Saudi Arabia to invest $20 billion in spare oil production capacity

Saudi Arabia to invest $20 billion in spare oil production capacity

Saudi Arabia to invest $20 billion in spare oil production capacity

With crude prices soaring and many currencies in emerging markets, including India's rupee and Indonesia's rupiah declining, analysts warn that economic growth may be eroded. This situation essentially leaves Saudi Arabia, the world's only swing producer, powerless to prevent a supply shock and subsequent price spike to $100 in the final quarter of this year.

US West Texas Intermediate (WTI) crude futures were up 47 cents, or 0.6 percent, at $74.80 a barrel.

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The trading sentiments dampened in futures trade as participants indulged in booking profits at current levels but Brent crude trading above USD 86 dollar, capped the losses. Furthermore, as it struggles under the weight of a growing fiscal deficit and rising fuel prices, it will be reluctant to completely cut down on imports from the country as Iranian oil is a lot cheaper than the oil it sources from other countries. The official further stressed the negative impacts of the USA sanctions on Iran, saying that China and Europe's economies will be severely damaged by the situation. The contract is on course for a gain of around 2.5 percent for the week.

Crude seesawed near a four-year high as Iran's dwindling presence in global markets overshadowed the steepest increase in USA oil stockpiles since March 2017. Total volume traded was about 41 percent below the 100-day average. The global benchmark crude traded at a $10.33 premium to WTI for the same month. The startup could lead to an additional 500,000 barrels a day in production.

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Iran had been trading 2.5 million barrels per day (bpd) before the US and United Nations sanctions and the crude trade volume hovered around 1 million bpd to 1.2 million bpd during the sanctions period from 2013 to 2015. Currently, most OPEC producers are pumping at, or close to, full capacity, with only Saudi Arabia able to increase output significantly.

Meanwhile, U.S. crude explorers pumped a record 11.1 MMbpd last week, the Energy Information Administration said on Wednesday. This is predicted to show that weekly crude inventories rose by 1,985,000 barrels after the previous week's 1,852,000 increase.

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Another close friend also said the 59-year-old journalist had not left the consulate, a claim disputed by a Saudi official . It said the consulate was working with Turkish authorities "to uncover the circumstances" of his disappearance .

Due to effect delivery and payment processes, the effects of the sanctions to be imposed on Iran started to impact the market on September 20, according to information compiled from the Iranian Embargo-Turkish Straits report prepared by the Bilkent University Energy Policy Research Center (EPRC).

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