OPEC Extended Oil Production in August

The oil output of the 14-member Organization of the Petroleum Exporting Countries (OPEC) increased to 29,741,000 barrels per day in August, up 136,000 barrels per day! Saudi Arabia was the top member of OPEC by producing 9,805,000 barrels per day in August. Iraq was in the second place with 4,779,000 barrels per day. UAE as…

Oil Price Prediction

It seems that oil market participants are still concentrating on demand and trade war instead of oil supply! According to Reuters, 51 market economists and analysts predicted that Brent crude (LCOc1) would average 65.01$ a barrel in 2019 which is 4% lower than previous month (67.4$). Demand also reformed from 1.4 million barrels to 1.3…

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