Oil is cheaper on the message about the production growth in OPEC countries

Oil is cheaper on the message about the production growth in OPEC countries


The share of OPEC in global production in September amounted to 33.5% versus 33.3% in the previous month. As at 18.42 GMT the cost of the November futures for North sea petroleum mix of mark Brent has decreased on 1,63% — to 52.05 USD per barrel.

MOSCOW, 12 Oct. World oil prices show a negative trend on Monday amid reports of increased production in the Organization of countries-exporters of oil (OPEC) in September, according to AFP.

As at 18.42 GMT the cost of the November futures for North sea petroleum mix of mark Brent has decreased on 1,63% — to 52.05 USD per barrel. Price of November futures for oil of mark WTI fell by 2.26% to 48,51 dollars per barrel.

According to the October report, OPEC in September, the organization has continued to increase oil production — 0.11 million barrels per day, up to 31,57 million barrels. Data excluding Iraq, OPEC production last month amounted to $ 27,429 million barrels per day (an increase of 29 thousand barrels). Thus, in August, OPEC has again exceeded its own stated quota for extraction to 30 million barrels per day.

The total volume of global oil production in September fell by 0.34 million barrels per day — up to 94,16 million barrels per day. Production growth in September was mainly observed in Iraq, Nigeria and the UAE. While production in Saudi Arabia showed the strongest decrease of 48 thousand barrels per day. The share of OPEC in global production in September amounted to 33.5% versus 33.3% in the previous month.