Oil continues to grow at the expense of the planned reduction of exports by Saudi Arabia

Oil prices continued to rise in the morning on Tuesday, thanks to Saudi Arabia's promise to cut exports and call OPEC to individual cartel members to improve compliance with the global pact.

25.Jul.17 4:57 AM
By Daria Zaytseva
Photo Toinnov.com

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Oil continues to grow at the expense of the planned reduction of exports by Saudi Arabia

By 8.43 GMT, futures for Brent crude rose 0.56% to $ 48.87 per barrel.

Futures for American oil WTI by this time traded at $ 46.63 per barrel, 0.635 higher than the previous closing.

Saudi Arabia in August will reduce oil exports by about 1 million bpd in annual comparison to 6.6 million bpd, said on Monday the Minister of Energy of the Kingdom of Khalid al-Falih.

He also added that the participants in the global pact on limiting oil production, if necessary, could extend its operation.

The ministers of the states-participants of the pact gathered on Monday in St. Petersburg to assess the success of the common cause.

Oil production in Libya reached 1,069 million bpd, an informed source told Reuters on Monday. Nigeria, in turn, promised to limit production at 1.8 million bpd, when it reaches this level.

The number of drilling rigs in the U.S. declined last week against the background of cheaper oil, and their growth rates for the last month have dropped to a minimum since June 2016, Baker Hughes reported on Friday.

The focus of investors' attention is data on weekly stocks of oil and petroleum products in the U.S. from the American Petroleum Institute (API) and official statistics of the Energy Information Administration (EIA).

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