Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

Oil in Global Economy Series: Key oil market updates

While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,

  • U.S. oil rig count: The United States has already proved to be a major influencing factor in the global oil market as production reached 9.54 million barrels per day before declining sharply over the impacts of Hurricane Nate. However, the production has recovered equally fast and is currently at a record high of 9.645 million barrels per day. To keep a tab on U.S. oil supplies, one needs to keep oneself updated on the numbers of oil rigs operating in the United States. As of latest report, the numbers of operating rigs have risen to 738, same as last week.
     
  • Saudi Arabia’s and the Middle East: The tensions in the Middle East continue to rise as Saudi Arabia held a meeting over the weekend with its Arab allies in Cairo to discuss the course of action to counter threats of Iran. Saudi Arabia and other Arab league partners have kept on accusing Iran of creating instability in the region.
     
  • Venezuela: Venezuelan oil production and supplies could get affected this week as the country is on the verge of a default. The country is yet to finalize the course of action to tackle country’s debt.

Key global oil benchmarks:

WTI - $56.6/barrel

Brent - $62.3/barrel

OPEC basket - $59.9/barrel

Urals - $61.6/barrel

Oman - $60.9/barrel

Dubai - $60.5/barrel

Western Canada Select - $41/barrel

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.