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Oil prices rose on Wednesday, 11-11-2018, to 73 dollars a barrel after approaching their lowest level since August, supporting a report that Russia and Saudi Arabia would discuss cuts in oil prices. production next year.
Brent rose from 1.18 USD to 73.31 USD per barrel. Crude oil reached $ 71.18 a barrel on Tuesday, its lowest level since August 16, while crude oil reached $ 63.01 a barrel.
Crude rose after losses early in the session after the Russian news agency Tass, citing unnamed sources from the Organization of Petroleum Exporting Countries (OPEC), said Russia and Russia Saudi Arabia had started bilateral talks on cuts in oil production in 2019.
"I think it's only a verbal intervention and an attempt to throw back some speculation about rising prices in the market," said analyst Olivier Jacob. at Petromatrix, referring to discussions about a possible reduction in supply."He said.
Nigerian Minister of Petroleum: OPEC needs data on Iranian production
Nigerian Oil Minister Emmanuel Ebie Cachico said Wednesday that OPEC needed data on the impact of new US sanctions on Iran, adding that their production could not reverse the net decline announced by some.
"Their production may not be interesting," Cachico told the media at the African Petroleum Week. We need these numbers (before the next meeting of OPEC), "he said, noting that Iran had already been subject to sanctions.
Kuwait plans to increase light oil production capacity to 250,000 barrels per day
KOC chief Jamal Jaafar said on Wednesday that his country plans to increase light oil production capacity in five years, to about 250,000 barrels a day, compared to about 175,000 barrels a day.
At a ceremony broadcast by state television, the Kuwaiti official announced the export of the first cargo of light oil in the history of Kuwait in the presence of the emir. Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.
"The company is endeavoring to start the implementation of the third phase (development of Jurassic deposits in northern Kuwait), which aims to increase the free gas capacity to one billion cubic feet per day", Jaafar said.
Kuwaiti Oil Minister Bakheet al-Rashedi said during the ceremony that his country had reached the current capacity of 500 million cubic feet of gas per day and 175,000 barrels a day of light oil from the northern fields. .
In July, Kuwait announced the export of its first light crude oil shipments.
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