As of 8:12 AM ET, future US rapper prices were $ 52.38 a barrel, down 0.4% on the day and close to the two-month low of $ 52.26 they hit overnight. Prices are now below where they were before the drone attack on Saudi oil installations in early September.
The impact of Saudi attacks on physical supply has now more or less completely shifted. Saudi Minister Prince Abdulaziz bin Salman told a conference in Moscow on Thursday that the kingdom’s production had stabilized at 9.9 million barrels a day and that it now has another 1.4 million barrels a day with spare capacity.
Crude futures, the international standard, were at $ 57.45 a barrel, also down 0.4% per day and also below the $ 60 level that many European and US majors take as their criterion.
At the same conference, Russian Energy Minister Alexander Novak said there was no need for an immediate change to the so-called OPEC + agreement to limit production that is currently carrying 1.2 million barrels per day of global crude markets.
This is despite growing signs of a slowdown in global demand growth. Novak said in an interview published Wednesday that he still expects global demand to rise by 1.4 million barrels a day, while the International Energy Agency expects 1.3 million b / d but warns that demand is “fragile”./Investing.com