- Oil made gains Monday morning with help from sharp price hikes from Saudi Arabia on its oil
- The Saudi price increase is one of the largest to its official selling price in decades, a move enabled by low global stockpiles and tight supplies, according to Vitol Group
- Oil price gains have met some resistance after the U.S. Energy Secretary told news networks that President Biden may make an announcement to address high oil and gasoline prices this week (Bloomberg)
- The larger-than-expected rise in oil prices from Saudi Arabia is a signal that it will continue resisting outside pressure to pump fast (Vitol Group, BBG)
- Vitol’s Mike Muller, head of Asia, said, “They (OPEC) are unlikely to change stance,”
- On Thursday, OPEC and its allies decided to keep raising daily crude supply by 400 MBbl/d per month
- OPEC+ argues that it is justified in its stance of a cautious approach because resurgent coronavirus outbreaks could hit consumption