Economy

Saudi Arabia: Oil output fell 660000 bpd in Sept after attacks

Saudi Arabia: Oil output fell 660000 bpd in Sept after attacks

Oil prices have failed to gain a lasting boost from supply disruptions this year, including the attack last month on Saudi Arabian oil installations that briefly shut down more than half of production in the world's top exporter.

Price gains were curbed by a report of rising stockpiles in the United States, now the world's biggest oil producer.

Oil prices slid on Thursday as hopes faded for any significant progress in US-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand. U.S. President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30% from 25% on October 15 if some signs of progress are not seen, as reported by Reuters. "China trade talks will be front and center on the agenda across global markets, including oil", said BNP Paribas oil strategist Harry Tchilinguirian.

"No two ways about it, U.S".

Prices rose after setting aside the concerns about the demand for supply, and amid investors' anticipation for the outcome of US-China trade talks this week.

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The U.S. Energy Information Administration (EIA) on Tuesday forecast that Brent spot prices will average 59 U.S. dollars per barrel in the fourth quarter of 2019 and then fall to 57 dollars per barrel by the second quarter of 2020, which is five dollars per barrel lower than its previous forecast in September.

In the mean time, protests in Iraq and Ecuador threatened to disrupt production from both members of the Organization of Petroleum Exporting Countries (OPEC).

Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments as Indian refiner Reliance Industries plans to start loading Venezuelan crude after a four-month pause.

Indian refiner Reliance Industries plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

"The oil market is neither bullish nor bearish".