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Global Oil Oversupply Causes Market Concerns

30 July 2018 to 01: 30
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Huge Global Oil Supply Causes Market Concerns
Huge Global Oil Supply Causes Market Concerns

The large supply of oil worldwide raises concerns in the commodity market.

The excess of oil supply may impact your quote. Information that the commodity (or commodity) recorded losses in the face of such evidence, brought expectations for next week. A OPEC (Organization of Petroleum Exporting Countries), which is an international organization that began in September/1960, may have one of its agreements threatened in the face of signs that some oil producers are about to inject more oil than what was agreed at the end of 2017, according to Alexander Novak (Russian Minister of Energy).

OPEC

The combined result was an increase in oil production by 1 million barrels per day, according to the Organization of Petroleum Exporting Countries, led by Russia. Such an increase would serve to offset the reduction in supply by the countries of Venezuela, Iran and Libya. Monitoring of probable interruptions in black gold flows (mainly in the Middle East) is being carried out by investors in the area. Attacked by Houthi rebels, two Arab oil tankers, led Saudi Arabia to temporarily stop shipments in the Red Sea.

USA – 11 million barrels per day

Last week, for the first time, the US recorded oil production of 11 million barrels/day. Oil extraction in shallow waters (shake oil) led the country to produce an extra 1 million barrels/day. This record reflects the country's growth in oil production. Driven by the temporary stoppage of production in Saudi Arabia, Brent (Oil Brent Futures) prices increased by 1,7%. Almost closing the month in a fall (around 7%), the price of oil only showed as a result of the reflection of the growing signs of increased production from Russia, USA and Saudi Arabia.

 

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