HomeNews listOBJECTIVE PRESSOil down more than 1% as Saudi price cuts offset Middle-East worries

Oil down more than 1% as Saudi price cuts offset Middle-East worries

  • January 7, 2024
  • Posted by: AliensFaith
  • Category: OBJECTIVE PRESS
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Oil prices fall due to Saudi Arabia’s price cuts and increased OPEC output. Geopolitical tension in the Middle East is a concern but has limited downside. Saudi Aramco slashes February OSPs, impacting weak demand. Rising supply and competition prompt Saudi Arabia to cut the February OSP of Arab Light crude. Geopolitical tensions in the Middle East counterbalance bearishness over softening global demand and rising inventories. The US sees an increase in oil drilling rigs, with JPMorgan forecasting the addition of 26 rigs this year, mainly in the Permian during the first half.      



Author: AliensFaith
HighTech FinTech researcher, university lecturer & Scholar. He is studying his second doctoral degree at the Hague International University. Studying different fields of Sciences gave him a broad understanding of various aspects of life. His recent researches covered AI, Machine-learning & Automation concepts. The Information Technology Skills & Knowledge gave his company a higher position over other regional high-tech consultancy services. The other qualities and activities which can describe him are a Hobbyist Programmer, Achiever, Strategic Thinker, Futuristic person, and Frequent Traveler.

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