OPEC aims to achieve further cuts on supplies
OPEC’s Secretary General also urged US shale drillers to help sustain the market balance by cutting their allocation in a speech delivered at the India Energy Forum.
Saudi Aramco’s decision to cut its November crude allocation to 560,000 b/d came in line with the OPEC’s statement. The company is reportedly planning to allocate only 7.150 million b/d of its November loadings in accordance with OPEC and Russia’s plans for maintaining stability.
Accordingly, November WTI crude (NYMEX) gained $1.34 to settle at $50.92 on Tuesday, October 10. The increase was also supported by the sharp drop in the US dollar index along with Saudi Aramco’s reduced November allocations.
Saudi Aramco’s reduced allocations reportedly had an impact on North Asian players as they received a 10% cut on their supplies for November. However, players in China reportedly received a cut below 10% from their producer.
Asian players may shift towards spot Russian oil to make up for the cuts in Saudi supplies, media sources argued.
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