Singapore-Saudi crude storage targeted for second half of 2027
Singapore and Saudi Arabia plan to store Saudi crude at Jurong Rock Caverns from the second half of 2027, but their initial memorandum of understanding is nonbinding.
Crude Oil
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OPEC+ Approves 188,000-Barrel-a-Day Production Increase as Oil Prices Weaken
OPEC+ will raise its combined production target by about 188,000 barrels per day from September, completing the rollback of a layer of voluntary cuts as Brent crude trades below $72 a barrel.
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OPEC+, Saudi Arabia and Russia Approve September Oil-Output Increase After August 2 Decision
OPEC+ agreed on August 2 to raise its combined production target by about 188,000 barrels per day from September, completing the rollback of a larger voluntary cut announced in 2023.
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Cushing oil inventories remain near tank-bottom levels
Cushing’s crude inventory fell to 18.599 million barrels for the week ending July 24 as EIA explains tank bottoms and reviews minimum storage levels.