OPEC is likely to increase production at the begin

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OPEC is likely to increase production at the beginning of next year

OPEC is likely to increase production at the beginning of next year

August 3, 2001

world oil prices rose due to the unexpected decline in U.S. crude oil inventories, which took small things as big things. Brent oil rose 26 cents to $24.95 a barrel; WTI rose 45 cents to $26.80. Figures released by the U.S. Department of energy on Wednesday showed that U.S. crude oil inventories fell by 0.3% to 315 million barrels last week for the first time in three weeks. Oil traders predicted a rise in U.S. inventories, but the figures released were contrary to the recent signs of global economic slowdown

despite the recent decline in inventories, the inventory of crude oil in the United States through forced ventilation and temperature regulation is still 11.1% higher than that a year ago. However, some analysts say that they are reluctant to read too much inventory data. Igni's Eagles said and provided people with analysis, "we don't think these figures alone can make us turn from a bear market attitude.". However, OPEC's latest production reduction action began to penetrate the market. On Wednesday, the United Arab Emirates informed its two largest customers in Asia, Japan and South Korea, that a crude oil variety it supplied for six years will eventually pay off and will be cut by

5% in September. OPEC president Kelly said on Tuesday that if the U.S. economy recovers, the organization will increase in January

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