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Industry News - Current Week

Short-Term Energy

This Week in Petroleum – September 7, 2023

Production cuts drive sour crude price increases

Production cuts among OPEC+ members are limiting availability of medium and heavy sour grades of crude oil and contributing to higher relative prices for these grades, reversing typical price relationships. In early June, OPEC+ members announced they would extend their production cuts through 2024. Saudi Arabia also announced it would reduce production by an additional 1 million barrels per day (b/d) for July. The voluntary Saudi production cuts were extended several times, and Saudi Arabia announced on September 5 it would extend the additional cuts through the end of 2023. Most of Saudi Arabia’s crude oil contains more than 1% sulfur, our threshold for classifying crude oil as sour, although Arab Extra Light and Arab Super Light are considered sweet. The production cuts are having a larger impact on the price of sour crude oils, although global crude oil inventory draws are also putting upward pressure on light, sweet benchmarks such as Brent and West Texas Intermediate (WTI).

The full report is available on the EIA website.