The oil price recovered a little from a fall of three percent, following news of a drop un US crude oil reserves. Expectations of some degree of economic recovery in the US have already been factored in to the oil price, so it will require strong further evidence of recovery to strengthen the oil price further. At the same time, increased production by OPEC is having a weakening effect on the oil price. "Adding to already high inventories, OPEC has reduced its compliance with agreed production curbs. OPEC supply in August rose for a fourth consecutive month as Saudi Arabia, Nigeria and Venezuela increased their production, taking overall output discipline to 68 percent of the target from a revised 70 percent in July."
Profile of Saudi Arabia
RSS News Reader
URL is here:
URL is here: