Oil prices rise amid expectations on shrinking OPEC supply

0 Comment(s)Print E-mail Xinhua, October 11, 2019
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NEW YORK, Oct. 10 (Xinhua) -- Oil prices rose on Thursday, as the market remained hopeful that the Organization of the Petroleum Exporting Countries (OPEC) would potentially reduce its production to keep the global crude market stable.

The West Texas Intermediate for November delivery rallied 0.96 U.S. dollar to settle at 53.55 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 0.78 dollar to close at 59.10 dollars a barrel on the London ICE Futures Exchange.

The OPEC and its allies including Russia would make "decisions that will set us on the path of heightened and sustained stability for 2020" at a meeting in December, said Mohammad Barkindo, secretary-general of OPEC, on Thursday, according to Reuters.

What's more, crude oil production from the OPEC will average 29.6 million barrels per day (b/d) in 2020, down by 2.3 million b/d from 2018, according to a report released Tuesday by the U.S. Energy Information Administration (EIA).

In its October Short-Term Energy Outlook, EIA also forecast that annual average OPEC crude oil production will average 29.8 million b/d in 2019, down by 2.1 million b/d from 2018. Enditem

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