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Oil strengthens gains with Saudi Arabia's pledge to restrict exports
economy Since 2017-07-25 at 13:46 (Baghdad time)
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Oil prices continued to gain on Tuesday after Saudi Arabia pledged to restrict exports from next month and OPEC has called on a number of its members to increase their commitment to production cuts to help curtail supply surpluses and address falling prices.
The gains were supported by Halliburton's chief executive warning that the growth in the number of North American oil rigs showed signs of stability that could threaten oil production in the United States.
By 0705 GMT, London's benchmark Brent crude for September delivery rose 22 cents, or 0.5 percent, to $ 48.82 a barrel, after rising 1.1 percent in the previous settlement.
US crude futures rose 23 cents, or 0.5 percent, to $ 46.57 a barrel.
OPEC and independent producers discussed at a meeting in St. Petersburg on Monday the extension of the 1.8 million bpd cut after March as necessary.
Saudi Energy Minister Khalid al-Faleh said his country would limit crude exports to 6.6 million bpd in August, about 1 million bpd less than a year ago.
Nigeria has voluntarily agreed to join the agreement by setting a ceiling for production at 1.8 million bpd or reducing it when supplies stabilize at that level. Nigeria, which produces 1.7 million barrels per day (bpd) recently, is exempt from production cuts.
OPEC said industrialized country inventories fell by 90 million barrels in the January-June period but remained above the five-year average of 250 million barrels.
Russian Energy Minister Alexander Novak said an additional 200,000 barrels per day could come out of the market if the compliance with the OPEC-led agreement was 100 percent.
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
economy Since 2017-07-25 at 13:46 (Baghdad time)
Follow Mawazine News
Oil prices continued to gain on Tuesday after Saudi Arabia pledged to restrict exports from next month and OPEC has called on a number of its members to increase their commitment to production cuts to help curtail supply surpluses and address falling prices.
The gains were supported by Halliburton's chief executive warning that the growth in the number of North American oil rigs showed signs of stability that could threaten oil production in the United States.
By 0705 GMT, London's benchmark Brent crude for September delivery rose 22 cents, or 0.5 percent, to $ 48.82 a barrel, after rising 1.1 percent in the previous settlement.
US crude futures rose 23 cents, or 0.5 percent, to $ 46.57 a barrel.
OPEC and independent producers discussed at a meeting in St. Petersburg on Monday the extension of the 1.8 million bpd cut after March as necessary.
Saudi Energy Minister Khalid al-Faleh said his country would limit crude exports to 6.6 million bpd in August, about 1 million bpd less than a year ago.
Nigeria has voluntarily agreed to join the agreement by setting a ceiling for production at 1.8 million bpd or reducing it when supplies stabilize at that level. Nigeria, which produces 1.7 million barrels per day (bpd) recently, is exempt from production cuts.
OPEC said industrialized country inventories fell by 90 million barrels in the January-June period but remained above the five-year average of 250 million barrels.
Russian Energy Minister Alexander Novak said an additional 200,000 barrels per day could come out of the market if the compliance with the OPEC-led agreement was 100 percent.
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
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