Benchmarknews,New York Oct 26–World oil prices ended lower on Tuesday (25/10/1999), in the middle of a dispute about the reduction of production among members of OPEC (Organization of petroleum exporting countries).
OPEC in the past month have agreed to reduce their oil production becomes 32.5 million barrels per day from the current level of 33.24 million barrels per day in order to boost the market.
This group will agree on a concrete level of oil production for each of the countries at the meeting of the next official in Vienna in November.
Iraq’s petroleum Minister Jabar Ali al-Luaibi said on Sunday that his country, the second largest producer in OPEC, would like to exempt from cutting production because it requires more money to combat militant ISIS.
The benchmark us light sweet crude or West Texas Intermediate (WTI) for December delivery lost 0.56 u.s. dollars being settled in 49.96 u.s. dollars a barrel on the New York Mercantile Exchange.
Meanwhile, the global benchmark, Brent North Sea crude oil for delivery in December dropped 0.67 u.s. dollars, to close at 50.79 u.s. dollars per barrel on London’s ICE Futures Exchange…(Red)