Disruption in Libyan exports lifts oil

Disruption in Libyan exports lifts oil

While asked, whether the decision of output cot could sour Saudi's relation with USA, the Saud Energy Minister, Khalid Al-Falih was quoted as saying that, the kingdom was prepared to pump more, had there been any need of supply.

"The only support for the oil market would be the OPEC + countries".

Brent crude fell 5 cents to $60.15 a barrel, off the session high of $61.43 a barrel. The price of oil has fallen 25 percent recently because major producers and the USA are producing oil at high rates. Thus, if the daily oil production in October was 783,000 barrels, from next year Azerbaijan will maintain this figure at 763,000. "OPEC is attracting non-OPEC members like South Africa and others", he added. Richard Robinson, manager of Ashburton Global Energy Fund, believes the current dip is "transient" and that oil will recover to between $70 and $80 in the next three months, he wrote in a note earlier this month.

The announcement at Vienna over the weekend does not include the United States, which is the world's leading oil producer.

Brent crude oil rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January.

Some countries have been applied a compromise within the framework of the agreement on reduction of oil production.

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Saudi Arabia's oil production bounced from 10.35 million barrels a day in September, to 11.1 million barrels a day and back down again over the last few months, leaving investors less confident in exactly how much OPEC and its allies will produce.

It's likely the combination of the two that prompted selling - not least concerns over growth stemming from the U.S.

Opec said today it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output. OPEC agreed to slash the output by 1.2 million barrels per day from January 1.

The Organization of the Petroleum Exporting Countries (OPEC) and some of the heavyweights in the sector from outside the organization, including Russian Federation, agreed on Friday on the reduction of oil supply by 1.2 million barrels per day.

Crude futures have lost around a third of their value since early October amid the financial market slump and an emerging oil supply overhang.

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