Oil Prices Rise Ahead of Crude Market Data

10 Oct 2017   Prices

Saudi Arabia said Monday that its state oil company was undertaking an “unprecedented” effort to cut petroleum exports, as the kingdom tries to bolster oil prices by withholding supply. The move is part of Saudi Arabia’s efforts to boost confidence in production cuts totaling almost 2% of the global oil market by the cartel, the Organization of the Petroleum Exporting Countries, and allies like Russia. Saudi Arabian Oil Co., known as Aramco, is slashing over 7% of the crude it exports by sea in November compared with last year, the kingdom’s oil ministry said. The move underlined Saudi Arabia’s new emphasis not only on cutting its oil production but also the amount that it exports into the global market. The export allocation of 7.15 million barrels a day in November remains higher than the 6.7 million barrels a day of exports that Saudi Arabia sent into global crude markets […]

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