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As OPEC Ramps Up Production, Oil Slump Worsens

oilprice.com

High Plains oil producers received a tough blow this week, as oil prices fell once again on a persistent oversupply of worldwide crude. 

According to OilPrice.com, recent data suggests that the world will soon touch a milestone rate of oil consumption: 100 million barrels every day. In a normal world, increased demand would mean increased profits.

But the International Energy Agency is reporting record production from OPEC members, driving down expectations for demand growth. Producers may get a break when OPEC meets on Nov. 30 to approve a plan to cap production. But worldwide markets remain skittish, as output from Middle East producers has been surging despite the group’s promises of a cut.

Mark Waggoner, president of brokerage Excel Futures, spoke with The Wall Street Journal:“[OPEC’S] trying to come up with a deal, butpumping more oilout than it ever had,” he said.