...

World oil prices down

Oil&Gas Materials 23 August 2017 11:15 (UTC +04:00)
World oil prices are going down on Aug.23 ahead of the report to be released later today by the US Energy Information Administration (EIA) about the country’s crude stocks.
World oil prices down

Baku, Azerbaijan, Aug.23

By Leman Zeynalova – Trend:

World oil prices are going down on Aug.23 ahead of the report to be released later today by the US Energy Information Administration (EIA) about the country’s crude stocks.

The price for October futures of Brent oil has decreased by 0.37 percent to $51.68 per barrel as of 06:54 (UTC + 4).

The price for September futures of West Texas Intermediate (WTI) dropped by 0.36 percent and stood at $47.66 per barrel.

Analysts forecast that the US crude stocks (excluding commercial reserves) have dropped by 3.45 million barrels or by 74 percent to 463.05 million barrels over the week ending Aug.18.

Another factor affecting the oil prices is the low compliance level of OPEC+. The compliance level of OPEC and participating non-OPEC countries has dropped from 98 percent in June to 94 percent in July, according to the estimations of OPEC Joint Ministerial Monitoring Committee.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest