OPEC + plans to cut production and green oil prices

Bisnis.com, JAKARTA – Crude oil prices have turned green again after declining in recent sessions due to the growing prospects that OPEC producers and their allies will discuss reducing their production at a meeting next month.

Crude oil price bounce after several sources said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies would again discuss reducing their production to 1.4 million barrels a day, the amount is higher than previously mentioned.

The price of a barrel of Brent on Wednesday (11/14) rose 0.37 point or 0.57% to 65.84 USD per barrel after a brief rise of 1.18 point to reach 66.65 USD per barrel during of the same session. Throughout 2018, Brent prices decreased by 1.54%.

At the same time, West Texas Intermediate (WTI) oil prices edged up 0.07 point, or 0.13%, to $ 55.76 per barrel after a brief rise of 0 , 6 point to reach 56.29 USD per barrel during the same session. WTI oil has recorded a price decrease of up to 7.71% year to date (YTD).

Since mid-October, Brent prices have fallen to 17.5%, due to concerns over continued supply growth and slowing demand. The decline is the largest since the drop in oil prices in 2014.

The broker badyst Phillip Futures in Singapore, Benjamin Lu, said that oil prices were currently absorbed and that sentiment pressure was decreasing. bearish.

"The oil market is now under pressure from both sides, increasing oil reserves of OPEC, Russia and other producers, and growing concern prompted by the slowdown in global economic growth that will drive down demand, "said the minister. Reuters Wednesday (11/14).

The Energy Information Administration (EIA) of the US Department of Energy recorded a record production of 7.49 million barrels of crude oil per day in seven major US bays in December.

An increase in crude oil production down has allowed total US crude oil production to reach a record 11.6 million barrels a day and has made it the world's largest oil producer, surpbading Russia and the United States. Saudi Arabia.

Most badysts predict that US oil production is expected to exceed 12 million barrels a day in the first half of 2019. The abundant increase in oil production in the United States will make a major contribution to the future. 39, increase in world reserves of crude oil.