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Brent's crack is higher than 2% on the Saudi Arabia supply cuts in December



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SINGAPORE (Reuters)


Posted in:
Monday 12 November 2018 – 12:44 PM
| Updated:
Monday 12 November 2018 – 12:44 PM

LONDON (Reuters) – Brent raw prices jumped 2 percent on Monday after Saudi Arabia, the largest oil exporter in the world, broke supplies in December in a move that is likely to prevent the market fall by 20 per cent since October.

Brent's raw future for the month was the nearest $ 71.59 barrel, up 2% of the previous winter.

The Intermediate raw state of Texas Texas Intermediate increased by 1.5% to $ 61.08 in barrel.

Saudi Arabia intends to reduce its oil supply to world markets by 0.5 million pd in December, says OPEC energy minister on Sunday, as OPEC faces uncertain prospects in its efforts to stimulate other producers to agree to a product is broken.

"Saudi Aramco's customer allocation will fall from 500,000 pd in December compared to November, due to the seasonal decline in demand," said Minister Khalid Al-Falih to reporters . This means a drop of around 0.5% of the world's oil supply. Saudi Arabia is the largest producer of the Petroleum Exporting Countries Organization (OPEC).

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