Crude oil prices rose in July
Consensus forms behind rising crude prices
Saudi cuts and slowing US output add to improved demand outlook
Crude oil prices rose by c.14% in July, and a consensus seems to have formed among analysts and observers that prices are likely to continue to rise over the rest of the year. The July increase appeared largely a response to the latest round of cuts by OPEC+ countries, most notably Saudi Arabia, which implemented a new cut of 1m b/d effective from 1 July. Prices pulled back by about 2% on 2 August after ratings agency Fitch downgraded US debt from AAA to AA, but the ground was regained the day after when Saudi officials announced they would extend the 1m b/d cut to at least the end of September. Combined with an array of other market factors, Saudi Arabia’s renewed commitment appears to set
Also in this section
27 September 2023
Regional industry body ANGEA remains bullish about Asia's adoption of gas and LNG, despite elevated prices and logistical challenges
26 September 2023
Half a century after the 1973 conflict, the world is dramatically different. But OPEC’s power remains
26 September 2023
Bottlenecks continue to constrain gas-rich Appalachia, and relief may not be in the pipeline
22 September 2023
Former executives and a successor company are accused of complicity in Sudanese war crimes in what is now South Sudan
