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Oil prices fell Monday (Aug. 15) after Saudi Aramco, the world’s largest exporter, said it was ready to ramp up production as output resumed at several rigs in the Gulf of Mexico following last week’s power outages.
- Brent crude futures fell 27 cents, or 0.3%, to $97.88 a barrel, after falling 1.5% on Friday.
- WTI crude futures were at $91.87 a barrel, down 22 cents, or 0.2%, after falling 2.4% in the previous session.
Chief Executive Officer Amin Nasser said Sunday that Saudi Aramco is ready to increase its crude oil production to 12 million barrels per day if the Saudi government so desires.
“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.
Oil prices rose more than 3% last week after damaged parts of an oil pipeline disrupted production on several rigs in the Gulf of Mexico.
The state of Louisiana said the manufacturer partially halted production before completing repairs late last week.
Energy services company Baker Hughes Co. reported Friday that the U.S. oil rig count rose by 3 to 601 last week.
Global oil markets continue to be supported by tight supply ahead of EU sanctions on Russian crude and refined product supplies this winter.
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Monday, August 15, 2022