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Oil price hits $56 as supply shrinks

Oil price rose above $56 per barrel on Tuesday due to Saudi Arabia’s plan to limit supply offsetting worries that rising coronavirus cases globally would curtail fuel demand.

Saudi Arabia records higher crude exports

In October this year, Saudi Arabia’s crude oil exports rose to 6.159 million barrels per day (bpd), up by nearly 100,000 bpd from the 6.066 million bpd exports in September.

Don’t increase crude oil output, OPEC warns

The president of OPEC says energy demand was still fragile with the coronavirus raging across parts of the world, hence, oil producers’ cartel shouldn’t rush to increase output early next year

Aramco scrambles to raise cash, sells stakes

Some stakes in Saudi Aramco’s subsidiaries will be sold to raise cash for the oil giant. Anonymous Bloomberg sources hinted that the oil company has hired Moelis & Co. to come up with a plan to sell stakes in Aramco’s pipelines for the purpose of coming up with nearly $10 billion.
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