Saudi Price Cut Sends Oil Lower
Oil fell to five-month lows after Saudi Arabia sharply cut its flagship crude prices.
Oil fell to five-month lows after Saudi Arabia sharply cut its flagship crude prices.
Rigzone examines the Energy Institute's latest statistical review of world energy report, which was released recently.
'Seven OPEC+ countries ... met virtually on 5 July 2026, to review global market conditions and outlook,” a statement posted on OPEC's site highlighted.
'Our goal is simple', RRC Commissioner Wayne Christian said.
China called for the unhindered flow of shipping through the Strait of Hormuz.
Rigzone examines the Energy Institute's latest statistical review of world energy report, which was released recently.
Oil remains in a divided market, Waleed Said, Technical Analyst at GivTrade, stated.
Saudi Arabia's crude oil exports have surged to roughly pre-war levels since the kingdom resumed cargo loadings inside the Persian Gulf.
Oil prices steadied as rising exports through Hormuz reinforced concerns about a growing global supply surplus.
Rigzone examines the Energy Institute's latest statistical review of world energy report, which was released recently.