{"id":1382,"date":"2017-10-25T11:57:43","date_gmt":"2017-10-25T11:57:43","guid":{"rendered":"http:\/\/madaresharghi.com\/brent-rises-to-56pb-on-saudi-arabias-export-cut\/"},"modified":"2017-10-25T11:57:43","modified_gmt":"2017-10-25T11:57:43","slug":"brent-rises-to-56pb-on-saudi-arabias-export-cut","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-rises-to-56pb-on-saudi-arabias-export-cut\/","title":{"rendered":"Brent Rises to $56pb on Saudi Arabia's Export Cut"},"content":{"rendered":"

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\tOil rose to around $56 a barrel on Tuesday, supported by Saudi Arabia’s planned export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.
\tSaudi Arabia said it will cut November allocations by 560,000 barrels per day, \u201cthe deepest customer allocation cuts in its history\u201d, the kingdom said, in line with its commitment to an OPEC-led supply reduction pact.
\tIn the United States, some production remains offline following Hurricane Nate, lending additional support, CNBC reported.
\tBrent crude, the international price benchmark, was up 32 cents at $56.11 a barrel. US crude gained 29 cents to $49.87.
\t“Prices have been boosted by news that Saudi Arabia is planning to reduce its oil shipments to customers in November,” said Carsten Fritsch, analyst at Commerzbank in Frankfurt.
\tThe Organization of Petroleum Exporting Countries, Russia and other non-member producers are cutting output by about 1.8 million barrels per day until next March to get rid of a price-sapping supply glut.
\tOPEC is increasingly confident that the market is rebalancing fast, helped by the cutback as well as by stronger-than-expected growth in global demand.
\tTorbjorn Tornqvist, chief executive of trading firm Gunvor, also said the market was rebalancing, citing falling product stocks and crude held in floating storage clearing up.
\t“We do not see this market being out of balance one way or another,” he told the Reuters Global Commodities Summit taking place this week.
\tOverall crude stocks “are still high”, he added, and OPEC needed to stick to its output curbs.
\tShort-term price support was coming from the United States, where 85% of US Gulf of Mexico oil production, or 1.49 million bpd, was offline following Hurricane Nate, according to official figures.
\tOPEC has managed record-high adherence to its supply cutting deal this year and is considering extending the deal beyond its March 2018 expiry. Some analysts have been concerned that a price recovery could tempt producers to open the taps again.
\tBut analysts at JP Morgan said this was less of an issue, saying “concerns that OPEC compliance would fade into the fourth quarter now appear unfounded”.
\t“Stronger-than-assumed economic growth offers the potential for tight market conditions to continue, if OPEC extends the current deal for another nine months,” the bank said.<\/p>\n","protected":false},"excerpt":{"rendered":"

madaresharghi Oil rose to around $56 a barrel on Tuesday, supported by Saudi Arabia’s planned export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia said it will cut November allocations by 560,000 barrels per day, \u201cthe deepest customer allocation cuts in its […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"\nBrent Rises to $56pb on Saudi Arabia's Export Cut - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/brent-rises-to-56pb-on-saudi-arabias-export-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Rises to $56pb on Saudi Arabia's Export Cut - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil rose to around $56 a barrel on Tuesday, supported by Saudi Arabia’s planned export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia said it will cut November allocations by 560,000 barrels per day, \u201cthe deepest customer allocation cuts in its […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madaresharghi.ir\/en\/brent-rises-to-56pb-on-saudi-arabias-export-cut\/\" \/>\n<meta property=\"og:site_name\" content=\"madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-25T11:57:43+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\",\"url\":\"https:\/\/madaresharghi.ir\/en\/\",\"name\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"description\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/madaresharghi.ir\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/brent-rises-to-56pb-on-saudi-arabias-export-cut\/#webpage\",\"url\":\"https:\/\/madaresharghi.ir\/en\/brent-rises-to-56pb-on-saudi-arabias-export-cut\/\",\"name\":\"Brent Rises to $56pb on Saudi Arabia's Export Cut - madaresharghi | An Analytical Look at Middle Eastern Developments\",\"isPartOf\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\"},\"datePublished\":\"2017-10-25T11:57:43+00:00\",\"dateModified\":\"2017-10-25T11:57:43+00:00\",\"author\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/madaresharghi.ir\/en\/brent-rises-to-56pb-on-saudi-arabias-export-cut\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\",\"name\":\"administrator\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/901309319175b0d219e688b01909d220?s=96&d=mm&r=g\",\"caption\":\"administrator\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1382"}],"collection":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/comments?post=1382"}],"version-history":[{"count":0,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1382\/revisions"}],"wp:attachment":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/media?parent=1382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/categories?post=1382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/tags?post=1382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}