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The price of a million barrels per day has been raised by the oil marketing companies following cut in oil companies next month.
Oil marketing companies are expected to announce a coordinated cut in the meeting held in December.
Saudi Energy Minister Khalid Al Falhi told reporters in Abu Dhabi Sunday:
"Responsible manufacturers are going to work, work hard, and compute the market in a fair corridor"
Al Falih has argued that the need for Saudi oil companies is due to delays. This is because of the world's largest oil producer.
Al Falah was speaking at a joint convention of the Ope and Non-OPEC Ministers.
Brent crude was $ 71.55 a barrel barrel. New York crude price rose 1.3 percent to 61 dollars a barrel.
From the beginning of October, the Brent crude bar above $ 86 a barrel. The price of Brent crude is low due to the global financial crisis.
Anas Alhji
(@ Bhaskar)The oil production has responded to the announcement by Saudi manufacturing companies. If Saudi Arabia cuts the next year, the possibility of removing the possibility of removing Hedge funds and money managers would increase the price of up to $ 7. This brings us to $ 78-79 / b #Brent. #oil # Price pic.twitter.com/LYJNpNEfSx
While Saudi Arabia continues under heavy diplomatic pressure following the killing of Jamal Khabaghogi, oil budgets will support their budgets.
But this will make global consumers worse, increasing petrol prices in advance and public transport.
Stephen Inn's shares in the oil market today are the most hot hot topics in the market.
Recent slide creates far-reaching implications across all asset classes
He believes that next month's OEC meeting will be decisive:
OPEC customers are more than $ 80 in oil prices, and OPEC customers and US manufacturers seem to have similar similarities.
At the same time, manufacturers believe that the latest selling of the Brent Oil will be $ 60 or less. Therefore, OPEC's best interest in controlling the current distribution gloss is essential ….
But as the oil price hits up, the ultimate producers are dependent on it.
Still today
If Teresa goes on a breakout deal with May, the pound will be under pressure. Time – Never a commodity
RANsquawk
(@RANSquawk)The UK Prime Minister May canceled an emergency cabinet meeting that adversely affected the European Union summit's uncertainty.
There are new factory output figures in Italy. Rome is still under pressure in Brussels to modify the 2019 budget.
European stock markets are expected to rise by up to 0.5%.
IGSquawk
(@IgSquawk)European Opening Calls:#FTSE 7158 + 0.74%#DAX 11584 + 0.48%#CAC 5128 + 0.42%#MIB 19315 + 0.29%#IBEX 9194 + 0.65%
Agenda
- 9am GMT: Italian industrial production in September
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