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Saudi Arabia Predicts Uncertainty In Oil Demand
In Saudi Arabia, lowering of pricing for oil sales in October indicates that the world's largest oil exporter predicts uncertainty in oil demand.
Yazar: Tom Roberts
Yayınlanma: 6 Eylül 2020 23:45
Güncellenme: 19 Kasım 2024 08:12
Saudi Arabia Predicts Uncertainty In Oil Demand
In Saudi Arabia, lowering of pricing for oil sales in October indicates that the world's largest oil exporter predicts uncertainty in oil demand due to the increase in coronavirus cases worldwide. Saudi Aramco has reduced its exports to Asia, its main market for Arab Light crude oil, more than expected. It also lowered pricing for US buyers. Aramco has discounted Arab Light oil to Asia for the first time since June, compared to the benchmark oil. There has been a second consecutive discount on the barrels going to the region. US refineries saw a discount for the first time in six months. In addition, Aramco will cut prices for other crude oils that will go to Europe and the Mediterranean. Oil demand has plummeted this year as governments shut down economies due to the pandemic, flights were canceled and workers stayed at home. Saudi Arabia, Russia, and other OPEC + producers had agreed to reduce the daily supply by around 10 million barrels in April to boost prices. With production cuts and a recovery in demand in China, oil prices have risen to more than double. However, it's still around 35 percent negative this year. Brent oil was traded at $ 42.66 on Friday. "Aramco understands the importance of China for the global oil market. The cuts for October could support strong imports from China in the coming months," UBS Group AG commodity analyst Giovanni Staunovo commented on the issue.İLGİLİ HABERLER
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