During the reporting week (November 01-08), NYMEX WTI crude oil prices dropped by 4.74% to USD 60.67 per barrel, reports UkrAgroConsult.
Fears of crude oil oversupply in three key producing countries pressured the prices. The USA, Saudi Arabia and Russia increased crude oil sales considerably.
A week before, crude oil production in the USA increased by 400 thousand barrels per day, setting a new all-time high of 11.6 million barrels per day. By the end of the year, it is expected to reach 11.8 million barrels. Saudi Arabia increased crude oil extraction from 9.8 million barrels at the beginning of the year to 10.7 million in October.
By the end of the year, it is likely to reach the “stable” level of 11 million barrels per day. Russia set a post-Soviet production record of 11.4 million barrels per day, which was 0.5 million higher than at the beginning of the year.
The shale boom in the USA offsets the entire increase in global demand. This remains one of the main problems for crude oil market.
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