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Crude oil prices edge higher amid raging battle for market

Total Chief Executive Patrick Pouyanne attends the St Petersburg International Economic Forum on Saturday. He has termed the pact between OPEC and its allies to extend production cuts ‘a good deal’. [Photo: Reuters]

A crude price in the $50s (Sh5,150) is the new reality for bosses of some of the world’s largest producers as output caps from Organisation of Petroleum Exporting Countries (OPEC) and its allies are balanced out by rising US shale.

The rise in crude oil prices at the international market comes as Kenya readies to export its first batch of crude oil later this month under the Early Oil Pilot Scheme.

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