Oil Prices In Saudi Arabia, Oil prices have seen a rapid rise to complete the march of hikes, after witnessing a significant drop lately during the current year 2022 amid a host of concerns over the decline of demand, and has also recovered Oil prices It recovered after absorbing for a short time the data from the American Petroleum Institute, as there had been a rise in inventories, and after the decrease observed in the first exchanges, reaching levels above 75 dollars a barrel, the price of Nymex US light crude oil was up, and awaiting US oil inventories data.
Oil prices in Saudi Arabia
Crude oil prices rallied after OPEC maintained its demand growth expectations unchanged during the coming year 2023 and estimates of an increase in oil supply from outside the organization remained steady to 1.54 million barrels per day and OPEC oil production fell by about 744 thousand barrels per day to 28.826 million barrels per day, led by Saudi Arabia, the United Arab Emirates and Kuwait in the past month , November 2022, however US crude prices have gone up by about 0.2%, to levels of 75.6 dollars a barrel, compared to 74.9 dollars a barrel in the first trading days.
Benchmark Brent crude also rose, reaching highs close to 80.8 dollars a barrel earlier in the day’s trading, after having seen a decline in the past to levels close to 80.1 dollars a barrel .
Keystone line
One consequence of the closure of TC Energy’s TransCanada Keystone pipeline is the potential for low inventories at its Cushing, Oklahoma storage hub, which works to ship approximately 620,000 barrels a day of Canadian crude from Alberta to the United States. analysts explained that the revival of successful economic life in China, coupled with a peaceful approach by the US Federal Reserve on raising interest rates, could encourage fuel demand, and also work to push Brent crude prices above i 90. Dollars a barrel, on the other hand. On the other hand, China has lifted a series of strict restrictions related to the Corona virus over the past week, which include easing testing requirements and working to stop monitoring logs travel concept related to Corona virus.
