U.S. oil rig count dropped by 2% at the end of October to 700, the lowest in two and a half years.
between roughly $57 and $65 per barrel — for months. This is despite millions of barrels of production essentially wiped off the market from major producers Venezuela and Iran, serious geopolitical tensions in the Persian Gulf, and the September attacks on critical oil infrastructure in Saudi Arabia. Rather than spiking, Brent is down nearly 11% year-to-date.
"We are not operating in a normal world. We have new complexities emerging on a continuous basis, and the world requires and needs OPEC and non-OPEC to continue to work together to weather the storms in order to maintain stability on a sustainable basis," he said. Barkindo said that was yet to be determined, but with the OPEC meeting only a few weeks away, such enduring unpredictability may be the most significant indicator of just how unclear the road ahead is for OPEC. Not only is there U.S. shale to consider — there's also the production levels of other non-OPEC members, the outcome of the U.S.-China trade war and those ongoing talks, and the health of the global economy as a whole.
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