OPEC Oil Production Higher to Cover Iranian Drop

Oct 11 14:10 2018 Print This Article

Several OPEC members, led by Saudi Arabia and Libya, put enough new barrels on the market in September to offset a drop in production from Iran, where U.S. sanctions are whittling away at the nation’s crude exports, according to a monthly report.

The 15-nation producer group also knocked down its forecast for oil demand in 2018 and 2019, and said the outlook for economic growth is softening, particularly in emerging markets. Meanwhile, OPEC raised its forecast for oil supply growth in 2018 from non-member nations, including the United States

The report comes just three weeks before a U.S. deadline for oil buyers to cut off imports from Iran, OPEC’s third biggest producer. Concerns about OPEC’s ability to fill the gap in crude supplies has pushed oil prices to nearly four-year highs above $86 a barrel.

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Zooming Out - Is A Major Market Top In?

One of the things I have focused on when examining the US market as well as other markets around the world is the tops that have been created in the last 20 years.  There are multiple ways to look at tops. Rear view mirrors are great, but more importantly, can you mark significant tops on a ti ...

History Says To Watch Those 60 Minute Charts For Bottoming Clues

Market Recap for Friday, October 12, 2018 Finally, Wall Street saw buying pressure to end a trading session.  That certainly felt great psychologically, although as I point out below, I doubt that the short-term bottom is in.  It's possible, but the odds favor another short-term plunge.  For no ...

Asia Market Update :echoes of October past

Asia Markets  Asia shares are trading lower this morning led my losses on the Nikkei which is down 1.4 % ahead of a supplementary budget but the usual themes are weighing on local sentiment. Concerns over China -U.S. trade tensions, a possible slowdown in the Chinese economy and higher U.S. intere ...