With the increased exploration activity of oil shale in the United States, the Organization of Petroleum Exporting Countries (OPEC) raised its estimates for oil production between producers outside the cartel to 400,000 barrels per day this year 2017.
The previous estimate was 240,000 b / d, reaching the average level over 57.7 million barrels / day. Increasing the projection came after a drop of almost 10% in oil prices last week, which increased the possibility of shale sector prevent OPEC output reduction agreement.
Numbers already reflected in the oil value, this March has fallen nearly 7% to US $ 51.79 a barrel, Brent, while the West Texas Intermediate (WTI) was for US $ 48.73 a barrel , falling nearly 10%. Despite the global demand have been revised and being in growth, and OPEC claiming that in the second half there will be no surplus, the producers are still wary regarding the reduction of inventories.
According to Panorama Offshore has disclosed despite recent reduction, oil inventories remain well above average, totaling 3 billion barrels. Among the countries outside the group who should cooperate with inflated stocks is the US, which aim to add 340,000 barrels / day.
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