Brent crude nears $83

Oil drilling rigs

Crude oil prices rose on Tuesday, in light of statements from senior leaders in the field of oil and gas during the ADIPEC conference, being held in Abu Dhabi from Nov. 15-18.

The international benchmark Brent crude was trading up 1.1% at $82.92/bbl, at 8.47 am Makkah time.

WTI crude rose 0.8% to $81.51/bbl.

UAE Minister of Energy and Infrastructure Suhail Al Mazrouei, speaking at ADIPEC, said the OPEC+ is likely to stick to its current production policy of raising daily output by 400,000 barrels per month, Bloomberg reported.

Lower-than-quota production by some countries is not a matter of concern, he added.

Meanwhile, Vitol CEO Russell Hardy said any release of oil from the US strategic petroleum reserves would not dampen the market or change things fundamentally in terms of prices.

Vicki Hollub, Chief Executive Officer of Occidental Petroleum, said US President Joe Biden should focus on increasing oil production in the US rather than putting pressure on OPEC+ to pump oil at a faster pace.

If the administration wants more supplies, it has to order it from US producers first, he added.