Oil Prices Surge to 10-Month High as Supply Cuts and Chinese Demand Fuel Rally

Saturday, September 16, 2023 Edit this post

By IndraStra Global News Team

Oil Prices Surge to 10-Month High as Supply Cuts and Chinese Demand Fuel Rally

Oil prices reached a 10-month pinnacle on Friday, marking their third consecutive weekly gain, as a blend of Saudi Arabian production cuts and optimism surrounding Chinese demand propelled crude values upward.

Brent crude futures climbed 23 cents, or 0.3%, closing at $93.93 per barrel, while U.S. West Texas Intermediate (WTI) futures saw a 61-cent increase, or 0.7%, finishing the day at $90.77 per barrel. Both contracts maintained their 10-month high levels for the fifth consecutive session on Tuesday and achieved a weekly surge of approximately 4%.

This surge in oil prices has put the market on track for its most substantial quarterly gain since Russia's invasion of Ukraine in the first quarter of 2022.

The primary driving force behind these rising prices continues to be supply concerns, primarily due to Saudi Arabia and Russia's joint announcement earlier this month to extend their combined supply cuts of 1.3 million barrels per day until the end of this year, as analyzed by Fiona Cincotta, an analyst at City Index. Also, Libya closed down four of its oil export terminals in the east due to severe weather conditions. At the same time, Kazakhstan, a member of the OPEC+ alliance, scaled back its daily oil production for maintenance purposes.

Furthermore, this week's surge in oil prices has been attributed to better-than-expected industrial output and retail sales data in China. According to Cincotta, the country's economic conditions are now critical for oil demand this year.

Recent data also revealed a nearly 20% increase in Chinese oil refinery processing compared to the previous year, as processors maintained high run rates to capitalize on strong global demand for oil products.

Expectations of a decline in U.S. oil production have also significantly boosted prices over recent weeks, as explained by Third Bridge analyst Peter McNally. He pointed out, "Supply growth from the U.S. appears to be limited as producers there have taken drilling activity down nearly 20% from last year's peak."

Data from oilfield services firm Baker Hughes confirmed that the U.S. oil rig count rose by two this week, reaching 515 rigs, the highest since April. However, the oil rig count is down by 84 units compared to the previous year, according to the data.

This ongoing confluence of factors is driving the oil market to its highest levels in months, with supply cuts and Chinese demand acting as the primary catalysts behind the recent surge in prices.

NOTE: According to forecasts from the U.S. Energy Information Administration (EIA), global oil production is expected to increase gradually, going from 99.9 million barrels per day (bpd) in 2022 to 101.2 million bpd in 2023 and further rising to 102.9 million bpd in 2024. Concurrently, global oil demand is projected to see an uptick, moving from 99.2 million bpd in 2022 to 101.0 million bpd in 2023 and eventually reaching 102.3 million bpd in 2024.

IndraStra Global Staff has not edited this story, which is auto-generated from a syndicated feed.

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IndraStra Global: Oil Prices Surge to 10-Month High as Supply Cuts and Chinese Demand Fuel Rally
Oil Prices Surge to 10-Month High as Supply Cuts and Chinese Demand Fuel Rally
By IndraStra Global News Team
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