OPEC continues to increase production, but oil prices are not really coming down massively, as geopolitics continue to outweigh oversupply concerns....
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Maroc - WN.COM - Mideast - 03/Oct 08:53
Arabian Post Staff -Dubai Oil prices are sliding as traders cite mounting unsold Middle Eastern crude and weakening demand from key importers. This shift raises prospects of a global oversupply even as OPEC+ debates its next policy move. Estimates from trading houses place unsold crude cargoes for November loading in the Middle East between 6 million and 12 million barrels. These volumes represent a departure from usual patterns where discount-seeking buyers quickly absorb surplus cargoes. Market participants point to a combination of subdued Chinese demand and logistical bottlenecks as contributing factors. Spot premiums on benchmark grades such as Oman, Dubai and Murban have plunged below...
OPEC continues to increase production, but oil prices are not really coming down massively, as geopolitics continue to outweigh oversupply concerns....
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The oil market has been in surplus since the start of the year, but stock builds have so far been concentrated in crude in China and gas liquids in...
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