Page 3 - Basrah Medium News Today

Middle Eastern oil producers are raising the export prices for their lower-grade crudes, and European buyers have no choice but to pay up

OPEC+ output cuts created an ideal scenario for Middle East producers to hike OSPs, but ongoing demand concerns could force them to cut prices in June

Flows from Russia, formerly the European Unions top supplier, have plummeted by more than a million barrels a day.

While there’s no indication that OPEC+ will jointly act to lower production in response to the banking fears, individual OPEC producers may decide to cut OSPs next month

Several Middle East producers hiked their OSPs for March delivery, and as producers remain cautious, so does OPEC

There are several bullish factors that should push oil prices higher in 2023, and one of the principal ones is soaring Chinese demand

As we head into the first month of 2023 in an ambivalent environment where supply tightness and recession fears pull the markets in different directions, Middle East oil producers proceed with caution

The December’s new price of a litre of Super 98 petrol will be sold at Dhs3.30 per litre in all fuel stations. It was Dhs3.32 per litre in October. Diesel will be sold at Dhs3.74. It was Dhs4.01 in October.

Following a year of rising crude demand and tight supply, the crude futures market is now pointing at oversupply, and many Middle East producers will be forced to slash premiums again

While the OPEC+ output cut would warrant a further hike in OSPs, recession fears continue to spook traders and producers alike, and especially Middle East producers are cautious when it comes to aggressive price hikes