Caspian Energy Journal Caspian European Club
Tuesday, 12 June 2018 11:00

Futures drop in New York

Futures dropped 1.1% in New York after a third weekly loss, Caspian Energy News ( reports with reference to

Russia, which along with Saudi Arabia is trying to garner support for lifting output limits, was said to have boosted production earlier this month to above the level envisioned by OPEC.

Meanwhile, the number of rigs drilling for crude in the U.S. inched higher, signaling output may extend a record.

Oil is near a two-month low after Saudi Arabia and Russia indicated they’re ready to restore production in the second half of this year to offset potential supply disruptions in Iran and Venezuela. Russia’s apparent willingness to ease caps is in contrast with those two nations, which have little to gain from such a move since they have limited ability to raise output themselves.

WTI for July delivery fell $0.69 to $65.05/bbl on the New York Mercantile Exchange. Total volume traded was about 17% below the 100-day average.

Brent futures for August settlement slumped $0.72 to $75.74 on the London-based ICE Futures Europe exchange, and traded at a $10.77 premium to WTI for the same month

Total revenues of the OPEC countries in 2017 increased by 28% to reach $578 billion. Thanks to the joint decision of the OPEC-14 organization, Libya was the country with the highest income as a result of the cutback. Last year, the profits of countries from the crude oil sales grew by 61%.

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Person in charge of the newsline: Fidan Isayeva

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