At a time when US oil production was surprised by the increase in US crude oil production to 11.6 million barrels / day (bpd), oil sanctions against Iran did not raise crude oil prices.
This came at a time when the crude oil prices fell again, following reports that the US was relinquishing OPEC's demands to reduce production at relatively low price levels and to support economic growth in consumer countries.
In the Oil Prices report, it is stated that oil production will surpass 12 million bp next year and this will require OPEC flexibility for changing market conditions.
Saudi Arabia will produce and export enough oil to stabilize oil prices so that Saudi Arabia's intention to reduce energy exports is expected to meet current market variables, with the Minister of Energy, Industry and Mineral Resources Engineer Khalid Al-Falih & # 39 in less than two months after the assurances. Thousands of barrels per day and next period to support market and price stability.
"Moscow will not oppose the reduction of production as long as OPEC gets its support as a whole," Russian Energy Minister Alexander Novak said, pointing to the debate with Russia in order to reduce the global oil supply initiated with Russia.
The change in the positions of the ministers in the producing countries indicates that crude oil demand is weak in response to the increase in oil supply. This has been a blow to speculators, especially as oil prices have been on a downward trend over the past month, due to the rise in oil prices.
"The market is affected by the movement of major producers, especially in light of the ongoing coordination between Saudi Arabia and Russia. Finally, the US production, which is one of the main reasons for the recent decline in oil production, reached 11.6 million barrels in the second week of November. According to the data of the US Energy Information Administration, the current year increased by 400 thousand barrels and approximately two million barrels compared to the previous year.
Royal Dutch Shell, 80 percent of energy demand from the construction, transportation and production sectors, he said.
"By 2070, electricity consumption will exceed 50 per cent of global energy," a new report said, adding that energy companies are sitting in the captain's seat and that the industry is developing new ways to provide cleaner and more cost-effective energy.
In 2070, solar energy and wind energy would produce about 45 percent of the global energy mix, indicating that the world's energy poverty problem would be significantly reduced.
"Middle East producers are focusing on increasing investments to add new long-term production potential and balancing existing investments and balancing natural exhaustion in existing areas," said Dan Bosca, chief economist at UniCredit. Said.
He noted that the current concerns focus on the possibility of economic slowdown next year, and that the demand for supply overload has been narrowed, and this may require production to be halted in order to halt the deterioration of prices.
"There is an explosion in high-end projects led by OPEC national oil companies, which have about half of the world's reserve capacity," said Southcourt Energy Consulting analyst David Disma.
Noting that the recovery of investments eliminated fears about the future of oil supply, he said that fears were moving to demand levels in light of the economic slowdown in developing economies.
"Stable expansion in rock production in the United States is growing strongly with increasing investments and increasing number of drilling rigs and the bottlenecks of previous pipes have returned very strongly with the introduction of new pipelines to overcome the crisis," he added. He said that this development will increase the amount of production in the USA by 11 million barrels a day and see more growth. Next year.
Gulmira Razayeva, chief economist at Azerbaijan's Strategic Energy Center, said, "The producer meeting in Abu Dhabi witnessed a rethinking of production reduction scenarios, especially with the supply of about 1 million barrels of material per day."
Noting that the meeting of the producers in December will see new insights for limiting supply despite US pressures, OPEC and its allies are focusing on the survival of the supply and demand relationship and considering a possible gap that could affect price and market stability.
In terms of prices, oil prices have fallen below $ 70 and US crude oil is at $ 60 & # 39; He fell under.
The downturn came at a time when the dollar was at a 16-month high and increased the cost of importing oil to countries using other currencies.
According to 0740 GMT, US WTI crude oil revenue was $ 59.22 per barrel, down 70 cents or 1.2% from the previous agreement.
Brent futures were $ 71.40 / barrel, down 71 cents, or 1%, compared to the previous close.
Central crude oil from Brent and West Texas has recorded more than 20% decline since the beginning of October.
Bank of America Merrill Lynch said in a note, dı The very high production in the US has started to affect the oil market stocks with increasing supplies from Saudi Arabia and Russia, so the raw inventories have started to increase again. Bank
The Bank expects US oil production to be an energy state by 11,6 million bpd, exceeding 12 million bpd in 2019 and becoming an energy state on its own.
In the United States alone, Kazakhstan said on Wednesday that oil production rose by 4.8% to 1.74 million bpd in the first 10 months of 2014, to 74.5 million tonnes.
"OPEC recognizes the need to reduce next year's oil supply by about 1 million bpd compared to October," Khaled al-Faleh said yesterday. Said.
The OPEC crude cart was $ 69.82 a monday, compared to $ 68.89 a barrel on the previous day. rose to a barrel level.
The daily report of the Organization of Petroleum Exporting Countries (OPEC), "the basket's member organizations, the average price of 15 tons per cart increased the price of the basket after the previous fall and the basket last week lost about two dollars on the same day," he said. It's a barrel. "