OIL PRICES COULD RISE
A strong Dubai price in a weak oil market has created a dilemma for top oil exporter Saudi Arabia as it works out official monthly selling prices for December.
The largest OPEC producer is expected to raise the December prices for most of the crude grades it sells to Asia when it notifies customers early next week. A hike would be in line with a strong Dubai market, but traders said that benchmark is not reflecting weak demand and poor refining margins in Asia.
"It's a tricky one this month," said a trader with a Western firm. "They will go up, but by how much, I'm not sure, particularly as they have been very…
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.