Fuel Price Report Sept 10, 2021
Crude oil prices have decreased slightly during this reporting period. The world’s number one oil producer Saudi Arabia slashed its crude contract prices for Asia by $1 per barrel as Asia is its biggest buying region. This led to oil prices falling as an indication of well-supplied global markets, but concerns over the demand outlook still remain. The deep price cuts are a sign that consumption in the world's top-importing region remains tepid and lockdowns across Asia to combat the delta variant of the coronavirus have clouded the economic outlook.
Fuel Price Report July 8 2021
Background/ Oil Markets Performance
The Thompson Reuters reports indicate that in response to balancing the market, the Organization of the Petroleum Exporting Countries and allies (OPEC+) intends to further ease output cuts next month and could also consider extending its overall supply pact beyond April 2022. The group further indicated and warned that the oil market might present significant uncertainties and that poses the risk of an oil glut in the coming year. The start of July 2021 has seen crude oil prices trading near $75 a barrel which is 40%
higher than at the start of the year.