May 26, 2018

OPEC's new price hawk Saudi Arabia seeks oil as high as $100

20 April 2018, 12:58 | Lionel James

OPEC's new price hawk Saudi Arabia seeks oil as high as $100

Oil Could Return to Triple-Digit Prices

Oil futures jumped almost 3 per cent on Wednesday (April 18) on a decline in United States crude inventories and after sources signalled top exporter Saudi Arabia wants to see the crude price closer to US$100 a barrel.

Brent Oil prospects for June conveyance, exchanged London, were up 0.41% at $73.78 per barrel.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 61 cents to $69.08.

The price of Brent, the global benchmark for light sweet crude, topped $74 per barrel, the highest since late 2014 on Thursday, as a mix of geopolitical tensions in the Middle East, and supply disruptions in Venezuela spurred its rally.

Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation fell up to 7 percent intraday after crude oil prices rallied more than 3 percent on decline in U.S. crude inventories.

It has a long way to go, but oil could return to $100 per barrel if Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries (OPEC), has its way.

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OPEC and its partners next meet formally on June 22 but a ministerial monitoring panel will gather in Jeddah, Saudi Arabia, on Friday and are expected to make noises about the broader supply and demand in the oil market.

A rally in recent weeks has been fueled by concerns over geopolitical tension in the Middle East and potential disruptions to oil supply.

Also, Saudi Arabia reportedly hinted last month that OPEC would continue coordinating production cuts with non-OPEC members into 2019. Aluminum prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years.

Investors have taken a buying position in the market in the hope that the agreement will be extended and a global supply glut will be further reduced, analysts said. If that were to be the case, and OPEC responds in the same way as they did in 2017, then the world could be in a for yo-yoing oil prices for a while. Gasoline supplies fell 2.97 million barrels and distillate stocks slid 3.11 million barrels to the lowest level since November.

Sayed said a price of $80 to $100 per barrel could be unrealistic.

The cuts have been even bigger than those specified in the deal, thanks in part to a slide in Venezuelan production due to an economic crisis in the South American country.

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