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Crude Oil Prices Decline As Saudi Arabia Shows Faster Than Expected Production Recovery
Crude oil prices in the international market have been falling this week on bearish risks.
On Wednesday, global benchmark Brent crude futures fell by 1.1 percent to $62.39 a barrel while US West Texas Intermediate (WTI) crude was down by 1.4 percent to $56.49 per barrel after an unexpected rise in production in the US and Saudi Arabia.
Fuel prices in India
Fuel prices in India continued to rise as these are set on 15 day average of oil prices and rupee's exchange value.
Petrol prices per litre, on Thursday, were increased to Rs 74.19 in Delhi, Rs 79.85 in Mumbai, Rs 77.12 in Chennai and Rs 76.88 in Kolkata.
Diesel rates were also hiked to Rs 67.14 in Delhi, Rs 70.44 in Mumbai, Rs 70.98 in Chennai and Rs 64.56 in Kolkata.
On Wednesday, fuel prices were not increased in the country. However, there has been a Rs 2.7 jump in petrol prices and Rs 2.3 rise in diesel prices in the past 10 days.
Saudi Aramco ahead of schedule
According to a Bloomberg report, Saudi Aramco has increased its production capacity to over 11 million barrels a day, which beats their self-imposed deadline by about a week.
Production has been restored at the Abqaiq and Khurais oil processing facilities that were affected in the recent drone attacks. They are now operating at levels higher than those seen before the attacks.
In the 14 September drone attacks, Saudi Arabia lost almost half of its oil production capacity causing a 20 percent jump in Brent prices on the following trading day.
A few days after the attack, the kingdom's oil minister assured that the lost production would be restored by the end of this month and will be bringing its capacity back to 12 million barrels per day by the end of November.
According to the Bloomberg report, Saudi appears to be ahead of schedule in the restoration process.
US production, trade war and dollar’s rally
US crude inventories saw an unexpected rise of 2.4 million barrels last week as per data from the Energy Information Administration, which is in contrary to the forecast of a decline of 249,000 barrels in production by analysts.
Traders are also concerned of a likely fall in global oil demand after US President Donald Trump said that he would not accept a "bad deal" in the country's trade negotiations with China while addressing the United Nations General Assembly.
China is the largest oil importer and second largest oil consumer in the world. The trade war has continued to damped its demand for oil in the last year and worries of further fall prevail if the dispute intensifies.
Additionally, a rally in dollar's value after the US lawmakers launched a formal impeachment inquiry into President Donald Trump, also weighed on oil prices as the two move inversely.
