Oil prices will not average more than $80 per barrel in the second half of this year, despite the most recent production cut announced by Saudi Arabia, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO) released this week.
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.
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.
Crude oil prices rose by more than 1% in early trade today following the OPEC+ meeting that took place Sunday.
Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.
Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy.
Saudi Arabia is making money from diesel trading after the EU embargo on Russian fuels, as the world’s top crude exporter is now importing record volumes of cheap diesel from Russia and exporting record levels of its own diesel to the higher-priced Asian market in the Singapore hub, trading and ship-tracking sources have told Reuters.
Saudi Arabia is making money from diesel trading after the EU embargo on Russian fuels, as the world’s top crude exporter is now importing record volumes of cheap diesel from Russia and exporting record levels of its own diesel to the higher-priced Asian market in the Singapore hub, trading and ship-tracking sources have told Reuters.
The Saudi Arabian Cabinet reviewed developments in the resumption of relations with Iran and approved several agreements, including those in tourism, energy, and agriculture.
The surprise huge new cut in oil production from ‘OPEC+’ – the Saudi Arabia-led OPEC group of countries ‘plus’ Russia – highlights that any optimism over a possible rapprochement between Saudi Arabia and its previous key superpower ally, the U.S.