{"id":20596,"date":"2023-08-22T12:00:54","date_gmt":"2023-08-22T12:00:54","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2"},"modified":"2023-08-22T12:18:04","modified_gmt":"2023-08-22T12:18:04","slug":"oil-up-over-tight-global-supply-concerns-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2","title":{"rendered":"Oil up over tight global supply concerns"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oil prices increased on Monday over tight global supply concerns after lower output from OPEC+ countries, Saudi Arabia and Russia.<\/p>\n

International benchmark Brent crude traded at $85.45 per barrel at 10.28 a.m. local time (0728 GMT), a 0.77% rise from the closing price on Friday of $84.80 per barrel.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $81.31 per barrel, up 0.81% from the session close of $80.66 per barrel.<\/p>\n

Both benchmarks posted significant losses last week over fears of a slowdown in economic growth in China and the expectation of further interest rate hikes in the US.<\/p>\n

However, tight global supply concerns again underpinned price increases on Monday.<\/p>\n

OPEC+ crude exports are expected to fall for a second month in August after production cuts from Russia and Saudi Arabia.<\/p>\n

Earlier this month, Saudi Arabia stated that it would extend its existing output cutbacks of 1 million barrels per day (bpd) through September. The country originally reduced output in July and extended it through August.<\/p>\n

Likewise, Russia announced it would continue to voluntarily reduce oil exports. It said it would reduce exports by 500,000 bpd in August and cut 300,000 bpd in September.<\/p>\n

Meanwhile, the oil rig count in the US decreased by five last week, according to the latest data released by oilfield services company Baker Hughes on Friday.<\/p>\n

The number of oil rigs, an indicator of short-term production in the country, fell to 520 for the week ending Aug. 18. The number of US oil rigs declined by 81 compared to one year ago.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Oil prices increased on Monday over tight global supply concerns after lower output from OPEC+ countries, Saudi Arabia and Russia. International benchmark Brent crude traded at $85.45 per barrel at 10.28 a.m. local time (0728 GMT), a 0.77% rise from the closing price on Friday of $84.80 per barrel. The American benchmark […]<\/p>\n","protected":false},"author":84,"featured_media":20595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,171,233,529,304],"class_list":["post-20596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-china","tag-eritrea","tag-oil","tag-us"],"yoast_head":"\nOil up over tight global supply concerns - Eritrea<\/title>\n<meta name=\"description\" content=\"Oil prices increased on Monday over tight global supply concerns after lower output from OPEC+ countries, Saudi Arabia a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil up over tight global supply concerns\" \/>\n<meta property=\"og:description\" content=\"Oil prices increased on Monday over tight global supply concerns after lower output from OPEC+ countries, Saudi Arabia a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-22T12:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-22T12:18:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/08\/sm_1692690335.216106.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil up over tight global supply concerns\",\"datePublished\":\"2023-08-22T12:00:54+00:00\",\"dateModified\":\"2023-08-22T12:18:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2\"},\"wordCount\":267,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/08\/sm_1692690335.216106.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"CHINA\",\"Eritrea\",\"Oil\",\"US\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-up-over-tight-global-supply-concerns-2\",\"name\":\"Oil up over tight global supply concerns - 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