Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

European oil firms climb as Saudi Arabia rejects reports of OPEC+ output increase

Stock Markets Nov 22, 2022 23:28
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
BP
+1.51%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TTEF
+2.12%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
REP
-0.79%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
-2.86%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SHEL
+3.27%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
STOXX
+0.34%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Scott Kanowsky 

Investing.com -- Shares in European energy firms rose on Tuesday after Saudi Arabia denied news reports that OPEC and its allies are eyeing a potential output increase at their December 4 meeting.

Oil and gas stocks climbed by around 3% in morning trading on Tuesday, with key sector players like BP PLC (LON:BP), Shell PLC (LON:SHEL), Spain's Repsol (BME:REP), and TotalEnergies SE (EPA:TTEF) in France all jumping towards the top of the pan-European STOXX 600.

According to the Wall Street Journal and other outlets, the oil group is discussing a production hike of up to 500,000 barrels a day.

Prince Abdulaziz bin Salman, the energy minister of OPEC+'s de facto leader Saudi Arabia, rejected the rumors, saying that the organization does not discuss any decisions ahead of its meetings.

He added that OPEC+'s move last month to slash production by two million bpd would remain in place until the end of 2023. Washington blasted the cuts, accusing OPEC of "aligning" with Russia despite worldwide efforts to blunt Moscow's ability to fund the war in Ukraine.

The rise would also come just a day before the European Union is set to roll out an embargo on Russian oil exports and G7 countries may potentially place a cap on Russian crude prices.

 
 
 
 
 
European oil firms climb as Saudi Arabia rejects reports of OPEC+ output increase
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email