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The Price Of Brent Oil Is Being Traded At 119.72 Dollars Per Barrel, Or An Increase Of At Least 68% In A Year.
Saudi Arabia, which is one of the largest oil exporters in the entire East, stated that it would be raising the price per barrel for some countries in Asia. In summary, the price of this commodity has already increased by at least 68% over the past twelve months. The impacts may fall again on Petrobras, which argues that the refinery prices are already outdated for the market and that new adjustments need to be made, especially regarding diesel. Petrobras has been authorized, since the Temer government in 2016, to monitor all the variations occurring in the external market.
Oil Prices And The Covid-19 Crisis In The East And Saudi Arabia
According to a report shared on the YouTube channel belonging to Jovem Pan News, it is estimated that the price of oil reached one of its highest values of 2022 during the past week. The reasons for this happening were varied, primarily due to the war occurring between Russia And Ukraine.
The company Arab Light, which belongs to Saudi Arabia, stated that it would be increasing the price of each barrel of oil by at least 6 dollars for companies buying the product in the East, with the increase based on the price charged in Dubai.
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The market, however, was predicting that the variation would be only 1 dollar or 2 at its peak. In other words, it was well above what the sector was forecasting. “The price jump is unexpected, especially for Arab Light. We are intrigued by the decision”, said an Asian oil trader.
The increase in oil production is expected to be at least 650,000 barrels per day, according to the state company in partnership with OPEC. The larger-scale production is happening as a way to alleviate the crisis left by the lack of supplies coming from Russia. However, even with this production, it is not enough to control prices, which are becoming more inflated every day.
The current production is significantly higher than what was guaranteed for the year 2021, which was around 500,000 barrels per day. Angola and Nigeria are expected to be among the most affected countries by the variation, and Russia will also have to pay a higher price for each barrel it buys. The oil crisis is expected to lessen after China opens up regarding some cities, such as Shanghai, according to the report shared by Reuters on this Monday, June 6.
“Demand is also very strong in this cycle, and Saudi Arabia can afford to raise the OSPs,” another user stated on their social media. According to him, the demand for oil is so inflated that even if the increase were larger, they would still manage to sell a large portion of the barrels produced by the institution. However, a large part of the oil demand cannot be controlled due to the persistent flows occurring between China and India, which allow purchasing through Russian intermediaries.
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