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World Oil Prices Drop Due to Rising OPEC Supply

Translator

Editor

22 July 2017 16:12 WIB

TEMPO.CO, New York - Oil prices dropped on Friday after data revealed the rise of crude oil supply from members of Organization of Petroleum Exporting Countries (OPEC).

Tanker tracking company Petro-Logistics stated on Friday, July 21, that crude oil production of OPEC will increase 145,000 barrels per day this month, which makes the total of 33 million barrels per day.

Read: Oil Prices Plunge Following OPEC Report

The news emerged prior to a summit between OPEC and non-OPEC countries in Russia next week. The main oil producing countries will talk about the agreement on production cuts.

US West Texas Intermediate (WTI) crude for September shipping plunges to $1.15 dollars and settles at $45.77 dollars per barrel in New York Mercantile Exchange.

Read: Oil Prices Drop 5 Percent after OPEC Meeting in Vienna

Meanwhile, Europe Brent North Sea crude for September shipping drops $1.24 dollars and settles at $48.06 dollars per barrel in London ICE Futures Exchange.

ANTARA

Oil and gas


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