Several buyers in Asia are looking to buy spot oil cargoes from Russia, Africa, Brazil, or the United States after the world’s top crude exporter, Saudi Arabia, unexpectedly raised its official selling prices for its crude going to Asia in July.
This Monday saw what was perhaps one of the shortest oil price rallies following an OPEC+ meeting.
Following the recent China-brokered resumption of relationship deal between historical enemies Saudi Arabia and Iran, a deal for the Kingdom to develop two key projects in Iran’s close ally Iraq is in the offing.
Following a suspense-filled weekend in Vienna, where OPEC oil ministers attempted to downplay media attention, global oil markets remain uncertain about the direction of oil prices.
Oil prices are now a lot more likely to rise after OPEC+ extended the cuts into 2024 and Saudi Arabia announced an additional reduction of 1 million bpd for July, Fatih Birol, the Executive Director of the International Energy Agency (IEA), was quoted as saying on Monday.
Crude oil prices rose by more than 1% in early trade today following the OPEC+ meeting that took place Sunday.
With improved security in the Niger Delta region, the federal government hopes to ramp up crude oil production to about 1.74 million barrels per day in months ahead.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, on Sunday, agreed to cut global oil production by 1.393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 percent.
The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines.
Oil prices were trading up on Friday afternoon as shorters got a little nervous heading into the OPEC+ weekend, with new rumors circulating about the group’s discussions about another 1 million bpd in production cuts.