Oil Falls as Middle East Crude Exports Rise
Japan said it has no plan for another reserve release as G7 nations coordinate 100 million barrels of emergency oil and fuel stocks.
- On Monday, Brent crude fell 0.34% to $101.90 and WTI dropped 0.68% to $90.49 as rising Middle Eastern crude exports and Group of Seven stock releases boosted global supplies despite ongoing Gulf infrastructure damage concerns.
- G7 nations agreed on Friday, October 2, to release 100 million barrels of diesel and crude from emergency reserves following pressure from President Donald Trump and pledged to refrain from energy export restrictions.
- Shipping data showed Middle Eastern crude exports rose above pre-war levels during four of seven days in late September despite Strait of Hormuz attacks; OPEC+ delayed its 2027 quota review after the US-Israeli war on Iran disrupted capacity expansion projects across the Middle East.
- The Houthis said they launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area in response to 50 Saudi-led air and missile strikes in Yemen over 12 hours, though Saudi Arabia did not confirm the reports.
- Brent prices remain above $100 per barrel as geopolitical tensions and vessel attacks in the Gulf persist, with ING analysts noting a US naval protection program and strikes against Iranian radar sites have supported the export rebound; Ukrainian President Volodymyr Zelenskiy told Reuters on Saturday that Ukraine will intensify attacks on Russian oil refineries.
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(New York = Yonhap News) Correspondent Kim Yeon-sook = On the 5th (local time), international oil prices fell for the second consecutive trading day due to increased crude oil exports from the Middle East and the G7's decision to release strategic oil reserves...
Since the summer, countries in the Middle East have managed to export more crude oil, bracing Iranian attacks. But this fragile development does not reduce gasoline prices. ExplanationsThis is a first since the outbreak of the war against Iran and Tehran's blockade of the Strait of Ormuz in retaliation: oil exports from the Middle East countries have returned to their levels before 28 February. This rare good news on the black gold market is ann…
Oil prices closed down, with Middle East flows recovering to levels close to pre-war levels, despite persistent restrictions on shipping. Saudi Arabia reduced oil prices to Asia to the lowest level since 2020, while G7 and partners announced new release of emergency stocks, which pushed commodity quotes. At Intercontinental Exchange (ICE), Brent oil for delivery in December closed down from 1.89% to $100.32 per barrel. At New York Mercantile Exc…
Takaichi says Japan has already been releasing reserves as G7 agrees coordinated 100 million barrel drawdown
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