Free Republic

Saudi Arabia is prepared to abandon its $100-a-barrel crude oil price target as it moves to increase output, signaling its acceptance of lower prices, according to the Financial Times. This decision comes despite earlier production cuts by OPEC+ members, which sought to keep prices high. Brent crude prices dipped below $70 earlier this month, the lowest since December 2021. Despite this, officials plan to boost production starting December 1, potentially extending a period of reduced prices. This marks a shift from Saudi Arabia's previous focus on price stabilization. Saudi Arabia's ramp-up in oil production, especially if paired with lowered prices,...

Russian crude-oil exports have taken a serious hit since new sanctions and a price cap came into force earlier in the week, with the Wall Street Journal reporting that figures from two data providers on Russian crude both show a big fall, though their magnitudes differ. According to one commodity-analytics firm Kpler, Russia’s seaborne exports fell by nearly 500,000 barrels per day on Tuesday, a 16% decline from the November average of 3.08 million bpd. Meanwhile, TankerTrackers.com, which tracks sea vessels using signals and satellite images, has reported that Russia's crude exports fell by nearly 50%. With shipments from the...

Russia has lost 60% of its raw oil shipping market in Europe after launching a full-scale invasion of Ukraine. In the next two months, the market for Russia will almost completely disappear, and new sanctions will make it difficult to redirect flows to other directions, Bloomberg reports. Russian oil supplies to Europe averaged 630,000 barrels a day a month ago, down from 1.62 million before the full-scale war began.... The rate of sea exports of Russian oil at 604,000 barrels per day is the lowest rate for the year. Flows fell by 56,000 barrels per day, or 8%, compared to...

Preliminary data from Russia's Finance Ministry showed that the country's fiscal surplus shrank to 55 billion rubles ($860 million) in the first nine months of the year, down from 137 billion roubles ($2.15 billion), Bloomberg reported. Olga Bychkova, an economist at Moody's Analytics, told Newsweek that the Russian government surplus is 30 times lower, when compared to the same period last year.... She predicted the government budget would post a modest surplus of 0.6 percent in 2022 on high energy prices but flip to a deep deficit of around nine percent in 2023 due to limited growth, imports, and the...