mohammed barkindo

OPEC said Thursday that the oil market was “well supplied”, and downgraded its global demand forecast.
Brent crude dropped 3% on the news, sending oil stocks such as ExxonMobil and Chevron Corporation down more than 3%.
Oil prices have rallied this year as market watchers expect that US sanctions on Iran, OPEC’s third-largest oil producer, will reduce oil supplies.
Watch ExxonMobil and Chevron Corporation trade in real time.

Oil stocks took a beating Thursday after OPEC said its production rose in September, easing concerns about a drop-off in Iranian barrels as US sanctions loom. Brent crude dropped 3% on the news, sending shares of oil producers such as ExxonMobil and Chevron Corporation down more than 3%.

“The market has been reacting to perceptions of a possible supply shortage,” OPEC Secretary-General Mohammad Barkindo said Thursday on a conference in London according to Reuters. “The market remains well supplied.”

Barkindo added that OPEC was wary of creating a glut next year and suggested producers were in no rush to raise output.

The cartel also downgraded its global demand forecast for a third straight month amid concerns about the prospect of slowing economic activity around …read more


Source:: Businessinsider – Finance

      

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