An unexpected increase in U.S. crude stockpiles and record oil production from Saudi Arabia in June has deepened concern that growing oversupply will continue to impact oil prices as nations tussle over market share.
Analysts at Raymond James said that they had cut their U.S. benchmark crude oil forecast to $50 per barrel in 2015 and lowered their 2016 projection by $10 per barrel to an only slightly higher $55 per barrel.
Refining margins in Asia have come under pressure in recent months as refiners there increased processing runs and Saudi Arabia increased diesel exports from its new Yasref refinery, a joint venture with China’s Sinopec that reached full capacity in June.
After private meetings in Jeddah on the Red Sea coast, Defense Secretary Ashton Carter told reporters that King Salman and his defense minister “reiterated their support” for the deal to curb Iran’s nuclear program while expressing reservations about its enforcement.
OPEC’s more optimistic outlook comes as the 12-member cartel makes good on a plan to carve out more of the global oil market as demand grows; according to the report, Saudi Arabia told OPEC it put out 230,900 more barrels a day in June
Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark’. 1981 was also the year in which Beyoncé was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling Harrison Ford doesn’t seem that distant a […]
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