OPEC+ Leaves Oil Production Levels Unchanged
Saudi Arabia said early on Wednesday it would continue cutting an extra 1 million barrels per day (bpd) from its crude oil production in November and December, and Russia said in a separate statement it would continue to reduce oil exports by 300,000 bpd until the end of the year. The OPEC+ panel reviewing the […]
Weekly Oil Prices Forecast and Technical Analysis Sep 30, 2023
Last week the Brent crude oil price corrected to $91 on Tuesday and went along with demand to the 50% Fibonacci retracement level around $95 on Wednesday, but couldn’t break this key resistance and reversed for two days reaching $92.8 on Friday. Uncertainty in OPEC+ decisions, upcoming elections, and changing gasoline demand all affect lower […]
The Spread Between WTI and Brent Has Aligned with Transatlantic Freight Costs
According to estimates by Argus, the cost of transporting U.S. crude from the Gulf Coast to Europe has been increasingly determining the discount at which the U.S. benchmark WTI trades relative to the North Sea crude benchmark Brent. So far in September, the cost of shipping a U.S. crude cargo from the Gulf Coast to […]
Weekly Crude Oil Prices Forecast Sep 24, 2023
Last week, the Brent crude oil price reached 95 USD at the 50% Fibonacci retracement level and could not break it. But as we mentioned in the past weeks, oil has the potential to reach $100 after a little price fluctuation. For the next week, it is expected that the Brent crude oil price will […]
Russia Sends First Ever Cargo of CPC Crude to UAE
Russian oil major Lukoil and independent producer CenGeo have sent CPC blend to United Arab Emirates’ national oil company ADNOC, marking the first time ever the UAE has purchased the crude blend from Russia, Reuters said in an exclusive report. In early August, Lukoil supplied 123,000 tonnes of CPC Blend oil on Delta Hellas tanker […]
Weekly Crude Oil Prices Forecast Sep 17, 2023
In previous weeks, we mentioned that the Brent crude oil price has entered a new rising trend, and could reach the levels of 95 and 100 USD. Saudi Arabia extended its voluntary production cut 1 million barrels per day (bpd) through December. This factor pushed Brent oil prices above the $90 a barrel mark last […]
Oil Prices Hit 10-Month High
Crude oil is trading at levels not seen since last November, with Brent crude prices reaching $93 per barrel on Thursday. The price increases come as OPEC+ heavyweights Saudi Arabia and Russia extended their voluntary production cuts in an effort to balance the markets—and to make good on Mohammed bin Salman’s threat to punish short […]
Weekly Crude Oil Prices Forecast Sep 10, 2023
As the Brent crude oil price broke out 88 USD, it entered a new rising trend, and we predicted that it could reach the levels of 95 and 100 USD in the next weeks. As you see in the chart below, last week when the price reached the dynamic resistance line in the price range […]
Rising Trend in Oil and Bitumen Market
Prices jumped earlier in the week as Saudi Arabia and Russia announced they would extend their current production cut targets through the end of the year. The Brent crude oil price reached 90 USD, Singapore’s bitumen price increased by 25 USD and Iran’s vacuum bottom grew by 38%. In the Middle East, the new steel […]