1. GULF - Oil Prices Defy Market Reports - MICHAEL BERNSTAM 093026

ARABIA
Oil Prices Defy Market Reports
Michael Bernstam examines a major disconnect between oil reporting and market conditions, where crude oil benchmark prices remain extremely high at $103.50 per barrel despite reports that most Middle Eastern oil is back on the market. Up to 17.1 million barrels per day are moving via alternative routes, such as the Omani route and Saudipipelines, protected by the U.S. Navy. Meanwhile, global oil reserves were depleted by 57 million barrels, and China has resumed imports to refill its reserves. Furthermore, European countries like Germany are seeking energy partnerships with Kazakhstan to bypass Russian political and economic dependence. (1)