Oil Prices Rise as Brent Surpasses $100
Global oil prices rose amid a decline in Ukrainian attacks on Russian refineries, while OPEC+ is expected to maintain its output, and US crude inventories increased.
Translated by Qiyas from الجريدة — Original source
The price of a barrel of Kuwaiti crude oil fell by $3.15 to reach $102.24 per barrel in yesterday’s trading, down from $105.39 in last Tuesday’s trading, according to the price announced by the Kuwait Petroleum Corporation.
In global markets, oil prices rose during Thursday’s trading as investors assessed diplomatic developments between the United States and Iran aimed at ending the conflict in the Middle East.
This follows a rise of about $1 per barrel for both benchmarks during Wednesday’s evening trading session, allowing oil prices to close September with monthly gains of 14% for Brent crude, above $100 per barrel—marking the largest monthly rise since July—while US crude rose by 5% over the past month.
Two sources familiar with the matter told Reuters that OPEC+ is likely to keep its production targets unchanged for November when it meets on Sunday.
The US Energy Information Administration announced that US crude oil inventories rose by 922,000 barrels to reach 427.3 million barrels during the week ending September 25, contrary to expectations that pointed to a decline of 264,000 barrels.
In a related development, the intensity of Ukrainian attacks on Russian oil refineries fell to its lowest level in three months in September, although the pace of attacks continued to outstrip repair efforts, preventing any significant increase in oil processing rates and contributing to increased pressure on the global fuel market.
Ukraine launched at least 15 attacks on Russian fuel production facilities last month, according to a Bloomberg tally based on data and public statements from both countries, down from the record high of at least 22 attacks recorded in August, Bloomberg News reported.
The attacks aim to undermine Moscow’s ability to finance and sustain its invasion of Ukraine, coming at a time when Russia is conducting continuous round-the-clock attacks targeting critical infrastructure in Ukraine, including Black Sea ports, energy facilities, and hospitals.
Despite the slowdown in the pace of attacks on Russian refineries, operating rates in September barely exceeded August levels, reaching 3.98 million barrels per day, according to estimates by EIA Analytics, a subsidiary of consulting firm Energy Aspects.
The company estimates refinery operating rates by monitoring the oil supply chain, starting from tracking oil fields and storage tanks via satellite, through to the movement of cargo shipments.
