Markets
US Crude Production Prints 13.98 Million Barrels — The Peg Does the Arithmetic
A weekly supply number out of Washington lands softly on Gulf screens, but softly is still a direction. Here is what the pegs absorbed today.
Speed:
Karim Al-Rashidi
· 3 min read
The weekly US crude production figure printed at 13,979 thousand barrels a day for the week ending 2 October. That is the number the Gulf desks closed on, and it is the number that quietly rewires every riyal and dirham position held overnight.
Start with where we actually are. USD/SAR fixed at 3.7500. USD/AED fixed at 3.6725. Neither moved, because neither is permitted to move — that is the point of a hard peg, and it is also the reason a Gulf evening wrap must always read the dollar move thro…