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Red Sea Disruptions Force Saudi Aramco to Slash Prices

Red Sea Disruptions Force Saudi Aramco to Slash Prices

Asian refiners expected hefty cuts…

Oil Prices Stable in Anticipation of Key OPEC+ Meeting

Oil Prices Stable in Anticipation of Key OPEC+ Meeting

Brent crude futures remained stable…

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Oil Markets In Limbo Ahead Of OPEC Meeting

Oil

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are in a position to settle the week higher after hitting new highs for the year earlier in the week. However, Friday’s price action suggests investors are still waiting for a bullish catalyst to trigger another surge to the upside and finally break out of its trading range in a decisive manner.

Supply Issues Supportive

Crude inventories dropped by 3.9 million barrels in the last week, to 449.07 million barrels, compared with analyst expectations for an increase of 2.7 million barrels. U.S. crude oil production also dipped, falling by 100,000 barrels per day (bpd) to 12 million bpd.

Additionally, in Venezuela, oil production and exports continued to be disrupted by a political and economic crisis that has caused massive blackouts and supply shortages. According to reports, two storage tanks exploded at a heavy-crude upgrading project in eastern Venezuela on Wednesday, according to an oil industry source and legislator.

In Other News…

OPEC and its allies are scheduled to meet in Baku, Azerbaijan over the weekend to review its output policy, although most analysts expect the cuts to continue for now.

“We don’t think anything will…





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  • Willard L. Mills III on March 16 2019 said:
    Anyone in the industry should call on the Executive Branch and Congress (ALL) to either not say a word or openly support Saudi Cuts - CUT SAUDI CUT, CUT BIG OIL CUT- CUT CUT or CUT OFF ALL FUNDING TO THOSE WHO DONT SUPPORT OUR INDUSTRY. I call on the Executive Branch and Congress, Fed - to stop openly asking Saudi to cut and complaining every times oil goes up! Hearings would be nice on this situation as well as the trillions lost across the board in December (A HUGE MARKET DROP WHICH NO ONE HAS DISCUSSED ANYWHERE except the President who had the courage to go on and "sell" our great companies for stock buys which helped a whole lot!)

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