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.
Russia was the single largest crude oil supplier to China in January and February, overtaking Saudi Arabia which was the number-one supplier of oil to China last year, according to Chinese customs data cited by Reuters.
Saudi Arabia, the world’s largest crude oil exporter, is open to discussing oil trade settlements in currencies other than the U.S. dollar, Saudi Minister of Finance, Mohammed Al-Jadaan, told Bloomberg TV in an interview in Davos on Tuesday.
OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting, Saudi energy minister Prince Abdulaziz bin Salman bin Abdulaziz said in an interview with the Saudi state news agency on Tuesday.