Oil prices surged in early trade on Tuesday, marking the fourth consecutive session of increases. The weak shale output in the U.S. has raised concerns about a supply deficit caused by extended production cuts in Saudi Arabia and Russia.
U.S. West Texas Intermediate crude futures rose 1 percent to $92.38, just below a 10-month high, while global oil benchmark Brent crude futures increased by 0.3 percent to $94.70 per barrel.
The upward trend in prices has continued for three consecutive weeks.
The U.S. Energy Information Administration (EIA) reported that U.S. shale output is expected to decline to 9.393 million barrels per day (bpd) in October, the lowest level since May 2023. This would mark three consecutive months of decline.
These estimates come after Saudi Arabia and Russia extended their combined supply cuts of 1.3 million bpd until the end of the year.
Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, defended OPEC+ cuts to oil market supply, emphasizing the need for light-handed regulation to limit volatility. He also expressed concerns about uncertainty surrounding Chinese demand, European growth, and central bank action to combat inflation.
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
