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Falling oil prices due to increased production, despite a planned reduction of production by OPEC
Wrote: October 3, 2016
Wrote: October 3, 2016
Oil prices fell on Monday, although oil exporters reach an agreement last week to cut production with traders skeptical that this step be sufficient to curb production which consumption exceeded most of the past three years.
And it landed contracts for Brent futures prices 25 cents, or 0.5 percent, to $ 49.94 a barrel at 0205 GMT.
Futures contracts for WTI prices fell 26 cents mediator or 0.5 percent, to $ 47.98 a barrel.
This decline comes after the arrival of OPEC output to new highs after the reluctance of rival OPEC members such as Saudi Arabia, Iran and Iraq for abandoning their market shares.
It is likely that OPEC's oil production up to 33.6 million barrels per day in September from the level averaged 33.53 million barrels per day in August, the highest level in modern history, according to a Reuters survey found on Friday. "Reuters"
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