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OPEC expects lower production of its competitors next year for the first time since 2007

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Rocky


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OPEC expects lower production of its competitors next year for the first time since 2007



November 12, 2015 0



Organization of Petroleum Exporting Countries "OPEC" predicted decline in the production of its competitors next year for the first time since 2007, which caused low prices to reduce investments, including limiting the accumulation of supply in global markets.
She said, "OPEC" in a monthly report that it pumped 31.38 million barrels a day in October, down 256 thousand barrels per day for the month of September.
The "OPEC" in its report that "the fall in oil prices recently born additional oil demand, also provided an environment full of challenges in the market for some top owners the cost of oil production, which has already slowed down."
OPEC expects drop in oil production from outside the Organization of about 130 thousand barrels per day, after it rose 720 thousand barrels per day this year, as the cut capital spending by about $ 200 billion in the current and next two years, leading to a gap in supplies.
The OPEC report indicates that the surplus in supply will reach 560 thousand barrels per day in the market next year if the organization continued pumping rates in October / October.
The organization also expects that oil demand will rise in the third quarter of 2016 to reach 31.51 million barrels per day on average, surpassing the current production level for the first time in months.

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