@JmObserver –
The price of Oman crude (for November 2022 delivery) declined by $4.82 per barrel to settle at $84.46 per barrel in trading on the Dubai Mercantile Exchange (DME) on Monday. The price of Oman crude (for September delivery) has averaged $103.21 per barrel, which is $9.72 a barrel lower than the August 2022 delivery average. This is the first time Oman crude fell below $85 per barrel in nine months, the last one on January 18, 2022 with $84.92 per barrel.
Meanwhile, the Organisation of Petroleum Exporting Countries (Opec) said yesterday that the price of its basket of crude fell by $2.84 a barrel to settle at $92.67 per barrel in trading on Friday, down from $95.51 last Thursday. In its publication, Opec reported last year’s annual basket rate of $69.89 per barrel.
On September 5, Opec+ energy ministers agreed to adjust September oil production by 100,000 barrels per day compared to the 648,000 barrels as agreed during July’s meeting.
According to Opec+, the drastic decline in surplus productive capacities requires that these capacities be used with great caution when responding to severe supply disruptions.
The statement confirmed the willingness of producers from within and outside the Opec+ to convene any emergency meeting to discuss oil market developments if the need arises.
In its last periodic report, Opec expected global oil demand to increase by 2.7 million barrels per day (bpd), reaching a total of 103 million bpd, compared with 100.3 million bpd this year, driven by high demand from major consumer countries, primarily the United States.
