Brent and WTI crude oil prices held near their weekly highs of $70/b and $67/b, respectively, despite concerns over oversupply stemming from the July 6 OPEC+ production increase and a stronger US Dollar.
The rise in Saudi Arabia’s official selling price (OSP) for August crude, alongside heightened attacks on vessels transiting the Red Sea by Houthi rebels in Yemen, provided some support to oil prices on Monday morning, following an initial dip after the OPEC+ supply hike announcement.
Saudi Arabia raised its OSP for August crude oil shipments by $1/bbl month-over-month to $2.20/bbl above the benchmark (Source: Arab News).
Energy traders also added a slight geopolitical risk premium to oil prices, worried that further Houthi attacks could lead to more vessels avoiding the Red Sea, forcing them to take a longer route around the Cape of Good Hope.
Brent oil had dropped to as low as $67/b at the opening of Sunday’s session, after OPEC+ agreed to a larger-than-expected supply increase of 548k bpd for August, exceeding the 411k bpd hike from the previous three months (Source: Reuters).
This latest decision brought OPEC+’s total production increases to over 1.9 million bpd, nearly reversing the 2.2 million bpd voluntary cuts made by the group since 2023. Furthermore, OPEC+ is expected to approve a final increase of about 550k bpd for September when it meets on August 3.
However, traders largely dismissed the OPEC+ supply hike, noting that the actual output increase has been smaller than expected, with most of the additional supply coming from Saudi Arabia.
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