OPEC boost oil production to halt the rise in price

The 15-member Petroleum Exporting Organization has produced 33.31 million barrels a day this month, a higher amount for all OPEC countries since December 2016.

OPEC boost oil production to halt the rise in price

OPEC has boosted oil production in October at the highest level since 2016, while the highest output, led by the UAE and Libya, more compensated for an Iranian shipment termination due to US sanctions, s.

OPEC admitted in June pumping more oil, following US President Donald Trump's pressure to curb rising prices and offset an expected shortage of Iranian exports.

Oil price reached a top four-year high of $ 86.74 per barrel on October 3, but since then it has fallen to $ 76, as worries about falling supplies have faded.

"Oil producers seem to be successfully compensating for supply shortages from Iran and Venezuela," said Carsten Fritsch, an analyst at Commerzbank in Frankfurt.

Last Mod: 01 Kasım 2018, 09:47
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