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In order to generate extra income besides the OPEC+ output cuts, Saudi Arabia is selling its excess inventories from the Partitioned Neutral Zone it shares with Kuwait
OPEC’s crude oil production fell in July by the largest amount in years, according to a new Bloomberg survey.
The unilateral production cut presented by Saudi Energy Minister Prince Abdulaziz bin Salman, which was extended during the recent OPEC+ meeting, is now showing negative consequences
(Reuters) -Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts. Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase. U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase.
Investors are finding oil and other risk assets increasingly attractive, as interest rate hikes are either at their peak or nearing it and this is directly reflected in this week’s price rally