Middle Eastern oil producers and the OPEC+ group they are part of continued with their planned moderate monthly production increase despite the Russian invasion of Ukraine and the skyrocketing oil prices and the potential of a supply deficit the war has brought. OPEC put its demand growth forecast for 2022 under assessment, warning of a potential slowdown in global oil demand. As a result of high prices and regional benchmarks, as well as a tight global market, Saudi Arabia, the world’s largest crude oil exporter, raised the prices of its crude to Asia in April to all-time high premiums over the Dubai/Oman benchmark, off which Saudi supply to Asia is being priced.

In addition, the biggest oil company in the world, Saudi Aramco, posted bumper profits amid rallying oil prices and signed several deals to expand its downstream presence in China, while the state energy firms of the United Arab Emirates (UAE) and Qatar announced partnerships to grow upstream, downstream, and in alternative energy sources such as hydrogen.

source : https://www.ogv.energy/