Symbolic imageG7 releases fuel reserves as OPEC+ holds output steady
G7 countries agreed to release 100m barrels of oil and diesel to ease prices. OPEC+ kept its November quotas unchanged on Sunday.
On Monday, 5 October, the Wall Street Journal reported oil prices lower on the G7 release plan, then mixed amid signs of attacks around the Strait of Hormuz. Bloomberg says the release offers only temporary price relief and that oil remains stuck near $100 a barrel. The Wall Street Journal also examines what is behind a crunch in the diesel market.
OPEC+ stands pat, Saudis cut Asian price
A sub-group of seven countries led by Saudi Arabia and Russia will keep November targets steady, the coalition said after a video conference on Sunday, 4 October, in line with its existing roadmap. Bloomberg notes that the Middle East conflict continues to shutter swaths of the group's output. On Monday Saudi Arabia cut its flagship oil price to Asia to the lowest in six years, Bloomberg reports.
Gulf exports recover despite attacks
Middle East crude exports are back above pre-war levels even as tanker attacks rise. Bloomberg reports that Iraq is arranging a tanker to move oil past Hormuz.