Oil News

Crude Oil is trading at $68 a barrel as economists eye an economic recovery

Crude Oil is trading at $68 a barrel as economists eye an economic recovery

Saudi Arabia, by far OPEC’s largest producer, shouldered most of the cuts, reducing output by over 1.5 million bpd

Saudi Aramco’s oil output capacity reached 12 million barrels per day in June when three new oilfield projects started, the al-Hayat newspaper reported Aramco’s chief executive as saying on Tuesday. The capacity of the world’s top oil exporter is around 500,000 bpd higher than Aramco’s, as the shared Neutral Zone with Kuwait is not counted in the state company’s capacity. Saudi Arabia, by far OPEC’s largest producer, shouldered most of the cuts, reducing output by over 1.5 million bpd from around 9.54 million bpd in August. Crude Oil is trading at $68.70 as of 9:19am, London Time. Crude’s Pool-Position is 72% Long, meaning that most Finotec clients are buying the commodity.