SAUDI RAISES PRICE
Saudi Arabia's decision to raise oil prices to its main customers in Asia may just be another sign that crude markets are indeed on the road to recovery.
The world's biggest oil exporter lifted the official selling price (OSP) of its benchmark Arab Light crude by 25 cents a barrel for cargoes loading in April.
The April OSP for Arab Light will be a discount of 75 cents a barrel to regional market Oman/Dubai, down from a discount of $1 for March cargoes.
While the OSPs have moved around a bit in recent months, a trend is emerging toward higher…
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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.