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Oil Eases With U.S. Urging Producers to Ramp Up Supplies


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(Bloomberg) Oil fell for a second day as one of the top energy diplomats in the U.S. urged producers to hike output.

West Texas Intermediate declined 1.3%, falling for a second session. The global economy is facing an energy crisis, Amos Hochstein, the U.S. State Department’s senior adviser for energy security, said Thursday on a panel at a conference. Energy producers who can boost output should do so, he added.

“We found ourselves in an energy crisis,” Hochstein said. “Producers should ensure that global oil markets and gas markets are balanced.”

WTI set for a monthly gain despite dropping in recent sessions

Crude has pulled back in recent days as a recent rally above $85 a barrel ran out of steam. Iran and the European Union agreed Wednesday to restart negotiations on reviving the 2015 nuclear accord, with a precise date for talks to be announced in the next week. At present, Iranian crude exports are subject to U.S. sanctions and a deal could eventually clear the way for their revival.

Here’s What UBS to ING Are Saying About Crude Oil’s Sudden Slump

Prices have been lifted by rising demand as pandemic curbs ease and amid a broader gas-centered energy crunch. At the same time, the Organization of Petroleum Exporting Countries and its allies have been restoring supply at only a modest pace.

Prices:
  • WTI for December delivery dropped 1.3% to $81.62 a barrel at 8:41 a.m. in New York.
  • Brent for December settlement fell 1.2% to $83.59

Crude’s drop came amid signs policy makers are addressing the energy crisis. In Asia, China has taken steps to try to tackle a shortage of key raw materials including coal, while in Europe, Russian President Vladimir Putin ordered Gazprom PJSC to start refilling its European gas-storage sites.

Related coverage:
  • The Biden administration is poised to unveil a crackdown on methane leaks from oil and gas wells.
  • Activist investor Dan Loeb has built a position in Royal Dutch Shell Plc and is pushing for a breakup of the energy giant.
  • Exxon Mobil Corp. raised its dividend for the first time since early 2019 in a demonstration of its re-emerging financial strength.


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