Caspian Energy Journal Caspian European Club
Tuesday, 27 November 2018 11:00

Oil slips on record Saudi output

Oil slips on record Saudi output

Oil slipped on Tuesday, pulled down by record Saudi Arabian production even as OPEC’s top producer pushes for supply cuts ahead of the group’s meeting in Austria next week, Caspian Energy News ( reports with reference to Reuters.

International Brent crude oil futures LCOc1 briefly dipped below $60 per barrel before rising back to $60.33 at 0520 GMT, down 15 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.33 per barrel, down 30 cents, or 0.6 percent.

Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.

Oil prices have lost almost a third of their value since early October, weighed down by an emerging supply overhang and widespread financial market weakness.

 “The oil price correction has become a rout of historic proportions,” U.S. investment bank Jefferies said in a note on Tuesday.

 “The negative price reaction is as severe as the 2008 financial crisis and the aftermath of the November 2015 OPEC meeting, when the group decided not to act in the face of a very over-supplied market,” it added.

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Person in charge of the newsline: Olga Nagiyeva 

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