International oil prices remain firm, and Saudi Arabia is determined to confront the United States
On Thursday (July 6), international oil prices strengthened slightly. Although demand concerns remain in the context of global macroeconomic headwinds and central bank interest rate hikes, Saudi Arabia’s supply cuts and strengthening of cooperation with Russia continue to provide support for oil prices .
At 16:22 Beijing time, NYMEX crude oil futures rose 0.36% to $72.05 a barrel; ICE Brent crude futures rose 0.21% to $76.81 a barrel.
“…upside looks limited,” said Tatsufumi Okoshi, senior economist at Nomura Securities. He expects NYMEX crude to remain in a range of $65 to $75 a barrel going forward. But sentiment was underpinned by Saudi Arabia’s latest supply curb measures announced earlier this week, he said.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Wednesday (July 5) that Russia’s oil cooperation with Saudi Arabia as part of the OPEC+ alliance remains strong and that the alliance will take “all necessary measures” to support the market.
The United States, the largest oil producer outside OPEC+, has repeatedly called on the group to boost output to help the global economy and has criticized Saudi Arabia’s cooperation with Russia following Moscow’s invasion of Ukraine. But authorities in Riyadh have repeatedly rebuffed U.S. calls, and Russia and Saudi Arabia’s new joint output-cut deal this week has once again proved skeptics wrong.
Prince Abdulaziz told an international symposium between OPEC oil industry chief executives and ministers from OPEC and its allies: “Seeing that we not only proposed an extension (of production cuts) on Monday, but it was also endorsed by the Russian side.” , which is very convincing.”
The additional oil output cuts should be enough to help balance the oil market, United Arab Emirates Energy Minister Sohail Al Mazrouei told reporters on Wednesday. “This (the latest additional cut) is enough to assess the market and watch the market balance.”
He said the UAE would not participate in the new cuts because the country was already producing well below its capacity. “There’s one more important thing…I see a lack of investment in many countries. We’re going to have to bring in newcomers to the team. The more countries we have…the easier it will be to work…to ensure that the future world has enough oil.”
2023-07-06 08:25:00
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