Oil Prices Rising Amid Reports Of Cut Production
11/12/2018 2:44:19 PM

Oil prices rose more than 1% on Monday after reports that Saudi Arabia announced plans to cut oil supplies for December.

Where oil prices continued to decline strongly during the month of October, losing about 20 percent of its value, just before the US mid-term renewal with the US president's insistence on pressure on the producer country to increase production and on the other hand to allow eight countries to continue to supply oil in limited quantities of crude for six months Others are at least Iranian despite their egos

An Opec committee and its allies warned over the weekend that they may need "new strategies", raising the possibility of a wider reduction in 2019.

Remarks and energy bills raise pressure on oil prices

Saudi Energy Minister Khalid al-Falih said on Sunday he would cut oil supplies by 0.5 million bpd in December due to falling demand in the seasons. The reduction represents a decline in world oil supplies by about 0.5%, according to reports.
"There is a lot of market volatility," Russian Energy Minister Alexander Novak said on Sunday. "This volatility may remain." "Now we should not make any hasty decisions, we need to look at the situation very carefully to see how it will evolve so that we do not end up changing our course by 180 degrees every month."
Baker Hughes Report

On the other hand, the Baker Hughes report showed an increase in the number of platforms operating in the United States and Canada, where the number of oil rigs in the United States rose by 12 to 886 in the week ending November 9 compared to the previous week, according to the size of the weekly ship Baker Hughes on Friday.

The number of gas platforms in the United States rose by 2 to 195 during the same week, bringing the total number of rigs in the country to 1,081. The number of rigs is now up 174 from last year.
In Canada, the total number of rigs decreased by 2, with the number of oil rigs decreasing by 4 to 117, while the number of gas rigs increased by 2 to 79. In comparison with the previous year, the number of oil rigs in Canada increased by 9 platforms.
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