• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Oil Market Data
    • Canada NG Market Data
    • USA Market Data
    • Data Downloads
  • Jobs

Oil plunges as much as 17% as UAE, Iraq set to boost output

March 9, 202212:07 PM Reuters

Oil prices plunged as much as 17% after media reports said OPEC producers United Arab Emirates and Iraq said they would support increased production, potentially offsetting some of the supply disruptions caused by sanctions on Russian oil after its invasion of Ukraine.

Brent crude fell more than 17%, or $22, to hit a session low at $105.60 during a sharp selloff. The benchmark crude recovered some losses by 1:03 p.m. EST (1803 GMT) to trade down $13.29, or 10.4%, at $114.69 a barrel. U.S. crude was down $12.01, or 9.7%, at $111.69.

CL1! chart by TradingView

Prices hit session lows after traders cited media reports of an Iraqi minister claiming the country is ready to hike production if OPEC+ requires it to. Reuters could not immediately verify the accuracy of the report.

Financial Times had earlier reported that Yousef al-Otaiba, the UAE’s ambassador to Washington, said the country favours increasing production.

“That’s not nothing. They can probably bring about 800,000 barrels to the market very quickly, even immediately, bringing us one-seventh of the way there in replacing Russian supply,” said Bob Yawger, director of energy futures at Mizuho.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Canada in talks with Europe about east coast energy exports
  • Column: Oil market confronts U.S. and EU policymakers with unpalatable choices
  • Oil prices rise for fourth day on supply worries
  • XI Technologies: June 2022 Alberta expiring land report
  • Tidewater Renewables Ltd. enters into inaugural multi-year sale agreement for its clean fuel regulation credits with an investment grade counterparty

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

    Report Error





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2022 Grobes Media Inc.