Saudis Consider Further Cuts To Oil Exports "The latest word from the OPEC rumor mill is that pack leader Saudi Arabia is planning more oil export cuts – causing oil prices to jump on Tuesday.
Oil futures jumped up two percent in value after industry consultant Petroleum Policy Intelligence said the KSA had been considering lowering exports by a further 1 million barrels per day.
New production from Libya and Nigeria, two African countries that have been granted an exemption from production quotas due to their previously weak oil output, have brought hundreds of thousands of barrels online in the past few weeks.
Sources close to the Libyan oil sector said the country had reached 1.1 million bpd national output, according to World Oil. The country is set to participate in an OPEC technical meeting on July 22nd to discuss the “factors enabling and constraining Libya’s production recovery,” National Oil Company chairman Mustafa Sanalla said Tuesday.
“We think they are looking at options to speed up the rebalancing,” PPI founder Bill Farren-Price said of the KSA in the new report."
https://oilprice.com/Latest-Energy-News/World-News/Saudis-Consider-Further-Cuts-To-Oil-Exports.html