Shu Zhang
4 minute read
General view of Saudi Aramco s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah
Top oil exporter Saudi Arabia is expected to slightly increase its July official selling prices (OSPs) of light crude for Asia, as margin weakness and demand uncertainty cap the upside despite stronger crude benchmarks, a Reuters survey showed.
Sources at five Asian refiners on average expected the July OSP for Saudi flagship grade Arab Light to rise by 10 cents a barrel, with their forecasts ranging between no change to an increase of up to 20 cents.
The expected adjustment for Arab Light tracked the price strength in Middle East crude oil benchmarks Cash Dubai and DME Oman, which in May saw their premiums to Dubai swaps up by 14 cents and 8 cents respectively from April.
Reuters
1 minute read
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
Kuwait oil minister Mohammad Abdulatif al-Fares confirmed on Tuesday that Kuwait is fully committed to all OPEC decisions and said oil markets will be able to absorb the gradual output increase decided by OPEC+ that started last May, the state news agency (KUNA) said, citing a ministry statement.
OPEC+ oil producers agreed on Tuesday to stick to the existing pace of gradually easing supply curbs through July, as they sought to balance expectations of a recovery in demand against a possible increase in Iranian supply. read more
Most Gulf stock markets closed higher on Tuesday, spurred by rising oil prices, with Dubai leading gains with help from its strengthening COVID-19 vaccination drive.
Middle Eastern stock markets closed mixed on Monday, with indexes in the United Arab Emirates and Saudi Arabia logging monthly gains amid rising oil prices and improving business activity in their non-oil sectors.
Reuters
1 minute read
Kuwait s newly appointed crown prince Sheikh Meshal al-Ahmad Al-Jaber al-Sabah waves before he is sworn in, as speaker of parliament Marzouq al-Ghanim, and Kuwait s Prime Minister Sheikh Sabah al-Khalid al-Sabah clap, at the parliament, in Kuwait City, Kuwait October 8, 2020. REUTERS/Stephanie McGehee
Kuwait s crown prince Sheikh Meshal al-Ahmad will lead a delegation, which includes the oil and foreign ministers, on an official visit to neighbouring Saudi Arabia on Tuesday, state media reported.
The visit comes amid a separate meeting of the Organization of the Petroleum Exporting Countries and their allies including Russia on Tuesday.
The group known as OPEC+ is expected to stay the course on its plans to gradually ease supply cuts until July. read more