OPEC oil output may hit record

Baku. 3 October. REPORT.AZ/ OPEC's oil output is likely to reach its highest in recent history in September. Report informs citing the Reuters agency. survey found on Friday, as Iraq boosted northern exports and Libya reopened some of its main oil terminals.

Report informs referring to the Reuters, an increase comes despite lower output in top exporter Saudi Arabia and this week's agreement by the Organization of the Petroleum Exporting Countries in Algeria to limit supply to support prices, its first such decision since 2008.

Supply from OPEC has risen to 33.60 million barrels per day (bpd) in September from a revised 33.53 million bpd in August, according to the survey based on shipping data and information from industry sources.

The rise in output could add to scepticism about OPEC's ability to allocate its new production target of between 32.50 million and 33 million bpd, a task ministers left until a meeting in November. Oil rallied towards $50 a barrel on Thursday but was trading near $49 on Friday.

"The agreement still leaves hard and difficult negotiations for the individual caps to be set," said Bjarne Schieldrop, chief commodities analyst at SEB.

Analytical Group of Report predicts as in previous analyzes, oil prices would move in 45-55 / bbl range.

Before the Vienna summit to be held on November 30 prices likely to come out of this range depending on the results of the presidential elections in the United States.Next year, oil price is expected to decline slightly to the level of 30-45 USD / barrel.The reason is increase in the number of active oil wells and growing US shale oil production. Therefore demand factors can be reduced.