The uncertainty surrounding the supply situation has caused the market to respond bearishly in October, although Brent started the month climbing to 86.46 dollars per barrel, the highest figure since October 2014.
The West Texas Intermediate barrel, a reference for the United States, has also registered drops in its price in the last 31 days. Thus, this Wednesday it stood at 65.06 dollars per barrel, which is equivalent to a cumulative decrease in October of 12.87%.
On the one hand, members of the Organization of Petroleum Exporting Countries have made several declarations in recent weeks, stating that they had the capacity and willingness to increase their production volume in order to prevent oil from reaching $ 100 per barrel.
Thus, the Minister of Energy, Industry and Mineral Resources of Saudi Arabia, Khalid Al Falih, indicated on October 22 that the Islamic country had the capacity to raise its pumping of 'black gold' to 12 million barrels of oil per month. in order to prevent the unit price from rising further.
"In the last three or four months we have coordinated with Russia to increase the supply, because in May of this year there was a lot of stress in the market due to the lack of oil, especially due to sanctions and reductions in some countries, such as Venezuela or Mexico, "Falih explained.
Also, the uncertainty about the level of production and export of Iranian oil when the US sanctions are launched has also been a risk that has pushed the market downward.