Oil Rises as Saudis to Cut Exports, Halliburton Sees Shale Peak
- Saudi Arabia will cap exports at 6.6 million barrels a day
- U.S. drillers ‘tapping the brakes’ on output: Halliburton
OPEC Says More Libya, Nigeria Oil Is Needed
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Oil rose as Saudi Arabia pledged deep cuts to its crude exports, while Halliburton Co. said the shale boom is slowing down.
Futures rose 1.3 percent in New York. Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6 million barrels a day in August, 1 million lower than a year earlier, Energy Minister Khalid Al-Falih said. Meanwhile, Halliburton, the world’s top fracking-services provider, said U.S. explorers are "tapping the brakes" as oil struggles to breach $50 a barrel.