Oil prices steady at pre-Iran war levels
Aramco’s deepest monthly cut since 2000 comes as OPEC+ raises output and Gulf supply returns through the Strait of Hormuz.
- OPEC+ agreed to increase output targets by 188,000 barrels per day starting next month, helping crude prices return toward pre-Iran conflict levels.
- The Strait of Hormuz has reopened following an interim US-Iran peace deal, allowing Persian Gulf producers to ramp up exports after the conflict effectively blocked the waterway.
- Saudi Aramco cut Arab Light prices by $11 a barrel for Asian buyers, while reducing European grades by $15 and US supplies by $8 to remain competitive.
- Gas prices have begun to decline following the OPEC+ decision, with reports showing prices decreasing toward pre-Iran conflict levels.
- U.S. envoy Steve Witkoff and Jared Kushner arrived in Qatar last week to advance peace talks, even as refinery constraints and Strategic Oil Reserve lows limit relief.
43 Articles
43 Articles
Saudi Arabia’s Massive Crude Oil Price Cut: Why Your Petrol Bill Isn't Dropping Yet
Saudi Arabia’s steep cut in crude oil prices offers a potential cushion for India. Discover why this major move might not lead to an immediate drop in retail petrol and diesel rates for Indian consumers.
Slashing Crude Costs, Saudi Arabia Signals Brewing Price War
After briefly topping $126 a barrel in April amid the US-Iran conflict, Brent crude prices have fallen faster than an Acme anvil destined for Wile E. Coyote’s head. International benchmark Brent stood at roughly $72 per barrel on Monday, barely above pre-war levels. Ongoing negotiations for a permanent end to the conflict, which would stabilize shipping in the Persian Gulf, have oil-producing nations bracing for potential oversupply. Experts sa…
Gulf Oil Exporters Slash Prices as Buyers Gain the Upper Hand
Gulf oil producers are in a race to offer discounts to entice buyers, with Saudi Arabia’s latest price cut for Asian importers the sharpest in decades but unlikely to boost sales. Saudi Arabia yesterday cut its official selling price for crude to Asian buyers by as much as $11 per barrel, Reuters reported, but other Gulf exporters are cutting even deeper in order to sell their barrels that have sat in the Gulf for over three months. “The sharp m…
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