Oil Falls as Crude Flows Remain 'Surprisingly Strong'
Kpler data showed exports rose to just over 4 million barrels per day in September as Saudi Arabia shifted more crude through the Strait of Hormuz.
- On Monday, Brent crude futures dropped 81 cents, or 0.78%, to US$103.06 a barrel as investors eyed a recovery in Saudi Arabia's shipments despite ongoing attacks by Yemeni Houthis.
- Yemen's Iran-backed Houthis said they attacked 'sensitive' sites in Riyadh and Yanbu on Saturday, prompting Saudi Aramco to increase exports through the Strait of Hormuz this month.
- Provisional data from analytics firm Kpler shows Saudi exports recovered to over 4 million barrels per day in September, rebounding from August's 2.4 million barrels per day low, the lowest since at least 2013.
- Amid the ongoing US-Iran stalemate, President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian in New York this week during the United Nations General Assembly.
- CEO Daniel Takieddine of Sky Links Capital Group warned that any 'setback or renewed deterioration in shipping conditions' would tighten the physical market and restore upward pressure on prices.
17 Articles
17 Articles
The situation in the Middle East remains tense - a passage through the Strait of Hormus is still risky. Now satellite data indicates that Saudi Arabia's state-owned energy company is still using the route.
The story from Asia this morning is quite simple: investors are buying technology, while the lower oil price provides relief. The WTI oil price is even falling below 100 dollars again. Saudi Arabia has managed to increase its oil exports to more than 4 million barrels per day, compared to only 2.4 million in August. The Japanese stock market is closed today due to Silver Week.
Oil prices declined today, with investors focusing on the recovery of Saudi exports, one of the largest producers of the Organization of Petroleum Exporting Countries (OPEC), according to Reuters.
Business Times
Oil slips as investors assess Saudi export recovery
Brent crude futures dropped 81 cents, or 0.78%, to US$103.06 a barrel Read more at The Business Times.
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