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Oil Updates — Crude climbs ahead of OPEC+ meeting; Germany to use windfall tax income to reduce energy prices

RIYADH: Oil prices jumped over $1 a barrel on Monday, extending gains as investors eyed possible moves by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+ producers, to cut output and support prices at a meeting later in the day.

Brent crude futures rose $1.88, or 2 percent, to $94.90 a barrel by 0345 GMT after gaining 0.7 percent on Friday. 

US West Texas Intermediate crude was at $88.60 a barrel, up $1.73, or 2 percent, following a 0.3 percent advance in the previous session.

US markets are closed for a public holiday on Monday.

Germany to use windfall tax income to reduce energy prices 

Germany’s government will use income from windfall taxes to lower end-consumer prices for gas, oil and coal, German Chancellor Olaf Scholz said on Sunday, announcing measures to mitigate the impact of rising energy prices on its population.

Scholz said the government plans to tie certain social benefits to the current or expected inflation rate in the future and will earmark 1.5 billion euros ($1.49 billion) for a discounted public transportation offer.

The measures are part of a 65-billion-euro package the ruling coalition government agreed on Sunday to help citizens and companies struggling with rising inflation in Europe’s biggest economy. 

Enel CEO awaits word on sale of Russian unit to Lukoil

Italian utility Enel has no indication on when it can close the sale of its Russian unit, CEO Francesco Starace said on Saturday, adding that prospective buyer Lukoil had sought the necessary authorization.

“Lukoil has put in the necessary request … and we’re awaiting a response,” Starace said during a press briefing at a business conference in northern Italy.

Enel announced in June it had reached a deal with Russia’s Lukoil and investment fund Gazprombank-Frezia to sell its 56.43 percent stake in Enel Russia for around 137 million euros (135.44), which will be paid at closing.

Russia put Enel’s local subsidiary on a preliminary list of companies that investors from so-called unfriendly countries are banned from selling this year, unless they get special presidential permission.

Moscow later introduced a further requirement, demanding that the prospective buyer also seeks authorization to acquire the asset.

(With input from Reuters) 

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