Saudi replies to the increase of the U.S. oil prices
Oil climbed, approaching $50 a barrel in New York, after government data showed that U.S. crude stockpiles dropped last week. Stockpiles of distillate fuel, a category that includes diesel and heating oil, dropped 2.36 million barrels, the biggest decline since May. Gasoline supplies rose 222,000 barrels to 227.4 million. (Bloomberg, 05/10/2016)
Saudi Arabia has responded accordingly, adjusting most of its official selling prices (OSP) lower for its various grades to various geographies for November.
Saudi exports to the U.S. in September have clambered to a 5-month high, back above the 1 million barrel-per-day mark for the first time since April. A rebound in gasoline throughput and lower runs encouraged just a minor build to gasoline stocks, while a draw to distillates makes sense from a seasonal perspective.
A fairly supportive report on the whole. (http://oilprice.com/Energy/Energy-General/Saudis-Cut-Oil-Prices-To-Asia-Europe.html)
Since U.S. President is spoiling the American relationship with its neighbour to the north, the Canadian oil industry’s biggest trade group is looking for ideas to reduce its dependence on...Read More
Oil companies Exxon and Equinor become partners at a field off the coast of Brazil thus generating a boost for Brazil’s economy, after weeks of political uncertainty. A consortium of Equinor,...Read More
Vitol, Glencore, and Shell are in the running to buy the Nigerian oil assets of Brazil’s state oil firm Petrobras The world’s three largest oil traders are competing to buy the...Read More
Maduro buys $440 million foreign oil and send it to Cuba on friendly credit terms while Venezuelans starve. Venezuela has been buying foreign crude to continue supplying political allies such as...Read More
Saudi Arabia’s efforts to revive economic growth are still dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from crude exports. Higher oil prices have...Read More
Become a partner
If you are interested in becoming a Dealoil partner please get in touch by emailing us at email@example.com. We look forward to hearing from you. The Dealoil team