Oil prices fall after OPEC reports rising output, US crude inventories rise
14 October, 2016, 01:33 | Author: Darnell Patrick
But, while the focus is on OPEC's proposed cut, with Russian Federation possibly joining, others warn output is creeping up elsewhere.
Barkindo also said that most of the work on an agreement was already done and countries including Russia, Azerbaijan, Algeria and Venezuela, will still meet to "compare notes". Other critical details to the deal, which would cap OPEC's production at a maximum of 33 MMBPD, are expected to be agreed on at its November 30 meeting. [OPEC/M] Major oil industry executives and investors at a Reuters Summit in London differed in their views on the price direction for oil in coming months based on OPEC's likely action."In 2014, the big opportunity was in prices going down and now the big opportunity is in prices going up".
Oil fell for a third day as doubts emerged over whether OPEC's agreement to cut crude output would succeed in reducing supply.
After rallying about 15% in August, momentum in Intercontinental Exchange (ICE) Brent and New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) prices slowed down fleetingly before hitting choppy weather in September, spiking more than 6% when the Opec production cut deal was announced. Total volume traded was 65 percent below the 100-day average. Futures dropped as much as 1.8 percent in NY.
Libya's oil production is set to reach a three-year high by December as fields restart and ports reopen after five years of armed conflict crippled sales. Others have followed our lead today in reporting record imports, while today's OPEC report highlights the broad-based demand strength the emerging market is showing - across predominantly diesel, gasoline and LPG (all up 20% year-on-year).
US production shows some signs of slowing down, falling 15,000 b/d in the week ended 23 September to 8.497 million barrels, according to US Energy Information Administration estimates.
He maintained that, energy efficiency policies aim to deliver the maximum amount of social and economic benefit from the energy we use.
China's September crude imports rose 18 per cent from a year earlier to 33.06 million tonnes, or 8.04 million bpd on daily basis, customs data showed, compared with the USA four-week average of 7.98 million bpd.
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