US sanctions against Iran did not raise oil prices when the market was surprised by the US crude oil output rising by 11.6 million barrels per day (bpd).
That came at a time when oil prices dropped again after the US demanded to abandon its plan to reduce production to maintain relatively low prices for OPEC and to stimulate economic growth in consumer economies.
Oil production will exceed 12 million barrels next year, which calls for OPEC flexibility in dealing with changing market conditions.
Saudi Arabia is trying to cut its 500 exports in less than two months after Khalid Al-Falih, Minister of Energy and Industry and Energy, assured Saudi Arabia will produce and export enough oil to keep prices stable. Intentional current market variables Attempts to support the price and market stability of a thousand barrels per day in the month and next period.
The Russian minister of energy, Alexander Novak, said the report would "not oppose the reduction of production as long as the measure is supported by the entire OPEC", pointing out that there was a discussion by Russia to reduce the supply of crude oil to Russia. "He said.
Changes in the position of producer ministers were due to the weakening demand for crude oil, which was speculation about the rise in crude oil prices. In particular, it began to decline due to weakness last month.
"In particular, given the ongoing coordination between Saudi and Russia, markets affected by major producer countries have been one of the main causes of recent oil price declines, with production reaching 11.6 million barrels per day in the second week of November. According to the data from the Administration, the current figure is 400,000 barrels a day, an increase of about 2 million barrels over the previous year.
Royal Dutch Shell said 80 percent of its energy needs come from construction, transportation and manufacturing.
According to a recent report, by 2070, electric energy consumption will exceed 50% of the world's energy, and the energy industry has taken its position to encourage the industry to develop new ways of delivering clean, affordable energy.
In 2070, solar and wind will produce about 45 percent of the world's energy mix, and the world's energy poverty issue will be significantly reduced.
"Middle Eastern producers are focusing on increasing their investments to add new long-term production potential and offset existing investments and natural depletion in existing areas," said Dan Bosca, senior advisor to UniCredit.
He noted that current concerns focus on the possibility of an economic recession in the coming year and may reduce demand in the face of oversupply, and demand revenue to cut production to prevent price declines.
"There is a boom in the upstream projects led by OPEC's national oil companies," said David Disma, an analyst with Southcourt Energy Consultancy.
He pointed out that the recovery of investment means that the fear of the economic downturn in emerging economies has moved to the level of demand, eliminating the fear of the future of oil supply.
"With the steady increase in US production, it has rebounded strongly with the increase in investment, the steady increase in the number of drilling rigs, and the emergence of new pipelines to overcome previous pipe bottlenecks," he said. And next year.
Gulmira Razayeva, chief economist at the Strategic Energy Center in Azerbaijan, commented, "The producer meeting in Abu Dhabi is about a production reduction scenario that provides an oversupply of about 1 million barrels per day I witnessed a strong inventory.
She stressed that OPEC and its allies should focus on a balance of supply and demand balance, and a new understanding that would limit supplies in the face of US pressure at the producer meeting in December to bridge the potential gap that could affect price and market stability. "He said.
Oil prices fell below $ 70 a barrel, US crude fell below $ 60, and oil prices dropped 1 percent yesterday.
When the dollar hit its peak in 16 months, it went down and increased the cost of importing oil to countries using other currencies.
By 0740 GMT, WTI crude oil futures fell 70 cents, or 1.2 percent, to $ 59.22.
Brent North Sea Brent futures fell 71 cents (1 percent) to close at $ 69.41 a barrel.
Brent and West Texas Intermediate crude oil prices have dropped more than 20 percent since early October.
Bank of America Merrill Lynch said, "Crude inventories have begun to rise again as the US's very high output has begun to affect the oil market, with increased supplies from Saudi Arabia and Russia."
The bank has turned the United States into a self-reliant energy country, with US oil production already estimated at 11.6 million bp, exceeding 12 million bp by 2019.
Kazakhstan said its US oil production rose by 4.8 percent to 7.45 million tons in the first 10 months of 2018, reaching 1.82 million barrels.
"OPEC agrees with the need to reduce oil supply by about 1 million barrels next year compared to October levels to prevent surplus," Khalid al-Faleh said yesterday.
OPEC oil prices rose $ 69.82 per barrel, compared with $ 68.89 a barrel in the day before.
According to a daily report from the Organization of Petroleum Exporting Countries (OPEC), "The basket price, which includes the average production price of 15 tonnes last week, has increased since last year's decline, down about $ 2 from the same week last week, to $ 71.45 per barrel. "