Oil prices continued to sink Thursday as Opec reported its November output reached a three-and-a-half-year high, with the cartel seeking to drive out of the market higher cost producers.
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U.S. benchmark West Texas Intermediate (WTI) for delivery in January was down 28 cents at $36.48 and Brent crude for January was trading 26 cents lower at $39.47 at around 0240 GMT, their lowest levels since early 2009 during a global financial crisis.
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USA crude oil futures also extended losses, falling to $36.12, their lowest since February 2009.
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OPEC production rose by 230,000 barrels a day last month, according to secondary sources that track OPEC’s production levels.
“U.S. tight oil production, the main driver of non-OPEC supply growth, has been declining since April”, OPEC said in the report.
Soaring output from Organisation of the Petroleum Exporting Countries (Opec) member Iraq has been a large contributor to that glut, with production there doubling over the past decade to about 4.3-million barrels a day, more than enough to meet all of India’s daily demand.
A year ago, Saudi Arabia pushed though an OPEC decision to defend market share instead of cutting output to support prices, hoping to slow growth in rival supplies such as US shale oil.
USA crude futures were down 11 cents at $37.05 per barrel, erasing early gains.
The group maintained its projections for crude it will pump in 2016 at approximately 30.8 million barrels daily.
An OPEC meeting last week failed to set a new production ceiling.
Crude oil prices hit fresh seven-year lows on Friday as the International Energy Agency warned that global oversupply could worsen in the New Year.
“The price of black gold yet started to fall with the increase in OPEC production in November, which dismays investors who think that the glut is here to last again” said Bernard Aw, analyst at IG Markets in Singapore.
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“We have downgraded our Brent oil price forecast from $54 per barrel to $51 per barrel for 2016 on the basis of a weaker end to 2015 than previously anticipated”.
