Oil settles at $ 73 a barrel

8/7/2018

Oil prices steadied on Monday after Saudi Arabia 's crude production record a surprise decline in July, while it appears that the rock drilling activities of the US has
stabilized. Brent crude futures were trading at $ 73.23 a barrel, up two years from the previous closing price. WTI rose 15 cents, or 0.2 percent, to $ 68.64 a
barrel.

US energy companies cut the number of diggers last week for the second time in three weeks, while the rate of growth slowed in the last two months.

Baker Hughes Energy Services said over the weekend that the number of rigs dropped by two in the week ending August 3, bringing the total to 859

.
Outside the United States, Saudi Arabia, the world's largest oil exporter, pumped 10.29 million bpd of crude in July, OPEC sources said on Friday, down about 200,000 bpd from the previous month.

OPEC members have said they will collectively comply with agreed production levels, while other producers such as Russia are expected to reach a similar arrangement.

OPEC has not allocated quotas for each country to avoid internal differences, said UAE Energy Minister Suhail Al Mazroui, who chaired the meeting

.
Analysts said the absence of quotas and vague estimates for each country could push producers with surplus capacity such as Saudi Arabia and Kuwait to breach production.

http://www.alsabaah.iq/ArticleShow.aspx?ID=161281