Europe’s inventories for middle distillates and heavier products have dropped sharply leading to refining margins skyrocketing with diesel now at $125 per barrel thanks to Saudi Arabia and OPEC+ maintaining their strict production cuts. A cross-section of analysts has predicted that Saudi Arabia is likely to extend its voluntary 1 million-barrel oil supply cut for the third consecutive month into October amid uncertainty about supplies, five Wall Street analysts have predicted. The initial cuts appear to have worked, with oil prices climbing…
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