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Oil nears $90 for first time in 2023, reduces chances of a petrol, diesel price change in India
Credit: IndiaTimes- Published on September 6, 2023
Oil prices hit a 10-month high of nearly $90 per barrel as Saudi Arabia and Russia extended their voluntary production and export cuts until the end of the year.For a nation that is more than 85 per cent dependent on imports for its oil needs, the surge in prices means India will have to shell out more and the prospect of...
Video credit: Wibbitz Top Stories
Published on September 6, 2023 - 01:31
Oil Prices Soar After Saudi Arabia and Russia Agree to Prolong Production Cuts
Oil Prices Soar After, Saudi Arabia and Russia , Agree to Prolong Production Cuts.
On September 5, oil prices soared over
1.3% to reach their highest levels in 10 months. .
On September 5, oil prices soared over
1.3% to reach their highest levels in 10 months. .
Insider reports that Brent crude,
an international benchmark, broke $90 a barrel
for the first time since November of 2022.
West Texas Intermediate crude oil also reached
a 10-month high, trading at around $87 a barrel. .
The price jump came after Saudi Press Agency
announced that Saudi Arabia and Russia agreed
to prolong production cuts until December.
The price jump came after Saudi Press Agency
announced that Saudi Arabia and Russia agreed
to prolong production cuts until December.
Insider reports that the move was more aggressive
than traders had expected, holding output
at roughly 9 million barrels a day, the lowest in years. .
This voluntary cut decision
will be reviewed monthly to
consider deepening the cut
or increasing production, Saudi Press Agency statement, via 'Bloomberg'.
Supply cuts were first introduced in July, and
experts had predicted one additional month of cuts,
not the three that were announced on September 5.
With the production cut extended,
we anticipate a market deficit of
more than 1.5 million bpd in 4Q23, UBS strategist, note to clients, via CNBC.
So, with oil inventories set to fall
further over the coming months,
we expect Brent to rise to
$95/bbl (barrel) by year-end, UBS strategist, note to clients, via CNBC.
Brent futures have climbed more
than 25% since the end of June
when Riyadh made its first voluntary cuts
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