Excesso de oferta de petróleo causa preocupações no mercado

Global Oil Supply Surge Raises Concerns in the Market

Written by Paulo Nogueira

Published on 30/07/2018 at 01:30

Grande oferta Global de petróleo causa preocupações no mercado

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The Large Oil Supply Worldwide Raises Concerns in the Commodities Market.

The excess oil supply may impact its pricing. Information that the commodity faced losses in light of such evidence has created expectations for next week. The OPEC (Organization of the Petroleum Exporting Countries), which is an international organization that began in September 1960, may have one of its agreements threatened due to indications that some oil producers are about to inject more oil than was agreed upon at the end of 2017, according to Alexander Novak (the Russian energy minister).

OPEC

The agreement was to increase oil production by 1 million barrels per day, according to the Organization of the Petroleum Exporting Countries led by Russia. This increase would serve to compensate for the reduction in supply from countries like Venezuela, Iran, and Libya. Monitoring for possible interruptions in the flows of black gold (mainly in the Middle East) is being conducted by investors in the field. Attacked by Houthi rebels, two Arab tankers led Saudi Arabia to temporarily halt shipments in the Red Sea.

ARTICLE CONTINUES BELOW

USA – 11 Million Barrels Per Day

Last week, for the first time, the USA recorded an oil production of 11 million barrels/day. The extraction of oil from shallow waters (shale oil) enabled the country to produce an additional 1 million barrels/day. This record reflects the country’s growth in oil production. Driven by the temporary production halt in Saudi Arabia, Brent prices (Brent Crude Futures) increased by 1.7%. Nearly closing the month down (around 7%), the oil pricing was merely a reflection of the growing signs of increased production from Russia, the USA, and Saudi Arabia.

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Global Oil Supply Surge Raises Concerns in the Market

The Large Oil Supply Worldwide Raises Concerns in the Commodities Market.

OPEC

USA – 11 Million Barrels Per Day

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