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Oil prices slide as Russia, Saudi Arabia plan supply boost

by Olena Goncharova September 29, 2023 4:59 AM 1 min read
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Oil prices declined in early trading on Sept. 29 following a recent surge, as profit-taking and the anticipation of increased supply from Russia and Saudi Arabia overshadowed optimistic forecasts of demand, Reuters reported.

Brent November futures, set to expire on Friday, dropped by 21 cents to $95.17 per barrel, while Brent December futures decreased by 10 cents, trading at $93.00 per barrel at 0055 GMT. U.S. West Texas Intermediate crude (WTI) also fell by 8 cents to $91.63 per barrel.

Thursday had seen a 1% easing of oil prices as traders capitalized on recent gains, and concerns emerged regarding the potential impact of high interest rates on oil demand.

Currently, the market remains tight due to the combined 1.3 million barrels per day in cuts by Saudi Arabia and Russia, part of the OPEC+ coalition.

Russia recently relaxed its ban on fuel exports, initially implemented to stabilize the domestic market. Analysts predict that these restrictions will not remain in place for long, as they could negatively affect refinery operations and customer relationships.

JPMorgan reported that destinations such as Turkey, Brazil, Morocco, Tunisia, and Saudi Arabia were key recipients of Russian diesel this year.

FT: Russia avoids G7 price cap on most oil exports
Russia is growing increasingly less reliant on Western services when shipping out its oil, allowing it to more successfully avoid the $60-per-barrel price cap set by the Group of Seven (G7), the Financial Times reported on Sept. 25.

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