Benchmark freight rate for large crude oil carriers from Middle East to China jumped around 18% on Friday because of US sanctions on COSCO Shipping. It is the highest level since 9 months ago. This company is accused as it has been working with Iran! However some of these tankers are now loading US oil…
oil market
7~10 days delay in oil delivery of Aramco
Suadi Aramco is going to deliver its crude oil to Asian customers with 7~10 days delay. The delivery of Aramco instant gas is delayed 4~7 days. Also it is heard that Suadi Arabia has substituted the light crude oil with heavy one which was planned to be sent to China and India this week. Saudi…
Oil: +0.86%
After the oil price correction on Tuesday and Wednesday, again it started a bullish trend. Oil price had a weekly 7% growth. What stimulates today’s oil market? Aramco asked Iraqi Ministry of Oil to purchase 20 million barrels of oil from Iraq. It destroyed the market’s trust to Saudi Oil Minister’s statements about the continuity…
Oil price jumped to $70!
The attacks to Aramco oil facilities on Saturday have caused the oil price to jump to $70 per barrel on September 16th 2019. These attacks disrupted around 5% of the global oil supply. Oil (Brent) price increased to $71.95 per barrel, up 19.5%. Future contracts of Brent also improved to $66.20, up $5.98 (9.9%) compared…
Oman: Forget $80 oil!
Mohammed bin Hamad Al Rumhi, the energy minister of non-OPEC Oman, said that it is unlikely to see oil at $80 a barrel! Oil producing countries should accept oil at $60! He added that all oil producers want the oil price to increase to $80, same as him. But is it logical? Presumably NO. We…
OPEC Extended Oil Production in August
The oil output of the 14-member Organization of the Petroleum Exporting Countries (OPEC) increased to 29,741,000 barrels per day in August, up 136,000 barrels per day! Saudi Arabia was the top member of OPEC by producing 9,805,000 barrels per day in August. Iraq was in the second place with 4,779,000 barrels per day. UAE as…
Saudi Oil Reserves
The oil reserves in Saudi Arabia are estimated 188 million barrels, equal to 37 days of Abqaiq’s oil production. Saudi oil reserves had a bearish trend since 2016. It is worth noting that some reports published by western companies including Rapidan in recent months remarked the significance of Abqaiq as the biggest oil field worldwide.…
Oil Prices Jump on Monday!
Oil price is expected to gain 15% on September 16th 2019. Yemen’s Houthi rebels have attacked Saudi Aramco oil facilities in Abqaiq and Khurais with drones on Saturday. This attack will cause the oil output of Saudi to decreases 5 million barrels per day! It means that global oil supply softens 5%, a major challenge!…
Oil Price Prediction
It seems that oil market participants are still concentrating on demand and trade war instead of oil supply! According to Reuters, 51 market economists and analysts predicted that Brent crude (LCOc1) would average 65.01$ a barrel in 2019 which is 4% lower than previous month (67.4$). Demand also reformed from 1.4 million barrels to 1.3…