35051
Oil Falls 3% on Swelling Oversupply
Energy

Oil Falls 3% on Swelling Oversupply

Oil prices fell 3% on Monday as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.
Brent crude, the global benchmark, was down 90 cents at $31.28 a barrel, losing 2.8% from its closing price on Friday, when Brent surged 10%.
US crude traded $1.07 lower at $31.12 a barrel, Reuters reported.
The losses came despite news that oil producer group OPEC was evaluating holding an extraordinary meeting. Qatar's energy minister said a request for such a gathering was being discussed.
Oil prices remain near 12-year lows as global supply continues to outstrip demand.
Iraq's Oil Ministry said on Monday oil output had reached a record high in December.
Its fields in the central and southern regions produced as much as 4.13 million barrels a day, the government said.
A senior Iraqi oil official said separately the country may raise output even further this year.
In the United States, one of OPEC's largest production rivals, a further drop in the number of oil rigs was expected to weigh on output.
US investment bank Goldman Sachs said it expected production to decline by 95,000 barrels per day in 2016, higher than previously assumed.

 

Short URL : http://goo.gl/uSsxOK
  1. http://goo.gl/4KiAjk
  • http://goo.gl/0SSWtu
  • http://goo.gl/bdoPqV
  • http://goo.gl/3CYFep
  • http://goo.gl/YGtbA5

You can also read ...

Shipments in the first two weeks of the month were 4.05 million bpd, the highest since November 2016.
Iraq exported oil at the fastest pace since late 2016 during...
Iran's June Onshore Oil Stocks Up 3.2m Barrels
Iran’s onshore oil stocks rose 3.2 million barrels in June...
Oil Prices Fall on Rise in US Stocks
Oil prices fell on Wednesday after news of a rise in US crude...
Investment in new conventional capacity is set to plunge in 2018 to about one-third of the total.
As the world’s energy sector moves toward greater...
Power Supply to Iraq Cut  Over Rising Domestic Demand
Energy Minister Reza Ardakanian said on Tuesday Iran has cut...
India Faces Iran Dilemma
The US embargo on Iran's oil shipments has put Indian Prime...
Gas Consumption Rising
Iran’s daily gas consumption hit 521 million cubic meters on...
Petrochem Company Indigenizes Equipment
In spite of international restrictions on accessing cutting-...

Trending

Googleplus