Saudi Arabia raised its July official selling price (OSP) for Asia for its key Arabian light crude by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May .
Oil prices eased slightly after trading in early Monday, buoyed by Saudi Arabia’s hike in crude prices in July, but amid doubts that a higher production target for OPEC+ oil producers will ease tight supplies.
Brent crude fell 21 cents, or 0.2%, to $119.51 a barrel, after touching a high of $121.95.
US West Texas Intermediate (WTI) crude futures fell 37 cents, or 0.3%, to $118.50 a barrel, hitting a three-month high of $120.99. The benchmark fell $1 earlier in the session.
Saudi Arabia raised the July official selling price (OSP) for its flagship Arabian light crude for Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May when prices raised concerns. reached a higher level. With regard to supply disruptions from Russia.
The price hike follows a decision last week by the Organization of the Petroleum Exporting Countries and allies, called OPEC+, to boost production to 648,000 barrels per day for July and August, or 50% more than previously planned, though Global solvency is hindered. Prices have been kept high.
Jim Ritterbush said, “Crude oil inputs to US refineries are currently down about 6% compared to four years ago, with this reduction contributing to a severe tightness in the petrol and diesel markets with less crude cover.” the wanted.” President of Ritterbus and Associates in Galena, Illinois.
The increased target was spread across all OPEC+ members, many of whom have little room to increase production and that includes Russia, which faces Western sanctions after its February invasion of Ukraine.
Analysts at JPMorgan said in a note, “With only a handful of … OPEC+ participants with additional capacity, we expect OPEC+ production to increase to approximately 160,000 barrels per day in July and 170,000 barrels per day in August.” We do.”
On Monday, Citibank and Barclays raised their price forecasts for 2022 and 2023, saying they expect Russian production and exports to decline by about 1 million to 1.5 million bpd by the end of 2022.
Separately, Italy’s Eni and Spain’s Repsol could begin shipping small amounts of Venezuelan oil to Europe as soon as next month, five people familiar with the matter told Reuters.
(Reporting by Laura Sainikola; Additional reporting by Shadia Nasralla in London, Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Jason Neely, Will Dunham and Chris Reese)
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