|11-03-2014, 06:38 AM||#1|
OPEC increases oil output as market-share battle continues
The Organization of the Petroleum Exporting Countries (OPEC) ramped up oil production to a 14-month high in October, as futures prices dipped into a bear market, according to a Bloomberg survey release on the weekend.
OPEC output rose 53,000 barrels a day to 30.974 million, led by increased production from Iraq, Saudi Arabia and Libya.
OPEC nations increased output as Brent crude prices fell to its lowest in four years amid fears of weaker demand and abundant supplies. Brent was last down 0.44% to $85.86 a barrel.
The benchmark for over half of the world touched $82.60 on October 16, down more than 20% from its June high, therefore matching the definition of a bear market.
This firm the view that there is a clash for market share between oil exporting countries, keeping in mind that Saudi Arabia, Iran, Iraq and Kuwait cut their official selling prices in October.
OPEC Ministers will meet this month to negotiate the output and price targets of the group.
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