Oil settles amid talk of shrinking supplies of the Middle East
20/9/2017 12:00 am
Oil has stabilized largely on Tuesday despite OPEC and Saudi Arabia talking about cutting supplies in line with efforts to reduce market supply and boost prices. Price restraint has fueled US rock production growth and fears of a new hurricane in the Caribbean that could disrupt refineries and disrupt shipping routes to and from the United States. Global Brent crude was trading at $ 55.48 a barrel, unchanged from the last settlement. US WTI hit $ 50 a barrel, up nine cents from the last settlement price. Iraq's oil minister, Jabbar al-Luaibi, said on Tuesday that his country's production of crude was currently 4.32 million barrels, compared to about 4.5 million bpd in May and June.
His comments came after data showed that Saudi crude exports fell to 6.693 million barrels in July from 6.889 million barrels in
The US government said late on Monday that US rock oil production is expected to rise for a tenth month in a row in October
. According to the Energy Information Administration, production from seven regions is expected to rise by 79,000 bpd to 6.1 million bpd.[/rtl]