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25 July 2017, 11:43 | Colleen Roy
Weekly October Brent Crude Oil
Saudi Arabia is heavily dependent on oil for income and has been suffering since oil prices crashed from more than $100 a barrel in 2014.
OPEC has agreed with several non-OPEC producers led by Russian Federation to cut oil output by a combined 1.8 million bpd from January 2017 until the end of March.
Prices got a boost following news that Saudi Arabia has pledged to cut its crude exports starting next month and Nigeria agreed to cap its output once it has climbed to 1.8 million barrels a day, according to The Wall Street Journal.
The oil ministers gathering in St. Petersburg, Russia, made no major changes to their wider supply agreement, stopping short of capping output of Libya and Nigeria.
Three people with knowledge of the talks said Monday that OPEC and non-OPEC's joint ministerial committee will consider recommending that crude exports be monitored along with production figures, a proposal originally presented by Kuwait in January.
Oil futures have given up all the gains posted in advance of last week's agreement between OPEC and non-OPEC producers to extend a production cut for a further nine months.
An Iranian official, who asked to remain anonymous, also told Trend that regarding the hard fluctuations in oil price, both OPEC and non-OPEC producers are keen to help market to be established.
Futures rose as much as 1.2 percent in NY.
Even if Monday's news gives oil prices a lasting lift, OPEC still has to worry about USA shale producers taking advantage and throttling up their own output. In May, OPEC producers and 11 participating non-OPEC countries including Russian Federation formally ratified the agreement first drafted last November to cut supplies by 1.76 million barrels per day for an extension.
"From a technical standpoint, WTI Crude remains under pressure on the daily charts and a breakdown below $45.50 should encourage a further depreciation towards $44".
The minister pointed out that if it came to monitoring oil export, it would be necessary to monitor the export of oil products as well.
Opec secretary-general Mohammad Barkindo said on Sunday that a rebalancing of the oil market was progressing more slowly than expected, but would speed up in the second half of 2017.
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