Bloomberg: Saudi Arabia may raise oil prices for Asia
15:07 28.07.2022 11114
Saudi Arabia is expected to raise the price of its flagship oil for Asia in September, although traders see potential for spot price cuts next month, PRIME quotes Bloomberg. The coming months could be a turning point for the oil market, traders say.
Arab Light crude for September delivery to Asia could sell for a record high premium over the Oman/Dubai price marker. According to the median estimate of refiners surveyed by Bloomberg, the premium could be $10.80 per barrel. At the same time, the drop in the margins of Asian refineries may result in a reduction in demand for oil from Saudi Arabia, traders say.
World oil prices in July may show a second consecutive monthly decline for the first time since the end of 2020. Oil futures came under pressure amid risks of a US recession, tightening monetary policy and China's efforts to fight the coronavirus. At the same time, prices in the physical market are still high. Saudi Aramco will publish official selling prices for September next week.
Some Asian refineries have been preparing to cut operating capacity since September. Refinery workloads in the region have peaked in recent months as the conflict in Ukraine has shifted trade flows and driven gasoline prices to record highs. Any pullback in fuel prices could trigger a reduction in oil demand from refineries in the coming months.
Pre-conference day of the TESC 2025 forum
On Thursday, June 5, the International Scientific and Practical Conference "Environmental Aspects of Implementation of Innovative Technologies in the Development of Hydrocarbon Deposits" (TESC) will open in Ashgabat. The forum is organized by the State Concerns "Turkmengas", "Turkmennebit", the State Corporation "Turkmengeology" together with the "Turkmen Energy Forum".
Preparations for the VI Caspian Summit discussed
The issues of preparation for the VI Summit of the Heads of the Caspian States within the framework of the events planned in Turkmenistan for 2022 were discussed on Tuesday at a meeting of the interdepartmental commission on the Caspian Sea, the website of the Foreign Ministry of Turkmenistan reports.
Gurbanguly Berdimuhamedov held a meeting on expanding Turkmen gas export routes
The issues of expanding export routes for the supply of Turkmen natural gas were discussed at a meeting held on Tuesday by President Gurbanguly Berdimuhamedov with the participation of Vice-Chairmen of the Cabinet of Ministers for the fuel and energy complex, economy and foreign policy, the State News Agency of Turkmenistan reports.
Preparations for the implementation of energy projects discussed at talks in Islamabad
The issues of practical implementation of the projects of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline and the Turkmenistan-Afghanistan-Pakistan (TAP) power transmission lines were discussed in Islamabad by the delegation of Turkmenistan, which, on behalf of President Gurbanguly Berdimuhamedov, is on a working visit to Pakistan on January 31 – February 4, informs the website of the Foreign Ministry of Turkmenistan.
800 delegates from 20 countries of the world will take part in the scientific forum on environmental aspects of the development of the fuel and energy complex
The International Scientific and Practical Conference: «Energy Prospects, New Technologies for the Development of Hydrocarbon Deposits» in the Year «The Happy Youth with Arkadag Serdarly» will be held at the Yagshygeldi Kakayev International Oil and Gas University on June 15.