Output by members of the Organization of the Petroleum Exporting
Countries rose by 0.27%, to 32.75 million barrels a day in September,
compared with August, The Wall Street Journal reports.
A production surge from Libya and Nigeria, two countries exempt from
OPEC's plan to curb output and boost prices, is partly to blame. Earlier
this week, Saudi Arabia said it would export less oil by sea in
Elsewhere, Goldman Sachs analysts
think hurricane Harvey will reduce third quarter U.S. oil inventories,
and they note that non-OPEC ex. United States supply growth fell through
3Q due to planned maintenance -- notably in the North Sea, Azerbaijan,
Kazakhstan and Brazil. Goldman commodity analysts Damien Courvalin, Jeffrey Currie, Henry Tarr, Callum Bruce, Huan Wei and Amber Cai
reiterate their 2018 year-end forecast that the international Brent
price of oil can reach $58 per barrel, with the expectation of backwardation of oil prices -- the futures price falling below the spot price -- along the way.