Prices and Economy - Oil Prices Saturday, 3-11-2018

Prices and Economy - Oil Prices Saturday, 3-11-2018

Oil prices hit a record high of $ 72.83 a barrel on Friday. US crude was trading at $ 63.14 a barrel.

Oil prices have also come under pressure from a major increase in global crude output over the past two months, and data from the Russian Energy Ministry showed on Friday that Russia pumped 11.41 million bpd in October, its highest level in 30 years.

The Organization of the Petroleum Exporting Countries (OPEC) increased production in October by 390,000 barrels per day to 33.31 million bpd, its highest level since 2016.

The United States is competing with Russia for the title of the world's largest producer as US crude production now reaches levels above 11 million bpd.

Yemeni government announces resumption of oil exports within days

The internationally recognized government of Yemen has announced that it will work in the coming days to resume production, refining and export of oil, without specifying the expected quantity.

The Yemeni government said in a statement on Thursday that it was ready to work on confidence-building measures under UN-led peace efforts to end the three-year-old war..

The Yemeni government welcomed earlier efforts to achieve peace in Yemen, pointing out that the statements made by a number of countries during the past few days, which urges the importance of pushing efforts to reach a political solution, according to the three agreed upon, Is in line with the desire of the political leadership headed by President Abdurbo Mansour Hadi and his government for peace and ending the suffering of the Yemeni people as a result of the coup of the Huthi militias.

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