02-11-2018 03:00 PM
Oil prices dropped on Friday as record crude production by the world's three largest producers overshadowed supply worries from the start of U.S. sanctions next week against Iran's petroleum exports.
According to Mr.Sunil Kumar, Market Expert & Director at Enrich Commodities - "Crude oil prices dropped as traders were anxious on rising global inventories and witness high production in 2018 from oil-producing nations,"
According to a survey conducted - The Organization of the Petroleum Exporting Countries (OPEC) increased oil production in October to 33.31 million barrels per day (bpd).
The U.S. Energy Information Administration (EIA) said in a monthly report this week that - U.S. crude oil production rushed forward by 416,000 bpd to a record 11.346 million bpd in August.
The U.S. crude production stood at 11.2 million bpd last week. The development in U.S. crude oil production has averaged approximately 1.5 million barrels per day in the first eight months of the year.
Saudi Arabia propeling 10.65 million bpd so far in October, collectiveproduction from the top-three oil producers is at a record 33.41 million bpd, meaning that Russia, the United States and Saudi Arabia meet more than a third of the world's almost 100 million bpd of crude consumption.