Can oil prices rise further?

Oman’s oil and LNG production is unlikely to be disrupted by a cyclone heading for the Gulf country though it may temporarily affect loadings of both commodities and operations of some power distribution, Oil Minister Mohammed al-Rumhi told S&P Global Platts on Oct. 3.

Oman, the biggest oil producer in the Middle East outside OPEC and a member of the 23-country OPEC+ alliance, pumped 760,000 b/d in August, according to the latest Platts survey. Oman produced oil below its 771,000 b/d quota, the survey showed. Oman LNG has three trains with a total nameplate capacity of 10.4 million mt/year, according to its website.

“The situation is fluid,” the oil minister said. “Will get full assessment later on perhaps tomorrow. I expect some power distribution system to be affected in small towns.”

Price in an established uptrend can always move higher and usually it does. If the chart stays as healthy as it is today I aim to get in a buy order on Brent after a couple of weak days. I aim to keep doing this until Christmas.

1 Like