• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 3 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 2 hours Itt looks like natural gas may be at its lowest price ever.
  • 3 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 6 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 2 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 54 mins Saudi A to Splash $100 Bln on India
  • 4 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day North Korea's Kim To Travel To Vietnam By Train, Summit At Government Guesthouse
  • 19 hours students walk out of school in protest of climate change
  • 1 day Europe Adds Saudi Arabia to Dirty-Money Blacklist
  • 1 day Some Good News on Climate Change Maybe
  • 17 hours Mineral rights owners,
Alt Text

MIT Professors: This Is The Energy System Of The Future

Thanks to continuously declining costs,…

Alt Text

The Ultimate Tool To Prop Up Oil Prices

Investor interest in the oil…

Alt Text

Rising Energy Demand Could Be A Boon For The Philippines

The private sector is accelerating…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Oil Prices Jump On Saudi Arabia’s $80 Claim

Oil prices were up early on Tuesday morning amid reports that Saudi Arabia would be comfortable letting oil prices rise above $80 a barrel and OPEC may not be rushing into further production boost commitments after the one they agreed upon in June.

At 08:02 a.m. EDT on Tuesday, WTI Crude was up 0.80 percent at $69.54, while Brent Crude was trading up 0.79 percent at $78.71.

The Saudis are said to be comfortable with the current oil prices, and even with Brent Crude rising past $80 a barrel, at least in the short term, as the oil market and global supply will be adjusting to significantly reduced Iranian oil exports, Bloomberg reported on Tuesday, citing people familiar with Saudi Arabia’s thinking.

OPEC and its Russia-led non-OPEC partners in the production cut deal are meeting in Algiers this weekend to review the state of the oil market. The cartel and its allies will discuss how to divvy up the 1 million bpd production increase they pledged in June, but no further immediate action is planned, OPEC sources have told Reuters.

Reports of Saudi Arabia being okay with letting Brent Crude above $80 now has the market wondering if KSA will lift its production further in the coming months to offset supply losses from Iran, whose oil exports have already started to fall noticeably.

“It casts doubts on whether Saudi Arabia will increase output to compensate for the loss of Iranian crude once sanctions come into effect,” Carsten Fritsch, an analyst at Commerzbank, told Reuters, commenting on the reported Saudi thinking. Related: The Age Of Electrification Has Arrived

Earlier this month, sources at OPEC and the industry told Reuters that Saudi Arabia was looking to manage the oil market in a way that would keep oil prices in the $70 to $80 band for the time being, as the Kingdom wants a floor under prices to monetize oil exports and at the same time keep a ceiling until at least the U.S. mid-term elections in November.

Early on Tuesday, the Saudi signal that they could be comfortable with $80-plus Brent Crude price was trumping any trade war fears, after U.S. President Donald Trump slapped additional tariffs of around US$200 billion worth of U.S. imports from China, effective September 24, and threatened to impose tariffs on US$267 billion of additional imports should China retaliate.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News