Elite leaders in the global oil market are set to convene at the Asia Pacific Petroleum Conference in Singapore on Monday. The conference, organized by S&P Global Commodity Insights, is aimed at discussing the current market climate. Among the speakers are Black Gold Investors LLC CEO Gary Ross, Vitol Group CEO Russell Hardy, and Trafigura Group’s co-head of oil trading Ben Luckock.
Oil prices have fluctuated significantly over the past year, with benchmark Brent slumping to its lowest level since June 2021 at a little over $70 per barrel. In response, OPEC+ leaders moved to implement a production cut to drive prices upwards, with Brent now exceeding $88 per barrel.
Further output cuts are expected, with Russia revealing last week that it reached an agreement with its OPEC+ partners to implement further export reductions. A Bloomberg survey found that Saudi Arabia is highly likely to extend its 1 million barrel production cut into October.