Featured # Markets | 3 years ago

OPEC Oil Supplies Break The Records

As per the records of oil supplies issued in the month of July, the oil supply by the OPEC nations has reached the highest as compared to the previous production rates. The two prominent names in this regard are the Oil Cartel and Saudi Arabia. A comparative analysis conducted by the Oil Cartel for the months of June and July make it clear that the number of barrels created in July was 33.1 million per day in contrast to the production of 46,400 barrels per day in the month of June. As far as the oil producing countries in Gulf region are concerned, Saudi Arabia is delivering 10.5 million barrels in July, when the production in June was 30,000 barrels. The picture of Venezuela is absolutely different. The current yield has seen a sharp decline in the last 13 years. The current yield per day in July is 20,000 barrels.

As compared to the yield of the OPEC countries there is a continuous decrease in the oil production by the non-OPEC producers. The United States is facing a similar crisis of drop down in the oil production. As compared to the year 2015, there is a 3% reduction in the barrels. The normal barrels per day in the first half of 2016 are 13.6 million barrels a day. In such circumstances what is highly significant is the balancing of the oil costs. It is a challenging situation for the economists and the financial experts dealing with the oil prices. There has been a great fall in the rates as compared to what the prices were two months back. The reports reveal that in contrast to the 50$ per barrel two months ago, the current price is ten dollars less being $40. Every one of this is energizing hypothesis that significant oil makers could declare moves to balance out oil costs, which as of late fell back underneath $40 a barrel from over $50 two months prior.


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