![]() ![]() See also Emirates News Agency - “ADNOC Distribution” profit of 551 million dirhams in the first quarter of 2023 Russell Hardy, CEO of Vitol, the world’s largest independent oil trader, said global crude oil supplies are expected to improve in the next six to eight weeks due to refinery maintenance, but supply of high-sulfur crude will remain limited.Ī senior official at global commodity trading firm Trafigura said on Monday that the oil market is facing a risk of higher prices due to low inventories and lack of investment in new oil fields. OANDA analyst Craig Erlam said Saudi Arabia and Russia could reverse the cuts at any time, “but I don’t think they’ll be in a rush to cut prices again.”īrent crude for November delivery rose 45 cents to $89 a barrel, while US West Texas Intermediate crude futures for October delivery rose 40 cents to $85.95 a barrel. Russian Deputy Prime Minister Alexander Novak said Russia had agreed with its partners in the OPEC+ alliance on criteria for continuing to cut exports. The kingdom’s previous decisions to reduce its production came before the announcement of official selling prices, which are usually revealed in the first week of the month. October is widely expected to voluntarily cut output by 1 million barrels per day for the fourth straight month. Saudi Arabia has been at the forefront of efforts to support prices, and announced major voluntary cuts in its oil production as part of a deal with the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance, which includes allies including Russia. Oil prices rose on Monday, on rising expectations that the OPEC+ alliance will maintain its supply curbs and hopes that the Federal Reserve will end its cycle of interest rate hikes.
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