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Country reduced barrel for 27 months, recognized OPEC+ and official prices. Oil market, Chinese demand and global stocks influence.
Oil prices have varied throughout this week, with highs and lows that reflect the instability of the international market. Saudi Arabia is increasingly concerned about this situation, which could directly influence oil contracts in futures markets.
O oil WTI and the Brent, considered commodities of great importance for the world economy, registered a significant increase in their values, demonstrating the volatility of the oil raw right now. These variations can generate significant impacts on various sectors of the global economy.
Oil Market Stability and Saudi Efforts
This Tuesday, the news emerged that Saudi Arabia — which announced the reduction of official prices of its barrel of oil to various regions for 27 months — recognized the efforts of members of the Organization of Petroleum Exporting Countries and allies (OPEC+) in maintaining the stability of the commodity market, through the signing of the 'Declaration of Cooperation', illustrating the clear Saudi desire to support stable prices.
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Conflicts in the Middle East and Tensions in the Red Sea
Meanwhile, escalating conflicts in the Middle East took a backseat this week, with few updates on escalating tensions in the Red Sea.
Conflict and Effects on Raw Material Prices
According to the World Bank, the effects of the conflict on raw material prices are being 'well mitigated' so far, although historically an escalation could strongly affect the supply of the commodity, especially if the major players in the sector end up withdrawing. to involve.
Drop in Prices and Concerns of Supply Disruption
For the City Index, despite the recent drop in prices and possible weakness in Chinese demand and globally, the fall in prices should be limited by 'ongoing concerns' about the possible interruption of oil supplies from the Middle East.
Brent Price Forecast and Increase in Global Stocks
Parallel to this Tuesday's scenario, the United States Department of Energy (DoE) reduced its Brent price forecast for 2024 for the second consecutive month, and now predicts that the barrel will end this year at US$82 per barrel, and that it will end in 2025 at US$ 79. In the document released this Tuesday, the DoE warns of an increase in global oil stocks during the last quarter of 2023, indicating a well-supplied market.
Source: CNN Brazil
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