Unreliable oil market

02.07.2018 / 05:43

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Oil price fluctuations are expected at the start of the week due to the surprise agreement between the US and Saudi Arabia. On Saturday, Trump said King Salman has agreed to increase crude oil production to nearly 2 million barrels. In this way, the world's largest oil consumer will compensate for the lack of supply from Iran and Venezuela.

Saudi Arabia is the largest oil exporter in the world and the largest producer in OPEC (OPEC). A week ago, OPEC and its allies, including Russia, agreed to increase supplies. Iran has urged other OPEC members to "refrain from any unilateral action".

According to the US benchmark, the average oil on August West rose 70 cents, or about 1% to reach 74.15 dollars a barrel on the New York Mercantile Exchange.

We expect weekly data on US crude oil commercial stocks on Tuesdays and Thursdays. From this data, we will estimate the strength of US demand and how quickly output levels will rise.

Undoubtedly, the oil market needs stability and compensation for any potential shortage from oil producers.

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Unreliable oil market

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