Tuesday , June 22 2021

OPEC oil prices fell by more than expected

Oil firms lend optimts to oil producers Oil production declined and oil production increased.

Oil is a long line from Edward Drake's 1859 well. On October 5, 2017, the modern petroleum industry was opened at the Drake Well Museum and Park in Titusville, Pennsylvania. REUTERS / Brendan McDermid / File Photo

The US West Texas Intermediate (WTI) crude futures were $ 57.14 per barrel and 6 cents lower at their last settlement in 0250 GMT.

Brent crude oil price was $ 66.75 a barrel. 4 cents in the last session.

The Organization for Petroleum Exporting Countries (OPEC) will distribute between 1 million and 1.4 million barrels a day (bpd).

This is in the widespread market expectations of the recession.

According to French bank BNP Paribas, the OPEC will agree that the distribution will be distributed in the next economic summit on December 9.

The bank expects Brett to recover 80 dollars before the end of the year.

"In 2019 we expect an average of $ 69 per barrel and $ 76 per barrel," BNP said.

OPEC, OPEC and other manufacturers have warned that oil consumption will skyrocket due to fall in crude prices by the International Energy Agency (IEA), which represents the interests of oil products.

(GRAPHIC: US ​​Oil Drying, Production & Storage – tmsnrt.rs/2PBfE7z)

Expert Investors

The price of crude oil in October was the lowest in nine months. Oil prices have fallen in the supply chain distribution and recession in distribution.

Washington has been offering the largest customs duties in Iran and they are now allowed to continue the oil imports.

By using these concessions, Iranian oil imports in January and South Korea will start again in January.

Crude oil production in the US is on the rise. About 11.7 million barrels are produced in the fourth quarter of this year.

Economic traders are alert to oil markets and reduce further US shale production and losses from risky economic perspectives.

In the last seven weeks, portfolio managers sold 553 million barrels of crude and fuels. The lowest in 2013,

Funds now have a net outgo of 547 million barrels. This is less than half of the 1.1 billion at the end of September. In January this year, it declined to US $ 1.484 billion.

Reported by Henning Glainain; Kenneth Maxwell edits

Our standards:The Thomson Reuters Trust Principles.

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