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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 Reserve's '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. OPEC's 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.