of the new “Omicron” strain of the Corona virus has confused travel.
The four-day conference, which was postponed from 2020 due to the pandemic, brings together key figures in the sector every three years. Officials from countries including Saudi Arabia, Nigeria, India and the United States were expected to attend to discuss the role of new technology and strategies to reduce carbon emissions. But travel restrictions and concerns about the new strain of coronavirus prompted organizers on Sunday to scramble to fill in the gaps on the agenda.
Officials from the World Petroleum Council said yesterday that the energy ministers of Saudi Arabia, Kazakhstan, Qatar, Argentina, Equatorial Guinea, Greece, Turkey and Romania withdrew. The CEOs of BP, Sonatrach and Qatar Energy also withdrew.
Organizers said the absence of dignitaries was the result of “travel restrictions and concerns” about the new breed. An official spokesman said that the conference would move forward and that alternatives were being sought for some of the speakers.
Yesterday (Monday) conference sessions began with talks by executives from Chevron, ExxonMobil, Saudi Aramco, Equinor and Total Energies, during which they presented their approach to the world’s shift away from fossil fuels. The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Muhammad Barkindo, is speaking during the conference today (Tuesday) remotely due to travel restrictions.
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