- The global oil market, a critical element of the world's economic engine, is currently at a pivotal junction.
- Russia is moving to gain a tighter grip on Iraqi oil production as its influence in Kurdistan is waning
- Weakening demand by major oil consumers might also persuade Saudi Arabia to cut even further.
- Saudis could decide to relax the cuts by 250,000 to 500,000 barrels daily from next month.
- The EPSO crude going to China in September is trading at discounts of just $2-$2.50 per barrel to ICE Brent on delivered-ex-ship (DES) basis, according to the sources
- Oil prices saw another rise on Tuesday morning on optimistic forecasts published by the International Monetary Fund (IMF).