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Saudi Arabia may raise the official selling price of its crude oil shipped to Asia for the second month in a row. Reuters reported that Arab Light will cost $2.40 a barrel in August.
Earlier, Saudi Arabia already increased the official selling price for July deliveries as China began to reopen after the latest round of Covid-related lockdowns amid strong demand for middle distillates that pushed refiners' margins to margins to record highs. The hike was $2.10 barrel, bringing the total price of premium Arab Light to $6.50 per barrel.
Libya, on the other hand, announced that it would suspend exports from a key oil terminal as its political crisis continues to rage. Ecuador also said it may have to suspend all oil production amid anti-government protests.
Worryingly, it appears that the UAE and Saudi Arabia - the OPEC members thought to have the most spare oil production capacity - may actually be much closer to the maximum they can produce than previously believed.
Saudi Arabia will most likely announce its official selling prices for August after the OPEC meeting.
Changes in the cartel's policy are quite impossible as members agreed last month to increase their monthly production from about 430,000 bpd to 648,000 bpd in both July and August. However, OPEC is still unable to add even the initial 430,000 bpd.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
The U.S. president is fully implementing his aggressive policy toward everyone and everything — both in foreign and domestic affairs. While his actions toward trade partners are more or less
There are relatively few macroeconomic reports scheduled for Friday, but all of them are quite important. In Germany, the IFO Business Climate Index will be released — the least significant
The EUR/USD currency pair continued to move upward on Thursday. There were several macroeconomic events scheduled for the day, and they did provoke a small market reaction
The results of the ECB July meeting provided slight support for the euro. However, contradictory macroeconomic reports and anticipation of the outcome of the US-EU negotiations played a restraining role
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