Sour Crude Oil Prices Skyrocket As Saudi Arabia Tightens Supply
By Tsvetana Paraskova - Jul 12, 2023, 8:00 AM CDT
Due to reduced supply from Saudi Arabia and other Middle Eastern producers, sour crude oil prices have seen a significant surge.
This reduced supply has led to buyers seeking alternative sources, further driving up the price of sour crude oils globally.
Examples of this increase include U.S. Mars sour crude, Canadian Western Canada Select (WCS), and Norwegian Johan Sverdrup crude, all experiencing elevated prices due to the supply cut.
Saudi Arabia and its fellow OPEC+ producers may not have lifted the international crude oil futures with their production cuts, but the reduced supply from the world’s top crude exporter has sent the prices of sour crudes...
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