Oil Market Volatility in the Coming Months

2min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

The notion that Russian production was going to collapse, has not materialized. And then the third is releases of oil from the US and other Western countries' strategic emergency stockpiles as sanctions tightened on Russia following its invasion of Ukraine. So that's driven prices down on the supply side. We just saw Saudi Aramco post record profits for the last quarter, a reflection of high oil prices. Other oil majors also reported record profits. But oil companies in general, especially ExxonMobil, Shell, BP, Tota, they're really price takers more than price makers. They do very badly as they did during the pandemic when prices fall.

Saudi Arabia has agreed to renew a three billion dollar deposit at Pakistan’s Central Bank, Saudi Aramco reported record profits, and an expected US tax on stock buybacks isn’t expected to have a big impact on earnings. Plus, Mexico’s president wants beer makers in the north to cut back due to the region’s drought.

Mentioned in this podcast:

Saudi Arabia renews $3bn deposit to Pakistan

Saudi Aramco hits fresh profit record as high energy prices deliver windfall

Meet the new taxes

Mexico president calls time on brewing as drought intensifies

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.