The oil prices in the international market have continued to fall as Saudi Arabia has posted a record production of oil. International Brent crude oil futures briefly dipped below $60 per barrel before edging back to $60.10 per barrel, 38 cents, or 0.6 per cent down from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $51.21 per barrel, 42 cents or 0.8 per cent down from their last close. This has raised concerns of cautious trading ahead of the G20 gathering that starts in Argentina on Friday and next week’s OPEC meeting in Austria.
Saudi Arabia has pulled record oil production to an all-time high of 11.1 million to 11.3 million barrels per day (bpd) during the month of November.
Oil prices have lost almost a third of their value since their recent October peaks in, weighed down by an emerging oversupply and by widespread weakness in financial markets. There are two big meetings scheduled in the upcoming days which will determine the oil prices for the future days.
One where the leaders of the G20 countries, which make up the world’s biggest economies, meet on Nov. 30 and Dec. 1, with the top agenda of the trade war between USA and China. And the other is the OPEC annual meeting at its headquarters in Vienna on Dec. 6 where the group will discuss its output policy together with some non-Opec producers, including Russia.
Saudi Arabia Pulls Record Oil Production, Crude Oil Prices Down