20 minutes agoOil production added to halt price growth
Periskopi(8 years ago)
(8 years ago)The OPEC has increased oil production in October to the highest level since 2016, while the highest production, led by the United Arab Emirates and Libya, more compensated for an interruption of Iranian remittances due to US sanctions. The 15-member Oil Exporting Organization has produced 33.31 [...]
The 15-member Oil Exporting Organisation has produced 33.31 million barrels a day this month -- a higher amount for all OPEC countries since December 2016.
The OPEC agreed in June to pump more oil, following US President Donald Trump's pressure to curb rising prices and compensate for an expected lack of Iranian exports.
The price of oil reached a four-year high of $88.74 per barrel on October 3rd, but has since been reduced to $76, as concerns about falling supplies fade.
The oil producers appear to be successfully compensated for the supply cuts from Iran and Venezuela”, said Carsten Fritsch, analyst at Komerzbank in Frankfurt.
