Oil news and market movers: Aramco retreats
- The situation in Gaza remains in a stalemate with no ceasefire deal reached over the weekend. With Ramadam having started, the people in Gaza remain in search of food and basic supplies.
- Saudi Aramco has halted its plans to boost its oil-production capacity. The reasoning behind it is the robust non-OPEC supply growth in recent months, which could create a severe supply glut in the market.
- Furthermore, Saudi Aramco is set to boost its dividend payments as elevated benchmark Oil prices are boosting revenue and cash flow for the company.
- An Oil tanker in India has hit a crude import terminal at Sikka port. The timing of possible delays in Crude deliveries is still unclear.
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