{"id":1408645,"date":"2022-03-29T21:14:55","date_gmt":"2022-03-30T01:14:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1408645"},"modified":"2022-03-29T21:14:58","modified_gmt":"2022-03-30T01:14:58","slug":"saudi-arabia-hikes-oil-prices-ahead-of-opec-meeting","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-hikes-oil-prices-ahead-of-opec-meeting\/","title":{"rendered":"Saudi Arabia Hikes Oil Prices Ahead of OPEC Meeting"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsaudi-arabia-hikes-oil-prices-ahead-of-opec-meeting%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1408645&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\"><span>Saudi Arabia raised its oil prices in markets across the world on Monday, in some cases to all-time highs, as many customers remain reluctant to buy deeply discounted oil from heavily-sanctioned Russia.<\/span><\/p>\n<p><span>The Organization of Petroleum Exporting Countries (OPEC) is due to meet on Thursday to discuss production for May when analysts expect more price hikes could occur.<\/span><\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p><a href=\"https:\/\/www.barrons.com\/articles\/crude-oil-prices-today-opec-meeting-51648550385?tesla=y\"><i><span>Barron\u2019s<\/span><\/i><\/a> <span>found OPEC ministers cautiously watching the progress of peace talks between Russia and Ukraine, which began with an awkward handshake-free \u201ccold welcome\u201d in Istanbul on Tuesday, but also featured some talk from Russia about scaling back hostilities.\u00a0<\/span><\/p>\n<p><span>According to <\/span><i><span>Barron\u2019s, <\/span><\/i><span>guarded optimism about the peace talks was offset by the coronavirus <\/span><a href=\"https:\/\/www.breitbart.com\/asia\/2022\/03\/28\/coronavirus-panic-in-shanghai-as-china-locks-down-26-million-people\/\"><span>lockdown<\/span><\/a><span> China imposed on Shanghai this week and by the possibility that more oil could be released from the U.S. Strategic Petroleum Reserve to keep American pump prices from rising further. The coronavirus situation in China is complicating global shipping and depressing oil demand from China.<\/span><\/p>\n<p><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Saudi-Arabia-Hikes-Oil-Prices-Despite-Record-Discounts-For-Russian-Crude.html\"><span>Oilprice.com<\/span><\/a><span> on Monday argued the Russian invasion has \u201csimultaneously both eased and complicated the task of Middle Eastern national oil companies\u201d because pushing Russian oil off the market with sanctions gave the Saudis and other OPEC producers a golden opportunity to raise prices, but those price increases \u201ccould antagonize even further all the Asian buyers that keep on fretting about unprecedentedly high prices.\u201d<\/span><\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p><span>The problem for OPEC is that beyond a certain price point, those antagonized Asian buyers might decide the risk of continuing to do business with Russia is worth the cost savings. The possibility of Iran re-entering the market in a big way after reviving its nuclear deal with the Biden administration is also a factor in price calculations.<\/span><\/p>\n<p><a href=\"https:\/\/www.yahoo.com\/now\/saudis-may-hike-oil-price-061748498.html\"><span>Bloomberg News<\/span><\/a><span> predicted on Tuesday one more record price hike from Saudi Arabia.<\/span><\/p>\n<p><span>\u201cTraders in Asia are closely monitoring the virus situation in China, which could become a more potent risk to oil demand. While it would depend on how long lockdowns will remain in place, some consultants including Energy Aspects Ltd. have already cut estimates for Chinese crude consumption,\u201d Bloomberg noted.<\/span><\/p>\n<p><span>The Saudis have also been loudly warning the Western world that <\/span><a href=\"https:\/\/www.breitbart.com\/national-security\/2022\/03\/25\/fireball-consumes-oil-facility-as-houthis-launch-terror-campaign-deep-in-saudi-arabia\/\"><span>continued terror attacks<\/span><\/a><span> from the Iran-backed Houthi insurgents of Yemen are jeopardizing \u201cour ability to supply the world with the necessary energy requirements,\u201d as Saudi Energy Minister Prince Abdulaziz bin Salman <\/span><a href=\"https:\/\/news.yahoo.com\/saudi-oil-chief-says-energy-080649912.html\"><span>put it<\/span><\/a><span> on Tuesday.<\/span><\/p>\n<p><span>\u201cIt goes without saying that if this security supply is impacted, it will impact us\u2026 but more fundamentally, I think it also will affect the world economy,\u201d he said.<\/span><\/p>\n<p><span>Prince Abdulaziz complained that the \u201cpillars\u201d of security once provided by Saudi Arabia\u2019s Western allies are \u201cno longer there,\u201d so the Saudis and OPEC partners like the United Arab Emirates (UAE) are considering different security arrangements.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia raised its oil prices in markets across the world on Monday, in some cases to all-time highs, as many customers remain reluctant to buy deeply discounted oil from<\/p>\n","protected":false},"author":41,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1408645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1408645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1408645"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1408645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1408645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1408645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1408645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}