OPEC oil production rose in July. Block production averages 32.32 million barrels a day for July, up with 41,000 barrels, OPEC reported in its monthly report.
The organization agreed in June to increase production by 1 million barrels per day to prevent a sharp rise in oil prices. This happened after President Trump called on the organization to act to prevent further growth.
In direct connection with OPEC, Saudi Arabia reported that monthly crude oil production declined by 201,000 barrels per day in July, which means it pumped 10.288 million barrels a day last month, which is less than 10.387 million The organization also raised its supply forecast for the rest of the year, unlike its competitors.
Oil production outside OPEC (Non-OPEC) is now expected to be 59.62 million barrels per day in 2018, which is 2.08 million barrels a day more than last year.
At the same time, OPEC lowered its global oil growth estimate by 20,000 barrels per day, to 1.64 million barrels a day this year. This is due to weaker than expected oil demand from Latin America and the Middle East in the second quarter. The organization also said that trade tensions between the US and China are unlikely to have a major impact on world oil demand growth, unless the cracks extend beyond these countries.
OPEC expects demand for crude oil to be 32.9 million barrels a day, which is about 600,000 barrels less than last year.
Sequential is still in its initial phase, we also have head and shoulders activated. I expect prices close to 64.
Source: Bloomberg Finance L.P.
Chart: Used with permission of Bloomberg Finance L.P.
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not directed at residents of the United States or Belgium and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.