Oil prices down amid growing OPEC output| MENAFN.COM

Wednesday, 01 February 2023 06:58 GMT

Oil prices down amid growing OPEC output


(MENAFN- Trend News Agency ) Baku, Azerbaijan, August 11

By Leman Zeynalova – Trend:

World oil prices are going down on Aug.11 after the reported growth in OPEC crude oil production over the last month.

The price for October futures of Brent oil has decreased by 0.64 percent to $51.57 per barrel as of 06:07 (UTC + 4).

The price for September futures of West Texas Intermediate (WTI) oil dropped by 0.66 percent and stood at $48.27 per barrel.

According to five secondary sources, total OPEC-14 crude oil production averaged 32.87 million barrels per day (b/d) in July, an increase of 173,000 b/d over the previous month, the cartel said in its August Oil Market Report.

Crude oil output increased mostly in Libya (+154,300 b/d), Nigeria (+34,300 b/d), and Saudi Arabia (+31,800 b/d), while production showed declines in Iraq (-33,100 b/d), Angola (-19,300 b/d) and Venezuela (15,800 b/d).

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.

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