Kuwait Export News Today

The Dubai futures contract moved into contango this month, for the first time in three years, with spot-traded medium sour grades across the Middle East continuing their decline amidst increasing availability and slackening demand.

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

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.

The move comes in line with the decision of the Executive Council, relating to the taxi tariff, which was set to be determined monthly depending on the fuel prices.

The price of OPEC basket of thirteen crudes stood at US$104.85 a barrel on Monday, compared with US$103.89 the previous Friday, according to OPEC Secretariat calculations.

The August’s new price of a litre of Super 98 petrol will be sold at Dhs 4.03 per litre in all fuel stations.

Middle East oil producers have raised prices of lighter crudes for August delivery, but remain somewhat cautious as fears of demand destruction continue to spook the markets

As the prices of all types of fuel exceeded the Dhs4-mark for the first time in the history of the UAE.

The June’s new price of a litre of Super 98 petrol has risen to Dhs4.15 compared to Dhs3.66 in May 2022.

The fuel price follow-up committee in the UAE decided, on Friday, the prices of fuel and its derivatives, which will be applied as of the first of next May.