The potential for increased supply has weighed on the outlook. The US said Monday it would offer an additional 10 million barrels of oil from its strategic reserves in November, ahead of plans by the European Union to ban Russian crude in December.
Still, Saudi Aramco warned that when the global economy recovers the world’s spare oil production capacity could be eliminated. The company’s chief executive officer said that by the time the world realises the issue it maybe too late to change course.
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Investors also are weighing the prospect of higher Iranian crude flows should protracted talks on reviving a nuclear deal reach a conclusion. Discussions on efforts to resurrect an accord on the sidelines of the United Nations General Assembly in New York are “a possibility,” Foreign Ministry spokesman Nasser Kanaani said at a press conference.
Elsewhere, Russia’s seaborne crude exports fell sharply in the first half of September. Crude shipped from its ports dropped by almost 900,000 barrels a day in two weeks, to 2.54 million barrels a day in the week to Sept. 16, from 3.42 million in the seven days to Sept. 2.
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