Oil is heading for a fifth weekly advance as political upheaval in the world’s biggest crude exporter countered an expansion of U.S. output to the highest level in more than three decades. Bloomberg’s Ben Sharples reports on “Bloomberg Markets: Asia.”
Saudi is to cut oil exports next month as the kingdom and OPEC are attempting to clear the global glut in supply.
Shipments are about to fall by 120,000 barrels per day in December and exports to US are to decline by 10 per cent.
Sharples said that there is no change in oil policy as Saudi backs cuts and prices which inflated by 3 per cent following the Saudi arrests, have not come down despite record US output levels.