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Tue 25 Jul 2017, 05:11 GMT

Crude oil rises after Russia comments following OPEC/NOPEC meeting


By A/S Global Risk Management.

By Michael Poulson, A/S Global Risk Management

Brent rose for the first time in two days after the meeting of OPEC and NOPEC oil producers was concluded.

The main points are as follows:

- Saudi Arabia would limit crude oil exports at 6.6m barrels per day in August, which is about 1m bpd below the same period in 2016.

- Saudi's August allocations to customers would see deep cuts.

- Producers lagging behind in compliance have pledged to improve.

- If compliance to the oil cut deal reached 100 percent, this would mean that an additional 200k bpd would be removed from the market.

- The oil producers were supportive of a further extension of the deal if required but compliance was necessary.

- Nigeria would not produce more than its target of 1.8m bpd, though the country along with Libya are still exempt from cuts.

Brent is trading at $48.85 at the time of writing - higher than yesterday's close of $48.60.

US API oil inventory data due for release post settlement during US trade today.

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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