Oil prices fall for 3rd straight month as Saudi-led OPEC+ weighs more cuts
The falling oil prices are being driven further down by China’s slowdown and are affecting Saudi Arabia’s diversification plans.
Oil prices fell for the third month in a row as of Friday, as Saudi-led production increases and China’s slowing growth and concerns of a supply glut weigh on demand.
The price of Brent crude, a global benchmark for oil prices, was around $64.70 a barrel as of 11:00 a.m. EST on Friday. Brent crude finished September just above $66 a barrel, came in at around $67.50 at the end of August and was approximately $71.70 at the end of July. At the end of June, the price was around $66.74, according to market data.
Brent crude hit a five-month low of around $62 a barrel earlier this month.
Eight members of the OPEC+ cartel — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — will meet virtually on Sunday to decide production levels for the month of December. The group is expected to add another production increase of 137,000 barrels per day to the market, according to multiple reports.
