Oil Price Saudi Arabia, the world’s top crude oil exporter, saw its crude exports drop to a five-month low in April, a month before the first of the voluntary Saudi cuts began in May, data from the Joint Organizations Data Initiative (JODI) showed on Monday. In April, Saudi Arabia’s crude oil exports slumped by 207,000 barrels per day (bpd) from March, to
Oil Price Heavy trading in Dubai oil has lifted its premium to WTI crude to its highest since late March, a development that could make U.S. crude even more competitive in Asia. More traders have turned to Dubai after Persian Gulf producers such as Saudi Arabia hiked prices and shipping rates also climbed. Bloomberg has reported that Dubai swaps were trading
World Oil (Bloomberg) – Saudi Arabia’s latest oil production cuts are set to tighten global markets sharply next month, data from OPEC show. Even before the kingdom announced its surprise new measures just over a week ago, the Organization of Petroleum Exporting Countries expected that world inventories would deplete rapidly in the second half amid a post-pandemic recovery in fuel
Nasdaq NEW YORK – Concern about the global economy dampened the oil market’s reaction to Saudi Arabia’s pledge to cut supplies and has capped prices this year, a Chevron CVX.N executive told Reuters on Thursday. Benchmark Brent LCOc1 crude prices were just below $76 a barrel on Thursday, little changed from where they were before Saudi Arabia announced on Sunday it would cut
Oil Price (Bloomberg) – Russia’s President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked on OPEC+ cooperation by phone, the Kremlin said. The two leaders “gave high praise to the level of cooperation within the OPEC+ that allows to make timely and effective steps to maintain the balance of oil supply and demand,” according to a statement late
Yahoo Finance LONDON – Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks. Brent crude futures were up 36 cents, or 0.5%, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude futures gained 37 cents, or 0.5%, to $72.11.
Yahoo LONDON – Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said. On Sunday, Saudi Arabia pledged to cut its oil output by 1 million barrels per day (bpd), or
Oil Price Saudi Arabia agreed to take one for the team this weekend and volunteered to cut another 1 million barrels per day off its crude oil production to keep the market in check—and to punish short sellers. But Saudi Arabia’s Energy Minister has had it up to here with other OPEC members failing to meet their production quotas month
Oil Price Brent prices could hit $100 by the end of this year as the new 1 million bpd production cut Saudi Arabia announced on Sunday would further tighten the oil market, analysts said after the OPEC+ meeting this weekend. The OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer and the world’s largest
Reuters STORY: Saudi Arabia on Sunday said it would dramatically cut its crude oil output as part of a deal by OPEC+ nations to tighten supply into 2024 as producers seek to boost falling oil prices. The Saudi energy minister, Prince Abdulaziz Bin Salman Al-Saud, referred to the million-barrel cut as the “Saudi lollipop,” in that it sweetened a deal
Oil Price Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman has warned traders, again, against shorting oil futures, less than two weeks before the OPEC+ panel on production policy meets on June 4. Prince Abdulaziz bin Salman promised oil speculators back in 2020, “I’m going to make sure whoever gambles on this market will be ouching like hell.” The OPEC+
Oil Price After releasing its impressive oil consumption data for March 2023, the latest production figures from the Joint Organisations Data Initiative (JODI) show that Saudi oil exports rose slightly from 7.45 million bpd to 7.52 million bpd in February. The data also shows a slight increase in Saudi production to 10.46 million bpd ahead of the surprise production cut, which was
