Oil prices fell after US President Joe Biden’s calls to use strategic reserves.
OPEC’s oil production rose to 97 million 560 thousand barrels per day. West Texas Oil slid 0.4% after losing three weeks in a row.
Senate Majority Leader Chuck Schumer urged Biden to use strategic oil reserves, noting that consumers need a drop in gasoline prices.
According to OPEC’s monthly oil market report, the global oil supply increased by 1 million 740 thousand barrels per day compared to the previous month to approximately 97 million 560 thousand barrels last month.
In this period, daily oil production in non-OPEC countries increased by 1 million 520 thousand barrels to approximately 70 million 110 thousand barrels. On the other hand, OPEC’s daily crude oil production increased by 220 thousand barrels to approximately 27 million 450 thousand barrels. OPEC’s share in global oil production was recorded as 28.1%.
In this period, crude oil production in OPEC increased the most in Saudi Arabia and Venezuela while decreased in Nigeria and Gabon. West Texas Intermediate for December delivery fell 0.4 percent to around $80.47 a barrel on the Nymex market.
Brent oil for January delivery was trading at $81.82 a barrel, down 0.4 percent on the London ICE Futures Europe market.
