Page 22 - Pec News Today

As global oil demand increases and supply shrinks due to OPEC+ cuts, analysts anticipate a surge in oil prices, underpinned by the Chinese stimulus and the U.S. Federal Reserves soft landing.

ALBAWABA – Oil prices are poised for a hike as oil inventories drop around the world amid deep output and supply cuts, news agencies reported Monday.

ALBAWABA – Oil inventories dropped significantly in July amid deep supply cuts, as oil prices slip below their three-month high on Monday

The Saudi move, which Energy Minister Prince Abdulaziz bin Salman called a "Saudi lollipop," came on to top of earlier voluntary cuts that Riyadh and several other members of OPEC+ had announced, and added to reductions made under a late 2022 OPEC+ agreement. OPECs output is still undershooting the targeted amount by almost 1 million bpd partly because Nigeria and Angola lack the capacity to pump as much as their agreed level.

Ukraine-Organized Peace Summit in Saudi Arabia to Address Russia's War; Brazil, India, and South Africa to Attend. Dates Unconfirmed.

As India reaches its stockpile capacity and enters its low-demand monsoon season, its expected that the recent trend of increased imports of Russian crude will wane.

Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5 percent for the week – a fifth straight week of gains.

ALBAWABA – Saudi Arabia oil cuts will likely carry into September to bolster a tentative recovery in crude oil prices, Bloomberg reported Thursday.

Goldman Sachs sees oil prices rising to $86 by the end of the year as record-high oil demand and lower supply create a large market deficit.

ALBAWABA – Oil prices slipped Monday on anticipation of further interest rate hikes by the United States Federal Reserve (Fed) and the European Central