Oil Prices Inch Up Despite Fed’s Interest Rate Hike Talks
In a surprising turn of events, oil prices managed to climb on Thursday after experiencing losses for three consecutive days.
Despite the US Federal Reserve hinting at a potential increase in interest rates to combat inflation, Brent crude futures saw an increase of 1.1 percent to $82.82 per barrel, while US West Texas Intermediate crude futures rose by 1.3 percent to $78.54.
Saudi Arabia’s Crude Export Numbers
Recent data from the Joint Organizations Data Initiative revealed that Saudi Arabia’s crude exports hit 6.41 million barrels per day in March, marking a 1.52 percent increase compared to the previous month and reaching a nine-month high.
This rise in exports coincided with a decrease in the Kingdom’s crude production to 8.97 million barrels per day, a 0.42 percent drop from the previous month. This shift can be attributed to Saudi Arabia’s commitment to OPEC+ oil production cuts, with the country extending its 1 million barrels per day cut until the end of the second quarter of 2024.
The Ministry of Energy stated that Saudi Arabia’s production will hover around 9 million barrels per day until June. Additionally, refinery crude output, which represents the processed volume of crude oil used to produce various fuels, decreased by 4 percent to 2.56 million barrels per day, according to JODI data.