Saudi Arabia reduced the official selling price of its flagship crude by $0.50 per barrel for Asian buyers in January.
This is the first price reduction in seven months, although it is a smaller reduction than analysts had expected.
The move was in response to intensified international competition after OPEC production cuts pushed Middle Eastern oil prices higher.
The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate of 13.24 million barrels.
A new report by the Centre for Research on Energy and Clean Air claims that the G7 price cap has failed to live up to its potential.
SINGAPORE, Dec 5 (Reuters) – Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.
Brent crude futures LCOc1 edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 18 cents at $73.22 a barrel.
Division and dissent within OPEC+ over deeper production cuts led to an unconvincing announcement last week which pushed prices lower.
he only price-swing element in the OPEC+ oil supply cuts was a collective reduction of 696,000 bpd of crude oil from other members besides Saudi and Russian output cut rollovers.
U.S. Deputy Energy Secretary Turk: “We are refilling as much as we can. We have been doing that for the last several months, and at this price level we’ll keep doing it,”.
Part of the reason oil prices went lower rather than higher last week despite the OPEC+ announcement was the suspicion that some of the cuts will remain so only on paper.
Canada’s oil and gas extraction industries deployed CAD 10.6 billion ($7.85 billion) in capital during the third quarter (Q3), up 1.68 percent from the prior three-month period and 12.76 percent from the same quarter last year, official data has shown.
The total number of active drilling rigs in the United States rose by 3 this week after rising by 4 last week, according to new data that Baker Hughes published Friday.