Oil Daily | Saudi Aramco Raises Crude Prices as Global Oil Demand Rises Amid Red Sea Tensions

【Latest Oil Policies】

Canadian Prime Minister Mark Carney indicated a new pipeline to Canada’s Pacific coast is likely to be considered a project of national interest. Alberta could soon receive a proposal for a pipeline to British Columbia's coast, emphasizing Canada's aim to become an energy superpower.

The BRICS group emphasized that wealthy countries should fund the energy transition for poorer nations, acknowledging the ongoing role of fossil fuels. BRICS highlighted the need for equitable energy transitions and reducing greenhouse gas emissions in line with climate goals.

【Others】

A bulk carrier was attacked in the Red Sea near Hodeidah, Yemen, involving gunfire and drones. Israel retaliated with missile strikes on Yemeni ports. Commercial traffic rerouted from Bab el Mandeb to the Cape of Good Hope, increasing global oil demand due to longer journeys.

【Oil-Producing Countries Dynamics】

Saudi Aramco is set to raise its crude prices for all buyers next month, despite OPEC's supply increase. The biggest price hike will affect European buyers, while Asian and North American buyers will see modest increases. The decision aligns with summer's peak fuel demand.