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Oil slightly up after unexpected drop in Saudi Arabian oil production

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 07 Aug 2018 07:47 GMT

Saudi Arabia, OPEC's largest oil producer, produced 10.29 mio. barrels last month, down 200,000 barrels from June. The data surprised because Saudi Arabia along with Russia pledged to raise output after a meeting in June, keeping in mind the coming U.S. sanctions against another large oil producer, Iran. The sanctions could remove as much as 1 mio. barrels per day from the market from November.

Iraqi oil minister yesterday stated that oil prices are nearing stability. Also, the country is planning to increase oil production in the coming years to reach 7.5 mio. barrels per day by 2023-24 - up from currently around 4.35 mio. barrels per day.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) is published. Last week saw a heavy build of 5.5 mio. barrels. Consensus is a draw of around 3 mio. barrels. Expect volatility if data deviates.

Turning to economic data, overnight the Chinese trade activities will be published. As the country is the world's largest consumer, any growth/decline in trade is monitored closely. Later today, U.S. job report is published.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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Turning point for crude price if production exceeds demand
A/S Global Risk Management Ltd.

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