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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
View all Reports
Markets 2 MIN READ

Oil prices ease as Aramco says ready to boost crude output

August 15, 2022By Reuters
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EMERGING MARKETS-Most Asia FX rise, Thai baht leads gains November 18, 2021 Oil falls on concerns expected Fed hike will impact fuel demand July 25, 2022 NYSE says manual error triggered major trading glitch January 25, 2023

SINGAPORE, Aug 15 (Reuters) – Oil prices dropped for a second session on Monday after the head of the world’s top exporter, Saudi Aramco, said it is ready to ramp up output while production at several offshore US Gulf of Mexico platforms is resuming after a brief outage last week.

Brent crude futures fell 27 cents, or 0.3%, to USD 97.88 a barrel by 0034 GMT after settling 1.5% lower on Friday. US West Texas Intermediate crude was at USD 91.87 a barrel, down 22 cents, or 0.2%, following a 2.4% drop in the previous session.

Saudi Aramco stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day (bpd) if requested to do so by the Saudi Arabian government, Chief Executive Amin Nasser told reporters on Sunday.

“We are confident of our ability to ramp up to 12 million bpd any time there is a need or a call from the government or from the ministry of energy to increase our production,” Nasser said. He added that China’s easing of COVID-19 restrictions and a pickup in the aviation industry could add to demand.

Investors are looking ahead to China economic data later on Monday for demand cues at the world’s top crude oil importer.

Oil prices rebounded more than 3% last week after a damaged oil pipeline component disrupted output at several offshore Gulf of Mexico platforms.

Producers had moved to reactivate some of the halted production after repairs were completed late Friday, a Louisiana official said.

Energy services firm Baker Hughes Co. (BKR) reported on Friday that US oil rig count rose by 3 to 601 last week. The rig count, an early indicator of future output, has been slow to grow with oil production only seen recovering from pandemic-related cuts next year.

Global oil markets remained supported by tight supplies in the run-up to EU sanctions on Russian crude oil and refined product supplies this winter.

(Reporting by Florence Tan; Editing by Kenneth Maxwell)

This article originally appeared on reuters.com

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