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Due to reduced supply from Saudi Arabia and other Middle Eastern producers, sour crude oil prices have seen a significant surge. This reduced supply has led to buyers seeking alternative sources, further driving up the price of sour crude oils globally. Examples of this increase include U.S. Mars sour crude, Canadian Western Canada Select (WCS), and Norwegian Johan Sverdrup crude, all experiencing elevated prices due to the supply cut. Oil Jack Saudi Arabia and its fellow OPEC+ producers may not have lifted the international crude oil futures with their production cuts, but the reduced supply from the world’s top crude exporter has sent the prices of sour crudes rallying in recent weeks. In early June, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer, Saudi Arabia, said it would voluntarily reduce its production by 1 million bpd in July to around 9 million bpd. Last week, Saudi Arabia said it would extend its unilateral 1 million bpd production cut into August and raised the prices of some of its grades – all of which are sour – for loading for Asia in August. The cuts from Saudi Arabia and other […]
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