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Global oil output hits 2.5M bpd and prices fall
Oil prices in global markets declined by more than 1% during Thursday's trading session, due to concerns over potential supply disruptions amid the military escalation in the Middle East, combined with expectations of increased supply. Additionally, efforts by the Trump administration to ease shipping restrictions and reports forecasting a contraction in global oil demand contributed to the decline. Brent crude fell by $1.64 to reach $104.42 per barrel, while West Texas Intermediate dropped to $94.11 after a decrease of 98 cents. This decline occurred despite a 2.5 million barrel per day increase in global production in September, driven by higher output in Gulf countries, with Gulf oil exports rising by approximately 4.4 million barrels per day to surpass 75% of pre-war levels.
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