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Wednesday, January 26, 2022

Crude oil is getting more expensive. Saudi Arabia has raised prices for buyers from Asia and the USA

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Crude oil rises significantly in the morning. This is a reaction to the decisions of Saudi Arabia, which increased the prices of its raw material exported to buyers in Asia and the USA. The world’s largest oil exporter thus signaled its confidence in the prospects of fuel demand, despite the spread of a new variant of the coronavirus – omicron.

Crude oil on the New York stock exchange is gaining heavily on Monday’s trading in reaction to the decisions of Saudi Arabia, which increased the prices of its raw material exported to customers in and in the US, thus giving a signal of its confidence in the prospects of fuel demand, despite the spread of the new variant of the coronavirus, the omicron – the brokers inform.

A barrel of West Texas Intermediate crude in January deliveries on Monday at around 8.15 a.m. on NYMEX in New York was $ 68, up 2.63 percent.

Brent on ICE in London for February deliveries was trading at $ 71.57 a barrel, up 2.42 percent.

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Petroleum. Saudi Arabia is increasing prices

“In the commodity market, crude oil continues to grow. Both benchmarks are up 2.5 percent. WTI is trading at USD 68 per barrel, with Brent crude oil at 71.5 per barrel. Saudi Arabia “- wrote Maciej Madej from Dom Maklerski TMS Brokers in the morning commentary.

The Kingdom raised the prices of all types of Saudi Arabian oil for January, delivered to buyers in Asia and the US. Arab oil prices for the US will rise by 40-60 cents a barrel. In turn, the raw material from Saudi Arabia for Europe is to be cheaper.

The kingdom is the world’s largest oil exporter. More than 60 percent of Arabian oil exports go to Asia, with the largest recipients in the region being China, Japan, South Korea and India.

Last week, 23 countries from the Organization of Petroleum Exporting Countries and its allies (OPEC +) decided to maintain the plan to increase oil production by 400,000. barrels a day. In January 2022, the organization will increase production of raw materials by another 400 thousand. barrels as previously announced, so the specter of “cutting” production is receding for fear of oversupply, which could arise as a result of the release of reserves and possible lockdowns. OPEC + is to meet again on January 4.

Main photo source: Shutterstock



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