Saudi output cuts help drive up one corner of global oil market

Prices for sour crude oil have climbed globally this month after top exporter Saudi Arabia hiked prices and expanded production cuts of higher-sulfur oil in the first sign its efforts to prop up global prices is having an impact.

The increases – seen among North Sea, U.S. and Canadian sour crude grades – have jumped as oil refiners in China, Europe and the U.S. bid up dwindling supplies from sanctions on Russia and Saudi Arabia’s cutbacks, according to traders and brokers. But sour prices are no longer cheap. Norway’s medium sour Johan Sverdrup crude climbed on Friday to a record $3.50 per barrel premium to dated Brent, according to traders, compared with a more than $6 discount in December.

Western Canadian Select heavy crude, another widely discounted sour grade, traded at the U.S. Gulf Coast on Monday at a $2.30 per barrel discount, compared with a more than $8 per barrel discount as recently as March, according to brokerage CalRock.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Citigroup downgrades U.S. stocks amid recession risks, upgrades EuropeCitigroup cut its rating on U.S. stocks to ‘neutral’ from ‘overweight’, following a strong rally in the first half of the year
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »

CPP Investments taps Europe’s green hydrogen hopes with Dutch investmentCPPI’s investment is mostly in the form of capital that Power2X can use to develop new projects in Europe that seek to decarbonize hard-to-abate industrial assets by adopting green hydrogen
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »