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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.
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.
If Teresa goes on a breakout deal with May, the pound will be under pressure. Time – Never a commodity
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%.
- 9am GMT: Italian industrial production in September