Non- OPEC members still need to decide on oil output.

On Monday, prices for oil decreased after non-OPEC members made no commitment to comply with limiting oil output in order to increase oil prices. The non-member countries such as Russia, Azerbaijan, Brazil, Mexico and Oman explained that they first wanted to resolve any differences and agreed to meet again in November before the official OPEC meeting scheduled for 30 November. Russia is said to increase oil production by about 0.7% in 2017 and 0.9% in 2018 according to its draft budget. It is estimated that crude production will increase to a staggering 548 million tonnes next year and 553 million tonnes in 2018 and 2019. The UAE has approved a budget of around $13.3 billion for next year, suggesting that the country may be cautious about increasing its expenses.

 

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