11.08.2015 - OPEC production volume was the highest since 2012
OPEC reported an increase in oil production to its highest level in more than three years, despite the significant oversupply of oil in the world and the fall in oil prices. As a result, in July, total production totaled 31.51 million barrels per day, which was the highest level since May 2012. We recall that the quota of oil production remains at the level of 30 million barrels per day. Oil production in the US is about the maximum level. In addition according to the OPEC report noted that many projects in North Dakota can be profitable if the price is 24-41 dollars per barrel. We maintain a medium-term negative outlook and recommend holding short positions on Light Sweet crude oil.