Agenda piețelor de marfuri

Miercuri, 12 Iulie 2023

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Piețele de petrol

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Saudi output cuts help drive up one corner of global oil market

Prices for sour crude oil have climbed globally this month after top exporter Saudi Arabia hiked prices and expanded production cuts of higher-sulfur oil in the first sign its efforts to prop up global prices is having an impact. The de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) this month deepened its production cuts to 1 million barrels per day in response to benchmark prices that fell to below $72 a barrel this summer.

Venezuelan petcoke contract dispute fuels tanker queues, hunt for options

The sudden suspension of a Venezuelan contract that had boosted its exports of petroleum coke has led to a bottleneck of tankers waiting to load and sent customers scrambling for alternative supplies, according to sources and data. A 2017 contract between Venezuelan state oil company PDVSA and Geneva-based Maroil Trading helped the country's exports of the oil byproduct to grow seven fold between 2021 and 2022. But the deal was suspended last month amid a dispute over accounts receivable and the extension of the contract.