According to five different trade sources cited by Reuters, Saudi Arabia's crude oil exports to China will rise to their highest level in two years in August.
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Oil market News
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Asian oil importers monitor Persian Gulf tensions
Asian oil buyers and traders are closely monitoring the situation around Iran, fearing possible supply disruptions. The Strait of Hormuz handles 90% of all oil shipments from the region to Asia.
23 June
Goldman Sachs expects energy prices to rise amid escalation in Middle East
Goldman Sachs flags the possibility of higher oil and gas prices following the US intervention in the Middle East conflict, with the company’s base-case scenario hinging on significant disruptions to energy supplies from the region.
23 June
Oil prices surged more than 3% at the start of Monday’s trading session, with Brent crude hitting a five-month high of $79.33 a barrel and WTI climbing to $77.10. The rally came after the US administration signaled strikes against Iranian targets, according to Reuters.
23 June
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
20 June
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
20 June
US and China strategic oil purchases to compensate market surplus — Head of Gazprom Neft
According to today's statements by head of the Russian oil company Gazprom Neft Alexander Dyukov, the strategic purchases of crude by the US and China will have a positive effect on the balance of oil supply and demand.
20 June
Alexander Novak, Russian Deputy Prime Minister, stated that OPEC+ should continue to increase oil output amid summer growth in consumption.
20 June
Chinese refiners remain upbeat amid record oil inventories
Despite the risks of possible supply disruptions, China's refineries, the largest buyers of Iranian oil, have not experienced significant challenges so far. One reason behind this resilience is the country's record-high oil reserve levels.
20 June
Energy majors of the US and Europe see continued strong demand for oil and gas
According to the analysts at OilPrice, energy majors in Europe, including Shell, BP and Equinor, are once again focusing on oil and gas. Meanwhile, Shell forecasts oil demand to grow by 3.5 million barrels per day until the early 2030s.
20 June
An escalation of tensions between Iran and Israel could lead to a 15–20% increase in Brent oil prices compared to pre-conflict levels. Analysts at Citibank say such an outcome is possible if Iranian exports of crude are reduced by 1.1 million barrels per day.
20 June
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
What determines oil prices?
- Global events. Political crises, conflicts, and agreements between producing countries have a huge impact on oil prices.
- Supply and demand. When many consumers try to buy oil that is in deficit – the prices go up. Otherwise, when supply is greater than demand, the prices go down.
- Russia and Saudi Arabia. These countries are among the leading oil producers. Their decisions on oil output have a direct impact on the global market.
- OPEC. This is a group of oil-producing countries. Their agreements on production cuts are aided at stabilizing prices.
- Alternative energy sources. The development of solar, wind, and other power stations can weaken the countries' dependence on oil and put pressure on its prices.
- Electric cars. The increasing popularity of electric cars reduces the need for gasoline and, consequently, for crude oil.
- Global tensions. Oil is a strategic resource. Geopolitical events can affect its production and prices.
- Environmental constraints. Rising environmental awareness may reduce demand for oil, affecting its price.
Why follow the latest oil news?
- To make informed investment decisions. Being aware of the oil industry news helps you make conscious choices.
- To assess the impact on the economy. Oil prices can affect inflation, economic growth, and even our wages.
