Bloomberg: Saudi Arabia may raise oil prices for Asia
15:07 28.07.2022 11084
Saudi Arabia is expected to raise the price of its flagship oil for Asia in September, although traders see potential for spot price cuts next month, PRIME quotes Bloomberg. The coming months could be a turning point for the oil market, traders say.
Arab Light crude for September delivery to Asia could sell for a record high premium over the Oman/Dubai price marker. According to the median estimate of refiners surveyed by Bloomberg, the premium could be $10.80 per barrel. At the same time, the drop in the margins of Asian refineries may result in a reduction in demand for oil from Saudi Arabia, traders say.
World oil prices in July may show a second consecutive monthly decline for the first time since the end of 2020. Oil futures came under pressure amid risks of a US recession, tightening monetary policy and China's efforts to fight the coronavirus. At the same time, prices in the physical market are still high. Saudi Aramco will publish official selling prices for September next week.
Some Asian refineries have been preparing to cut operating capacity since September. Refinery workloads in the region have peaked in recent months as the conflict in Ukraine has shifted trade flows and driven gasoline prices to record highs. Any pullback in fuel prices could trigger a reduction in oil demand from refineries in the coming months.
Turkmenistan and the Cooperation Council for the Arab States of the Persian Gulf signed a memorandum of cooperation
Prospects for further development of relations between Turkmenistan and the Cooperation Council for the Arab States of the Persian Gulf were discussed at the meeting of Vice-Chairman, Minister of Foreign Affairs of Turkmenistan Rashid Meredov with the Secretary General of this organization Naif Falah Mubarak Al-Hajraf, the website of the Foreign Ministry of Turkmenistan reports.
OPEC+ countries decided to increase oil production quotas in September by 100,000 b/d
OPEC+ ministers decided to increase oil production quotas in September by 100,000 barrels per day, Interfax reported on Wednesday, citing a source in one of the delegations.
Turkmen gas is also needed to fill the SGC gas pipeline, - expert
- It is very difficult to fill the Southern Gas Corridor (SGC) with Azerbaijani gas alone; gas from Turkmenistan is also needed. - This was stated by Julian Bowden, a senior researcher at the Oxford Institute for Energy Studies (OIES), Trend reports.
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Natural gas flow received at Sherepli field
On the territory of the Mary region, the gas workers of the «Turkmengazburawlayysh» department of the State Concern «Turkmengas», in accordance with the plan developed by the concern, carry out large-scale drilling of wells simultaneously at three new gas fields. As a result of drilling operations carried out by geologists at the Sherepli gas field, a commercial flow of natural gas was obtained from the operational appraisal well No. 01.