On November 20, the price of Brent oil futures sometimes reached 81.22 USD/barrel (up 0.76%), while the price of WTI crude oil was 76.49 USD/barrel (up 0.79%). three sources of reuters It was learned that OPEC+ is considering whether to cut production further at the meeting on November 26.
Over the past four weeks, oil prices have declined, largely due to weak economic data from the world’s two largest oil markets, the US and China, as well as waning concerns about the risk of oil supply disruptions in the Middle East. Is. According to Reuters, oil prices have fallen by about 20% since the end of September.
Russian-flagged Pegas tanker anchored off the Greek island of Evia in late 2022 Photo: Reuters
Goldman Sachs Bank (USA) estimates that OPEC+’s existing production cuts will continue into 2024, while Saudi Arabia’s unilateral cuts (1 million b/d reduction) will continue through 2024. By the end of the second quarter of next year.
Mr. George Lyon, senior vice president of oil markets at the consulting company Rystad Energy (Norway), cited the International Monetary Fund’s estimate that oil prices would need to be $86 a barrel for Saudi Arabia to balance the budget. “Therefore, Saudi Arabia will have to maintain market share at least until June 2024 to achieve that price,” Mr Lyons said.
Investors are also paying attention to the scenario of disruption in Russian oil supplies after the US Commerce Department last week penalized three United Arab Emirates (UAE) shipping companies for transporting crude. Russian Sokol comes at a higher price from India. Maximum price of 60 USD/barrel.
according to the newspaper financial TimesDenmark is also considering blocking Russian oil tankers from passing through its waters if they do not comply with price limits imposed by the EU.
And yet, White House energy security adviser Amos Hochstein told the Bloomberg news agency that the US is about to tighten sanctions on Iranian oil, with the aim of reducing the country’s own oil exports by 1 million barrels per day without affecting world prices. To do. Prices.