Bangkok, Thai Oil Public Company Limited expects the price of West Texas crude oil this week to move in the range of 76-83 USD per barrel, while Brent crude oil will move in the range of 80-87. USD per barrel
Thai Oil Public Company Limited expects that the crude oil price situation (4 – 8 March 2024) is likely to remain highly volatile after the market keeps an eye on negotiations on a production reduction plan that is expected to occur at the beginning of the month. This October, the OPEC+ group is expected to consider extending the voluntary production reduction until the second quarter of 2024 in order to support oil prices in the market. and may extend the production reduction until the end of this year. At the same time, the conflict situation within the Middle East region remains uncertain. Especially the negotiations Peace during Ramadan for Muslims. However, the US Federal Reserve or FED maintains interest rates. After the inflation figure is still higher than the target, this is still a factor tha
t puts pressure on prices.
For the oil price situation last week (26 – 1 March 2024), the price of West Texas crude oil last week increased by 3.48 USD per barrel to 79.97 USD per barrel, such as The same with the price of Brent crude oil which increased by 1.93 USD per barrel to 83.55 USD per barrel, while the price of Dubai crude oil closed on average at 81.64 USD per barrel after the conflict situation in the Middle East and Goldman Sachs increased its forecast. Brent crude oil price forecast in 2024, new to the level of 87 USD per barrel. Higher than last time at 85 USD per barrel as the conflict in the Red Sea is expected to intensify. However, the US Energy Information Administration (EIA) released figures for US crude oil inventories for the week ending February 23. .67 increased by 4.2 million barrels to the highest level in 3 months at 447.2 million barrels, and more than analysts expected to increase by only 2.7 million barrels.
Saudi Arabia’s government news agency, citing official sources from t
he Saudi Ministry of Energy, said that Saudi Arabia will extend its crude oil production cut by 1 million barrels per day until the end of the second quarter. Saudi Arabia’s crude oil production will be at About 9 million barrels per day until the end of June.
The Russian government’s TASS news agency reported that Russian Deputy Prime Minister Alexander Novak stated that Russia will reduce oil production and exports by 471,000 barrels per day until the end of June.
Source: Thai News Agency