Saudi Aramco has cut December crude prices for Asian buyers following an OPEC+ decision to modestly increase production next month, Reuters reports
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Latest in crude oil
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GCC crude oil production in 2023 soars to 17mbpd, says report
Additionally, the bloc ranked second worldwide in natural gas exports and third in marketed natural gas production
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Indian Oil Corporation buys 7mn barrels of Middle Eastern and African crude amid sanction fears
Spot premiums for Middle East crude extended their rally on Thursday to their highest in more than two years
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Oil prices hold ground after falling on China stimulus
Analysts said the market awaits further price direction from OPEC’s monthly report, to be released later on Tuesday, before charting the next course
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Crude oil edges up Friday, but could be headed for biggest weekly loss in over a month
Brent crude futures rose 16 cents, or 0.2%, to $74.61 a barrel, while US West Texas Intermediate crude was at $70.84 a barrel, up 17 cents
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Saudi Arabia may cut October crude oil prices for Asia: Report
Worsening refining margins in China and the wider Asian region are among the factors cited for the expected price cut
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Oil price reaches over $85 on shrinking US rig count amid geopolitical tensions
A shrinking US rig count added to upward price pressure
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Oil prices rise amid Middle East tensions
Brent crude futures rose 12 cents, or about 0.2 percent, to $78.27 a barrel
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Qatar announces major 5-year crude oil deal with Shell
QatarEnergy announces deal to supply Shell with crude oil for five years
Crude
Kuwaiti crude oil price jumps by $1.42 to reach $91.55
The jump in prices is widely seen as a direct impact of the dramatic situation involving Israel and Hamas
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Crude prices hit one-month low on demand concerns
Meanwhile, OPEC+ decided to maintain its existing output policy, despite recent market turmoil
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Saudi Arabia extends 1m barrel per day oil production cut
Saudi Arabia’s Ministry of Energy extends voluntary production cut
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Saudi Arabia announces another round of production cut to revive declining oil prices
The kingdom said on Sunday that it would make these production cuts in July
AD Ports
AD Ports Group to expand with five bulk carriers, three crude oil tankers
The five bulk carriers, to be purchased for AED 459 million, are to be deployed for moving cargoes in the group’s long-term agreement with Saif Powertec
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Kuwait declares ‘state of emergency’ due to massive oil spill
A video posted by Kuwaiti media showed a gushing pipe surrounded by a large slick of oil, but the exact location of the spill has not been disclosed
$100 oil price
Goldman Sachs no longer anticipates that oil will hit $100 in 2023
The bank’s latest analysis comes amid apprehensions of a wider banking crisis impacting growth potentials
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India to buy oil from wherever it gets cheaper, says country’s oil minister
Russia, whose oil is available at discount due to economic sanctions by the Western nations, has of late emerged as India’s top oil supplier, accounting for 28 percent of its imports in January
