Analyst: If tensions persist, Brent crude oil could reach $100 per barrel
Odaily reported that Phillip Nova analyst Priyanka Sachdeva pointed out in a report that if tensions continue to escalate, Brent crude oil prices could surge to $100 per barrel. She stated that although the market is currently mainly facing logistical risks rather than crude oil losses, if the attacks persist, this distinction may quickly diminish.
Sachdeva noted that the greatest risk facing the energy market would be prolonged traffic disruption in both the Mandeb Strait and the Strait of Hormuz. She added that, at that point, the market would have very limited flexibility in rearranging cargo transport routes, and shipping disruptions could quickly develop into a broader inflation problem. (Golden Ten Data)
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Saudi Arabia's oil production in October surged by 26%, reaching the highest level since the onset of the conflict, while Brent crude has dropped over 20% this month
OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.
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