#gulf producers

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Saudi Arabia Hikes Oil Prices Room for Record Discounts For Russian Crude

Saudi Arabia Hikes Oil Prices Room for Record Discounts For Russian Crude

Russia’s invasion of Ukraine has simultaneously both eased and complicated the task of Middle Eastern national oil companies. On the one hand, it had pushed the backwardation in the Brent even steeper, making any flows from Europe to Asia uneconomic, hence safeguarding the usual outlets for Saudi Arabia or Iraq. Simultaneously, the risk of seeing Russian supply sanctioned led to oil prices…

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Oil down on stronger dollar, oversupply fears - SUCH TV

Oil down on stronger dollar, oversupply fears – SUCH TV

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Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.

Brent crude was down $0.46, or 1.1%, to $40.34 a barrel by 1134 GMT. West Texas Intermediate (WTI) crude fell 39 cents, or 1%, to $37.80 per barrel.

A “slightly stronger US dollar… is weighing on crude prices. Also…

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[rorqvist]

Oil price fall may have helped Gulf producers

The drastic fall in oil prices over recent months is widely thought to have hit the Gulf’s dominant producers hard as they battle with U.S. rivals. But the CEO of one Middle East oil company argues that actually the opposite is true: the price rout has actually been good for producers in the region, forcing them to focus on diversification and efficiency. “Despite being in the oil business, the…

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