Markets Doubt Declining Supply, Oil Price Increase Trends Failed to Survive

By : Abraham Sihombing And Aldo Bella Putra | Friday, August 11 2017 - 14:58 IWST

5166
5166

INDUSTRY.co.id - Jakarta - Increased production of Nigerian and Libyan crude oil further disrupts the efforts of producer countries that are also members of the Petroleum Exporting Organization (OPEC) to cut daily output. Both African countries are given the right not to restrict production because they are working to restore production capacity after disruption of internal conflict.

According to oil analyst ANZ Bank, the upward trend in crude oil prices yesterday failed to be maintained as the market doubted the decline in supply in the global market. That is in line with the surge in volume of Libyan oil production which reached the highest figure in 2017.

Despite data showing that US oil reserves are currently sharply down by 6.5 million barrels in the week ending August 4, 2017, West Texas Intermediate (WTI) crude oil prices in Seoul, South Korea, Friday (11 / 08/2017) morning only edged up 0.1% or 3 cents to US $ 48.62 per barrel. Meanwhile, the price of Brent crude oil only increased 1 cent to US $ 51.91 per barrel.

On Thursday (08/08/2017), crude oil prices had risen to the highest level in two after the last month. However, the price closed down 1.5% so the WTI price slumped back below $ 50 a barrel due to anxiety over excess supply.

Meanwhile, OPEC earlier revealed their oil production increased by 173,000 barrels per day (bpd) to 32.87 million bpd in July 2017. Faced with this problem, OPEC and some non-OPEC crude producers agreed to extend the deal on oil production cuts As much as 1.8 million bpd. (Abraham Sihombing)

News Comment

Today's Industry

Images By : Freepik

Sabtu, 14 September 2024 - 16:56 WIB

Essential Tips for Choosing Personal Health Insurance in the US

Choosing the right health insurance plan in the United States can be a complex task, especially with the variety of options available and the ever-changing landscape of healthcare policy. Here…

Images By : Freepik

Sabtu, 14 September 2024 - 16:53 WIB

The Top 10 Insurance Companies in the US for 2024

In the ever-evolving landscape of insurance, selecting the right company can significantly impact your financial security and peace of mind.

Images By : Freepik

Jumat, 13 September 2024 - 15:37 WIB

Why Airbnb Become Popular in 2024?

Airbnb fosters a more interactive experience between hosts and guests. Through direct messaging, guests can inquire about specific details, negotiate pricing, or clarify expectations, which…

Flag of the United Nations Organization.

Kamis, 15 Agustus 2024 - 14:26 WIB

Modena Officially Becomes a Member of the UN Global Compact

Commited to transforming towards sustainable business practices, Modena the global home appliance established over 60 years ago in Italy, officially became a member of the UN Globe Compact (UNGC)…

Totolink outlet. (Photo: Public Relation of Totolink)

Kamis, 11 Juli 2024 - 22:08 WIB

Totolink Strengthens Commitment to Innovative and Reliable Network Solutions for Indonesia

Marking a strategic step, Totolink Indonesia proudly announces the enhancement of its head office in Jakarta, located at Harco Mangga Dua Blok E No.28, Sawah Besar, Central Jakarta.