Oil rises as Saudi forecast a decline in export in August
Saudi Arabia’s August exports are to drop by 100,000 bpd, as US production reaches a record 11-million bpd
New York — Oil prices rose on Thursday after Saudi Arabia’s oil cartel Opec governor Adeeb Al-Aama said the kingdom’s crude exports will fall by about 100,000 barrels per day (bpd) in August, over-shadowing market pressure from a rising dollar and record high US crude production. Brent crude oil rose 37c to $73.28 a barrel by 3.36pm GMT, previously reaching a session high of $73.79. US West Texas Intermediate (WTI) was $1.11 higher at $69.89. US crude prices had reached a session high of $70.17 earlier in the trading day. Crude prices reached session highs after news came out that Saudi Arabia expected crude exports to drop by roughly 100,000 bpd in August as the kingdom limits excess production, al-Aama said in a statement. He said Saudi Arabia’s crude oil exports in July would be roughly equal to June levels. Despite international oil markets being well balanced in the third quarter, he said there would still be substantial stock draws due to robust demand. "That really turned the...
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