OPEC countries boosted oil production to record level

Страны ОПЕК нарастили добычу нефти до рекордного уровня

In October, the Organization of countries-exporters of oil (OPEC) has increased oil production to a record 34,02 million barrels per day. Compared to September, production grew by 170 thousand barrels a day. On Wednesday, November 2, reported Bloomberg, citing its own data.

So, Saudi Arabia has cut production last month on 20 thousand barrels, to 10.58 million barrels per day, the Agency said. The greatest reduction in October demonstrated Angola — 230 thousand barrels per day. At the same time, Libya, Nigeria, Iraq and Iran in October increased production.

See also:  Iran has not excluded the participation in the meeting of oil-producing countries in Doha

This increase threatens the plans of the cartel to limit production of fuel, says the Agency. Now OPEC is discussing a reduction in its total production to the level of 33-32,4 million barrels per day.

20:50 Moscow time the price of North sea Brent fell to 46,65 dollars per barrel, which is 3.10% below the closing level of the previous session.

Earlier, on 2 November, the price of Brent crude oil fell below $ 47 per barrel for the first time from 28 September 2016.

See also:  The exchange believes the $50 per barrel

On the same day, Bloomberg reported that Libya and Nigeria are members of OPEC, and in October increased its production by 800 thousand barrels per day. “The cartel has just said about cutting back production, but until we see growth,” stated UBS analyst Taunovo Giovanni (Giovanni Staunovo).

On 28 October, the OPEC members, at a regular meeting failed to reach a final decision on oil quotas.

Leave a Reply

Your email address will not be published. Required fields are marked *