Date: 5 months ago   Category: Economy

Oil rises in price on possible decrease in deliveries of Saudi Aramco in June - RIA Novosti, 5/10/2017


Oil production. Archival photo
MOSCOW, on May 10 — RIA Novosti. The world prices for oil grow on Wednesday morning against the background of messages that the state oil company of Saudi Arabia Saudi Arabian Oil Co. (Saudi Aramco) can reduce supply of oil to Asia in June, and also on data of the American Petroleum Institute (API) on raw material inventories in the USA, data of the auction demonstrate. As of 08:27 Moscow time cost of July futures for the North Sea oil mixture of the Brent brand I grew for 0,51% — to 48,98 dollars for barrel. The price of June futures for WTI crude oil increased by 063% — to 46,83 dollars for barrel. On Tuesday the Reuters agency has reported with reference to a source that Saudi Aramco will reduce supply of oil to Asia approximately by 7 million barrels in June. "When the OPEC declared production reduction, Saudi Arabia has quickly told the clients in Europe and the United States that they will receive smaller volumes of raw materials" — writes the agency. In Saudi Arabia the summer is a peak season for demand for the electric power as residents of the country use conditioners for cooling of houses and offices. Thus, they increase raw materials consumption within the country, notes the agency. "This year, most likely, earlier surge in demand as month of Ramadan in Muslim month begins earlier, since the end of May will be observed. Traditional big dinners with a family and friends, as a rule, create surge in demand for the electric power. As a result, Asia in June will also face more serious reductions from the world's largest exporter of oil" — notes the agency. Positive impact on the auction is also exerted by data of API according to which oil reserves in the USA in a week till May 5 were reduced by 5,789 million barrels. Analysts at the same time expected decrease in the indicator only by 1,8 million barrels. Gasoline reserves for reporting week have grown by 3,169 million barrels whereas experts expected decrease in an indicator by 700 thousand barrels. Reserves of distillates were reduced for reporting week by 1,174 million barrels, and stocks on the Cushing terminal, largest in the USA — by 133 thousand barrels.

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