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 week, and the price reached the range of 95 USD on Friday.
Oil has the potential to reach 100 USD after fluctuations in the next weeks.
Global Crude Loadings Slump To The Lowest Level Since June 2022
Global loadings of crude and condensate plunged in August to the lowest level since June 2022, led by a slump in Saudi Arabia’s cargo loadings, Vortexa said in a note this week. Global supply is tightening, while China’s crude imports are recovering, according to Vortexa.
“This combination of tighter supply and rising demand is likely to continue through to the end of this year and support pricing, especially given the recent extension to voluntary Saudi production cuts amid a general pick up in global refinery runs,” Jay Maroo, Head of Market Intelligence & Analysis (MENA) at Vortexa, wrote.
According to Vortexa data, global crude and condensate loadings dropped to around 47 million bpd in August, the lowest level since June 2022, as loadings from Saudi Arabia fell by nearly 1.1 million bpd.