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Oil Losses Increase After OPEC Report

Published 11/13/2018, 09:23 AM
Updated 07/09/2023, 06:31 AM

Oil fell for a 12th straight session on Tuesday, its longest slide ever. That coincided with the publication of the monthly OPEC report, which showed a decline in demand during 2019

"We hope that Saudi Arabia and OPEC will not reduce oil production," Saudi Oil Minister Khalid al-Faleh said after Saudi Energy Minister Khalid al-Faleh said producers needed to cut oil output by about 1 million bpd from production levels in October. Much based on supply. " .

In other news, the managing director of the Nigerian National Oil Company said on Tuesday that Nigeria will increase its oil production to 1.8 million barrels per day in 2019 and will increase condensate production to 0.5 million barrels per day.

Adding to the pressure was OPEC's monthly report, which predicted weaker demand for oil in 2019

OPEC expects the demand for its oil to fall faster than expected in 2019, according to the monthly report issued on Tuesday, the global appetite for the group's crude will reach about 31.5 million barrels per day next year, down 500 thousand barrels per day compared to expectations about two months ago, And below the current production level of about 1.4 million.

The report pointed out that although the oil market is now in equilibrium, expectations for 2019 oversupply of the market.

Expectations for non-OPEC supply growth in 2019 rose by 120,000 barrels per day (bpd), despite a downward revision of the production outlook for China, Canada, Brazil and Mexico, and the United States is expected to be among the countries leading the growth of non-OPEC supply.

Oil futures trading

  • Brent crude for January delivery fell 2.54 percent to $ 68.34 a barrel, down 6 cents to close at $ 70.12 on Monday, its lowest since April 9.
  • West Texas Intermediate crude futures for December delivery fell 2.47 percent to $ 58.45 a barrel after dropping 26 cents to $ 59.93 on Monday, the lowest close since Feb. 13.

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