Monday, February 20, 2017

Oil prices rise, Saudi crude oil exports decline ... Brent Oil $ 56.18

International oil prices have risen due to a decline in Saudi oil exports.

The US West Texas crude oil price of the New York Mercantile Exchange (NYMEX) is not on the President's Day holiday.

Brent prices in the European Central Bank (ICE) rose $ 0.37 to $ 56.18 per barrel, while Dubai crude prices in the Middle East rose $ 0.40 to $ 54.46.

According to the Joint Organization Data Initiative (JODI) of the Petroleum Statistical Institute, crude oil exports in Saudi Arabia last year fell 244,000 barrels from November to 801.4 million barrels.

Saudi Arabia's crude oil exports last year were about 7.65 million barrels, up 260,000 barrels from 2015.

As US crude oil drills have increased for five consecutive weeks, concerns over rising US crude oil production are growing.

Goldman Sachs said, "If US crude oil prices remain at current levels, crude oil in the shale regions of Permian, Eagle Ford, Bakken, Niobrara, etc., Production will increase by about 405,000 barrels per day. "

The number of US crude oil drills has reached 597, the highest level since October 10, 2015 (605).

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