How Will OPEC Cut Its Output? Oil Investors Think It’s Hard
Nov, 11th 18:13
U.S WTI crude oil price edged lower on Friday, looking set for a third-consecutive weekly decline amidst investor concerns about the possibility of a final agreement later this month to curtail production from OPEC and non-OPEC oil producers.
WTI crude fell to the lowest since mid-September at $43.02 per barrel, heading for a weekly loss of roughly 0.8% after a monthly report from OPEC issued Friday said production from the group’s members continued to climb in October.
According to the data, OPEC’s output as a group jumped by 240,000 barrels per day to 33.64 million bpd last month, with Nigeria, Libya and Iraq blamed for the increase. The report made it harder for investors to believe that OPEC will be able to complete a plan reached in late September to snap output to between 32.5 million and 33 million bpd.
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