In Opecs oljemarkedsrapport published Friday, stated that oljekartellet increased oil production in October.
/ falls marked on Friday afternoon. A barrel (brent spot) is traded now for 44,76 dollars per barrel.
According to Reuters is oktobernivået on production the highest since at least 2008.
That means yet another month with a record high production from the organization’s member states, despite the fact that they claim that they are still working on a plan to freeze its total oil production.
Oktobertallene points to the surplus of oil in the world market is going to continue into next year.
Iran increases
At a meeting in Algeria in the end of september, notified the organization that they agreed to cut their collective oil production to between 32.5 million barrels of oil per day and 33 million barrels per day.
– There is no doubt that it gets harder and harder to reach that goal, ” says oljeanalytiker in Nordea Markets, Thina Saltvedt, who is to E24.
New oljeprisfall: The whole recovery after the Opec meeting has forduftet
According to Saltvedt, there are several reasons for the increased production.
Iraq reached a new produksjonstopp in October, and Saudi Arabia, which usually reduces the production in the autumn has kept production flat. In addition, Iran has increased its production even more in the last month, and both Libya and Nigeria have managed to produce more, although they still are very unstable, ” says Saltvedt.
Iran increased the production of 210.000 barrels per day in October, which is 230.000 barrels per day more than Opecs own estimates.
Meet in the end of the month
EXTREMELY IMPORTANT MEETING: Thina Saltvedt, Nordea Markets believe Opec meeting at the end of the month is the most important thing in a long time.
Opecs oil production in October was at 33,64 million barrels per day, it is up 240.000 barrels per day compared with september, and Saltvedt says that she has been indications of the increase in production is going to continue towards the end of november.
It is still associated with considerable excitement to the Opec meeting 30. november, and about the announced cuts actually will come.
– I’m a bit more pessimistic, but still believe that there comes a cut. We then get a cut of one million (barrels per day, journ.anm.), I think we can get a decent lift for the price of oil, for it is there no-one expects now. Then it can get up to 60 (dollars per barrel, journ.anm.) before christmas.
– But on the other hand, it does not come to some agreement, I think it is a disappointment and that the price may fall down towards the low 40. Thus, it is quite a large utfallsrom the way I see it. This meeting is extremely important, much more important than it has been for a long time, ” says Saltvedt.
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