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Saudi Arabia Plans To Slash Oil Exports To The United States From January 2019

Saudi Arabia plans to begin cutting crude exports to the United States in the coming weeks.

U. S. refiners are advised that the scale of crude oil from Saudi Arabia will decline significantly in January, and that the export scale may break the 30 - decade low at the end of 2017. At the time, Saudi exports to the us were 582,000 barrels a day.

 

Reports on Wall Street have mentioned that OPEC and non-opec oil producers led by Russia, OPEC+, reached an agreement in Vienna on Friday, December 7, local time, to cut output by 1.2 million barrels per day from January, of which OPEC cut output by 800,000 barrels per day. OPEC will assess the cut in April. Iran says it has been granted an exemption to cut production.

 

The combined size of the OPEC+ plan is higher than the 1 million barrels per day (BPD) negotiated by OPEC representatives. International oil prices rose in response, up 5 percent on the day. Brent crude futures rose as much as 6 percent in intraday trading, on track for their biggest one-day gain since December 2016, after media reports said Russia had proposed a 2 percent cut in production.

 

The Wall Street journal commented that the deal shows Russia's new influence as an oil producer and the importance of its alliance with Saudi Arabia. The deal also shows that Saudi Arabia has ceded some market power to Russia.

 

Stephen Brennock, an analyst at broker PVM Oil Associates Ltd, commented that OPEC, or rather Saudi Arabia, has led the Oil industry for nearly 60 years. These days, OPEC seems unable to make a decision without Russia's support, let alone risk angering Mr. Trump.


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