Page 4 - Commodities Strategy News Today

Just days after oil prices hit their highest level this year, energy industry experts are meeting at the Asia Pacific Petroleum Conference.

Saudi Arabia’s oil exports plunged in August to levels not seen since March 2021, with the Kingdom exporting just 5.6 million bpd.

With supply tightening, the key question for the oil market now is whether China would pull off a true economic rebound to prop up sentiment and meet demand expectations

Despite OPEC+s decision to extend current cuts through 2024 and Saudi Arabias voluntary production cut, oil prices remain uncertain as the market focuses more on demand concerns and slower economic recovery than on supply deficits.

China is expected to account for over 1 million bpd of the estimated 1.9 million-bpd global oil demand growth this year, but if China’s demand growth disappoints, it could severaly impact the global balance in oil markets

The Executive Director of the IEA has warned of an imminent surge in oil prices after OPEC+ extended production cuts until 2024 and Saudi Arabia announced an additional reduction.

Oil prices are on course for a third consecutive weekly gain with WTI trading above the $80 mark while Brent at above $85 on Friday...

Announcement of oil production cuts sending price upward

Every week, the commodities overview helps you better understand the variations in the prices of energy, metals and agricultural commodities. | 08:17am

OPEC+ stunned the oil market, announcing additional surprise production cuts until the end of this year, and while several analysts raised their price forecasts towards $100 per barrel, others don’t agree