The price of Brent rose above $48,8 on the statements of Nigeria and Saudi Arabia

Moscow. July 25. INTERFAX.RU – the reserved Oil becomes more expensive in Asian deals on Tuesday, the second consecutive session on expectations of the limitations of its production in Nigeria and the statements of Saudi Arabia that the decline in exports since August 1.

Price of the September futures for Brent crude on London’s ICE Futures exchange rose 24 cents (0.49 percent) to $48,84 per barrel.

Oil WTI with delivery in September in electronic trading on the new York Mercantile exchange (NYMEX) increased by $0,25 (0,54%) – to $46,59 per barrel.

On Monday, Brent rose to $0,54 (1.1 percent), to $48,60 per barrel, WTI – $0.57 (1.3 percent), to $of 46.34 per barrel.

Libya and Nigeria was exempted from participation in the agreement on production cuts and recently increased oil production to multi-year highs. Many investors fear that this situation negates the efforts of other countries for rebalancing the market.

Nigeria is ready to reduce oil production by 4.6%, if within three months will produce 1.8 million b/d, said Monday the Secretary General of OPEC, Mohammed Barkindo.

After a meeting of the Ministerial Committee on the implementation of agreements on OPEC+ (JMMC), Minister of energy of Saudi Arabia Khalid al-falih said that from August 1, the country will limit the export of oil with a volume of 6.6 million barrels to 1 million barrels lower than a year earlier.